BA_EC_2 Economics 2

University of Finance and Administration
Summer 2025
Extent and Intensity
2/2/0. 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
Literature
    required literature
  • MACH, Petr. Textbook of Elementary Economics. Prague: VŠFS, 2019. ISBN 978-80-7408-193-4. info
    recommended literature
  • MANKIW, N. Gregory. Principles of Macroeconomics. Cengage Learning. South-Western College Pub. 2014. ISBN 978-1-305-15604-3.
    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
There is one midterm written or online credit test, covering lectures 1-6. The test takes 30 minutes. The test will be opened online after the 5th lecture or taken on seminars in the second half of the semester. 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.

Students need to pass the credit test to be able to register for the final exam in the examination period.

The final exam is a written (or online) test. The exam will take maximum 45 minutes. The test consists of 11 questions. In each question only 1 answer is correct.

GRADES: 10 or 11 correct: A; 9 correct: B; 8 correct: C; 7 correct: D; 6 correct: E; less than 6 correct: F.

Requirements for ISP 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.

There is one midterm online credit test, covering lectures 1-5. The test 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 need to pass the credit test to be able to register for the final exam in the examination period in January 2021. The final exam is an online test. The test consists of 11 questions. In each question only 1 answer is correct.

GRADES: 10 or 11 correct: A; 9 correct: B; 8 correct: C; 7 correct: D; 6 correct: E; less than 6 correct: F.
The exam will take maximum 45 minutes.
Language of instruction
Czech
Further comments (probably available only in Czech)
The course can also be completed outside the examination period.
Information on the extent and intensity of the course: 16 hodin KS/semestr.
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.
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