BA_EC_1 Economics 1

University of Finance and Administration
Winter 2026
Extent and Intensity
2/1/0. 6 credit(s). Type of Completion: zk (examination).
Teacher(s)
Ing. Petr Mach, Ph.D. (seminar tutor)
Guaranteed by
Ing. Petr Mach, Ph.D.
Department of Economics and Management – Departments – University of Finance and Administration
Contact Person: Mgr. Petra Dovhunová
Timetable of Seminar Groups
BA_EC_1/cECPH: each even Tuesday 15:45–16:29 E306, each even Tuesday 16:30–17:15 E306, P. Mach
BA_EC_1/cMCPH: each odd Tuesday 15:45–16:29 E306, each odd Tuesday 16:30–17:15 E306, P. Mach
BA_EC_1/pECMCPH: Tue 14:00–14:44 E306, Tue 14:45–15:30 E306, P. Mach
Prerequisites
There are no prerequisites for this course
Course Enrolment Limitations
The course is offered to students of any study field.
Course objectives
At the end of the course the students should be able to understand and explain the basic principles of the functioning of the market and the basic principles of decision-making and maximisation of utility and profit.
Learning outcomes
After taking this course students will be able to understand and explain basic principles of economics and explain the elementary theory of the consumer choice and of the firm including the general equilibrium theory.
Syllabus
  • Lectures
  • 1. What economics is. Basic terms.
  • 2. Ownership and exchange
  • 3. Division of labour
  • 4. Utility
  • 5. Consumer behaviour
  • 6. Demand and Supply
  • 7. Market equilibrium
  • 8. Production function
  • 9. Factor markets
  • 10. Profit maximisation
  • 11. Market models
  • 12. General equilibrium theory
  • Seminars
  • 1. Comparative advantage and the opportunity cost
  • 2. Utility function and indifference analysis
  • 3. Demand function, supply function
  • 4. Market equilibrium calculations
  • 5. Equilibrium of the firm
  • 6. Analysis of monopoly
Literature
    required literature
  • MACH, Petr. Textbook of Elementary Economics. Prague: VŠFS, 2019. ISBN 978-80-7408-193-4. info
    recommended literature
  • MACH, Petr. Ekonomie pro bakaláře (Elementary economics). Praha: VŠFS, 2023, 244 pp. EDUCOPress. ISBN 978-80-7408-266-5. Odkaz na www stránky nakladatele info
    not specified
  • Veseth, Michael. Introductory Microeconomics, Elsevier Science & Technology, 1981. ProQuest Ebook Central, https://ebookcentral.proquest.com/lib/vsfscz/detail.action?docID=1876948. (accessible via ProQuest)
Teaching methods
Lectures and seminars in the full-time study; compulsory seminar participation is 75% in the full-time study. Students on the distance learning form of study are supposed to attend two interactive tutorials.
Assessment methods

There are two online credit tests during the semester and an oral or written exam in the examination period. 


The midterm credit test covers lectures 1-6. It takes 30 minutes. The test will be opened online after the 6th lecture. The test consists of 8 multiple-choice questions. In each question only 1 answer is correct. Students must answer correctly at least 5 questions to pass the credit test. Students are allowed to use the main book when taking the credit test.


After the 11th lecture the final credit test opens. It contains topics 1-11.The final credit test takes 45 minutes, it contains 11 multiple choice questions. Students need to answer correctly at least 6 questions to pass it.



Students need to pass both credit tests to be able to register for the oral exam in the examination period.

The course is completed with an oral or a writen exam. The exam contains questions similar to those in the credit test or topics included in the bachelor exam. Students gain grades A-F for the exam.

Requirements for ISP students:

The ISP students must take online credit tests and the oral exam as regular students. The ISP students are advised to buy the main book (https://eshop.vsfs.cz/textbook-of-elementary-economics/) If you are outside the Czech Republic you can order shipping the Textbook of Elementary Economics to your address abroad on this email: eupress@vsfs.cz.

Language of instruction
Czech
Teacher's information
Ing. Petr Mach, Ph.D. lectures microeconomics and macroeconomics both at the undergraduate and graduate level. He also teaches the course of lobbying and the course Monetary Theory and Policy (in Czech) at the Master's level.
Further comments (probably available only in Czech)
The course can also be completed outside the examination period.
The course is also listed under the following terms Winter 2014, Winter 2015, Winter 2016, Winter 2017, Winter 2018, Winter 2023, Winter 2024, Winter 2025.
  • Enrolment Statistics (recent)
  • Permalink: https://is.vsfs.cz/course/vsfs/winter2026/BA_EC_1