BA_EC_2 Economics 2

University of Finance and Administration
Summer 2026
Extent and Intensity
2/1/0. 6 credit(s). Type of Completion: zk (examination).
Guaranteed by
Ing. Petr Mach, Ph.D.
Department of Economics and Management – Departments – University of Finance and Administration
Contact Person: Bc. Kateřina Konupková
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, students should be able to understand and explain an elementary macroeconomic theory, explain inflation, GDP, unemployment, money stock and the basic macroeconomic principles and relations between these variables. Students will be able to explain fiscal policy and monetary policy.
Learning outcomes
Students will be able to understand and explain basic macroeconomic terms (inflation, GDP, unemployment) and principles (including quantity theory and the short run aggregate supply).
Syllabus
  • 1. Price Level
  • 2. Aggregate Output and Unemployment
  • 3. Money - evolution and functions
  • 4. Money Supply
  • 5. Quantity Theory of Money
  • 6. Aggregate Demand and Aggregate Supply
  • 7. Aggregate Supply in the Short Run
  • 8. Say's law of markets
  • 9. Foreign Exchange Market
  • 10. Monetary Policy
  • 11. Fiscal Policy and Public Debt
  • 12. Currency Unions and Currency Separations
  • Seminars
  • 1. Calculation of the rate of inflation and the real GDP
  • 2. Understanding the process of the multiplication of deposits
  • 3. Calculations of the equation of exchange
  • 4. Keynes’s consumption function
  • 5. Calculations of the Exchange rate
  • 6. Calculations of deficit and the public debt
Literature
    required literature
  • MACH, Petr. Textbook of Elementary Economics. Prague: VŠFS, 2019. ISBN 978-80-7408-193-4. info
    recommended literature
  • Rossana, Robert J.. Macroeconomics, Taylor & Francis Group, 2011. ProQuest Ebook Central, https://ebookcentral.proquest.com/lib/vsfscz/detail.action?docID=668564. (accessible via ProQuest)
  • MANKIW, N. Gregory. Principles of Macroeconomics. Cengage Learning. South-Western College Pub. 2014. ISBN 978-1-305-15604-3.
  • 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
  • e-shop: https://eshop.vsfs.cz/textbook-of-elementary-economics/
Teaching methods
Lectures and seminars in full-time study; compulsory seminar participation is 75% in full-time study.
Assessment methods
The course is completed with an oral exam. At the exam, the teacher asks about students' answers in the credit tests and about the basic concepts of the course.
There is one midterm online credit test and one final credit test.

The midterm test covers lectures 1-5. It takes 30 minutes. The test will be opened online after the 5th 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.
At the end of the semester there is the final credit test containing chapters 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 the credit tests to be able to register for the oral exam in the examination period.

Requirements for ISP students:

The ISP students must take online credizt 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
Further comments (probably available only in Czech)
The course can also be completed outside the examination period.
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.
The course is also listed under the following terms Summer 2015, Summer 2016, Summer 2017, Summer 2018, Summer 2019, Summer 2024, Summer 2025.
  • Enrolment Statistics (recent)
  • Permalink: https://is.vsfs.cz/course/vsfs/summer2026/BA_EC_2