BA_EC_1 Economics 1

University of Finance and Administration
Winter 2018
Extent and Intensity
2/2/0. 6 credit(s). Type of Completion: zk (examination).
Teacher(s)
doc. Ing. Jan Mertl, Ph.D. (seminar tutor)
Guaranteed by
Ing. Petr Mach, Ph.D.
Department of Economics and Management – Departments – University of Finance and Administration
Contact Person: Lenka Pokorná
Timetable of Seminar Groups
BA_EC_1/cMCPH: Mon 15:45–16:29 E225, Mon 16:30–17:15 E225, except Mon 17. 12. ; and Mon 7. 1. 14:00–15:30 E125, J. Mertl
BA_EC_1/pMCPH: Mon 14:00–14:44 E225, Mon 14:45–15:30 E225, except Mon 17. 12. ; and Mon 7. 1. 12:15–13:45 E125, J. Mertl
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 the demand and supply and functioning of the market. The course describes the mechanisms of the choice of the consumer among alternative opportunities, and the principles of the maximisation of utility of consumers and firms in the market.
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
  • 1. Market. Scarcity. Self Interest. Competition. 2. Ownership. Exchange. Goods. Capital. Externalities. 3. Opportunity Costs. Absolute and Comparative Advantage. Specialisation and Division of Labour. 4. Total and Marginal Utility. Derivation of Individual and Market Demand. 5. Consumer Choice. Budget Constraint. Indifference Curve. Consumer Optimum. 6. Supply and Demand. Income and Substitution Effect. Market Equilibrium. Consumer and Producer Surplus. 7. Income, Tastes and Fashion. Substitutes and Complements. Normal and Inferior Goods. 8. Loans Market. Demand for Labour. Marginal revenue Product of Labour. Bonds and Loans. Yield to Maturity. 9. Cost and Revenue. Profit Maximization. 10. Market Models. Perfect Competition. Monopolist Competition. Monopoly and Oligopoly. 11. Production Function. Firm in the Long Run. Technical Substitution. Isocosts and Isoquants. 12. General Equilibrium Theory. Edgeworth’s Box. Contract Curve.
Literature
    required literature
  • Sobel, R., Gwartney, J., Stroup, R., Macpherson, D.: Understanding Microeconomics 13th Edition. Cengage Learning. ISBN-13: 978-0-538-75619-8
Teaching methods
Lectures and seminars in full-time study; compulsory seminar participation is 75% in full-time study.
Assessment methods
The course ends with credit midterm test and final test. Credit midterm test is written and to pass students need 2 out of 3 questions correct or students can write an essay. Information about the essay are delivered during the first week. Final written/oral exam: max 100 points. The first term of final test is written and other terms oral. Grades: A (90-100), B (80-90), C (70-80), D (60-70), E (50-60) F (below 50).
Language of instruction
English
Follow-Up Courses
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: 12 hodin KS/semestr.
The course is also listed under the following terms Winter 2014, Winter 2015, Winter 2016, Winter 2017, Winter 2023, Winter 2024.
  • Enrolment Statistics (Winter 2018, recent)
  • Permalink: https://is.vsfs.cz/course/vsfs/winter2018/BA_EC_1