Principles of Economics
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Course informations
| Study program level |
Undergraduate |
| Study program |
Entrepreneurship |
| Study program direction |
Entrepreneurship |
| Course year |
1. |
| Course semester |
I |
| Course status |
Core |
| ECTS |
7 |
| Lectures (h) |
45 |
| Excercises (h) |
- |
| Seminars (h) |
15 |
Course objectives
Make a clear and interesting introduction to the principles of modern economics.
Give an overview of the economy through the basic principles of economics, and develop an economic way of thinking.
Course outcomes
Name of the learning outcomes set: Basic economic terms
Level: 5
- Distinguish three problems of economic organization and ways of allocating resources
- Distinguish orientations and schools in the development of economic thought
- Link the concept of market and the limits of production opportunities
Name of the learning outcomes set: Supply and demand and the market
Level: 6
- Review the impact of supply and demand as well as the impact of government policies on supply and demand.
- Measure and compare the elasticity of supply and demand.
- Compare consumer surplus, producer surplus and market efficiency.
Name of the learning outcomes set: Company behavior and industrial organization
Level: 6
- Establish and re-examine production costs.
- Examine the short-term and long-term cost ratio and compare economies and volume disparities.
- Compare the markets of perfect competition, monopoly, and oligopoly and monopoly competition.
Name of the learning outcomes set: Basic macroeconomic terms
Level: 5
- Link the GDP, GDP component and the difference between real and nominal GDP.
- Establish a relationship between unemployment and real GDP growth.
Name of the learning outcomes set: Money and long term prices
Level: 5
- Integrate the meaning of money, the system of central banks and the supply of money
- Link money growth and inflation
Course content
Three issues of economic organization and ways of allocating resources. Development of economic thought. Limit of production possibilities. Supply and demand, the impact of government policies on supply and demand, the elasticity of supply and demand. Consumer surplus, producer surplus and market efficiency. Production costs in short and long term. The market of perfect competition, monopoly, oligopoly and monopoly competition. Measurement of GDP, type of GDP, GDP component. Link to GDP and unemployment. Role and importance of money. Central bank system, money supply and inflation.
