Course: Fundamentals of Market Economics

» List of faculties » FIF » KSA
Course title Fundamentals of Market Economics
Course code KSA/ZTE
Organizational form of instruction Lecture
Level of course Bachelor
Year of study not specified
Semester Winter and summer
Number of ECTS credits 6
Language of instruction Czech
Status of course unspecified
Form of instruction Face-to-face
Work placements This is not an internship
Recommended optional programme components None
Lecturer(s)
  • Pospíšil Richard, prof. Ing. Ph.D.
Course content
1. Definition of the discipline´s curriculum. Economy vs. economics, positive and normative economy, research methods in economy, division of economy as a science, basic economy questions and terms. 2. Foundations of economic thinking. The development of economy theories from the antiquity and middle age until now. Prevailing economy approaches from the English classical economy until today. Classical school, liberalism, Keynesianism, neo-liberalism, monetarism etc. 3. Market mechanism. Central, mixed and market system. Market mechanism, main features and characteristics - "what, how and for whom to produce", production agents - labour, soil, capital, price of production agents, primary and secondary production agents, basic features, value vs. price, price as a market phenomenon. 4. Markets. Definition of a market, kinds of markets, partial and aggregate market, goods and services market, capital market, money market, labour market - basic features and characters. Market organization, perfect concurrence, imperfect concurrence, monopolist concurrence, oligopoly, monopoly, and monopsony. 5. Market forces - offer. The principle of positively declined offer, elasticity of offer, shifts in offer and on offer, factors of offer, substitutes, complements, specific forms of offer curve. 6. Market forces - demands. The principle of negatively declined demands, elasticity of demands, shifts in demands and on demands, factors of demands, substitutes, complements, specific forms of demands curve. 7. Subjects of a market. Households (consumer), companies, states, multinational subjects. Globalization, causes, consequences, big vs. small open economy, multinational economic units etc. 8. Macro-economy features. Gross domestic product, gross national product, net domestic product, net national product, unemployment measure, types of unemployment, measure of net economic welfare. Misbalances - deflation, inflation, disinflation, stagflation, tax-inflation - their causes and means of their solving. 9. Economy policy. Goals, subjects of economy policy, means of economy policy, limits of the efficiency of individual means of economy policy, contradictory goals, economy cycles - causes, consequences, solution. 10. Fiscal policy. Fiscal vs. budget policy, kinds of public budgets, public finance. State budget - incomes, outcomes, basic thesis and foundations, budgets of counties and municipalities, other public budgets. Public budgets´ deficiency, public debt, solution, public finance reform. 11. Monetary policy. Goals of monetary policy, means of monetary policy, subject of monetary policy. The central bank, independency of the central bank, types of monetary policies - restrictive and expansive, basic thesis and foundations, limits of monetary policy. 12. European economic integration. Brief introduction of the history of the economic integration. Economic and monetary union, euro, Maastricht convergent criteria, European central bank, European system of central banks, monetary policy of EU.

Learning activities and teaching methods
Monologic Lecture(Interpretation, Training), Dialogic Lecture (Discussion, Dialog, Brainstorming), Work with Text (with Book, Textbook), Methods of Written Work
  • Homework for Teaching - 25 hours per semester
  • Attendace - 25 hours per semester
  • Preparation for the Course Credit - 25 hours per semester
  • Preparation for the Exam - 25 hours per semester
Learning outcomes
Subject The Basics of Market Economy deals with basic aspects of market mechanism and its working. Particularly, it is focused on demarcation of market and types of markets, subjects of market a main market forces - demand and supply, their interactions, equilibrium, surplus and insufficiency. The discipline acquaints students with main basic macroeconomy variables - gross domestic products, unemployment, inflation etc. and their importace. The subject components of main thesis of economic vehicles - fiscal and monetary policy as well.
- Student can define basic principles of economy as a social science. - Can describe and interpret historical development stages of economy and basic trends of economy thinking from antiquity until now. - Is able to use basic economy foundations in the economic reality. - Is equipped with terminology from economy, can express and argue in an expert language. - Student is able to evaluate basic economic events and processes in a mutual connection. - Can find a solution of basic economic problems in regard of their multi-criterion character and their different effect in time and their consequences. - Is ready to analyse main mistakes in economic activity of individual subjects even in economy policy and find basic expert foundations of their elimination. - Student can analyse economic events, processes, problems and outcomes. - According to the analysis, student can find the main solutions and effectively deal with them and manage them. - Is eventually competent to distinguish and argue failures which can lead to unwanted effects and which can lead to unsatisfying results. - On the basis of gained knowledge student is able to manage effectively basic economic processes from their foundation to their termination.
Prerequisites
KSA/ANSPM, KSA/ZAKMA

Assessment methods and criteria
Oral exam, Written exam, Seminar Work

Student has to work out a model case (seminar thesis) which is set as a correspondence task. The text has to be of a demanded quality adequate for this kind of a text. Fulfilling the correspondence task is a necessary condition for a successful colloquium. Colloquium has an oral or written form. Student has to prove enough knowledge from the sphere of economy and market mechanism, has to know the meaning and content of individual variables, mutual connections between them and basic thesis of individual means of economy policy to solve various types economical misbalances.
Recommended literature
  • Hořejší, B., Soukupová, J. (2012). Mirkoekonomie. Praha, Management Press.
  • Jurečka, V. (2010). Makroekonomie. Praha, Grada.
  • Kubátová, J. (2004). Náhled do ekonomie. ČR, UP Olomouc.
  • Revenda, Z., Mandel, M. (2011). Peněžní ekonomie a bankovnictví. Praha, Management Press.
  • Samuelson, P., Nordhaus, W. (2010). Ekonomie. Praha, Nakladatelství Svoboda.
  • Veřejné elektronické zdroje. www.cnb.cz. www.mfcr.cz, www.czso.cz.


Study plans that include the course
Faculty Study plan (Version) Category of Branch/Specialization Recommended year of study Recommended semester