Course: Basic Economics

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Course title Basic Economics
Course code KFC/ZE
Organizational form of instruction Lecture
Level of course Bachelor
Year of study 2
Semester Winter
Number of ECTS credits 2
Language of instruction Czech
Status of course Compulsory-optional, Optional
Form of instruction Face-to-face
Work placements This is not an internship
Recommended optional programme components None
Lecturer(s)
  • Berka Karel, prof. RNDr. Ph.D.
  • Nevěčná Taťjana, doc. RNDr. CSc.
  • Michalec Aleš, Ing.
Course content
1. Introduction to the Subject and Clarification of Basic Economic Concepts: Economics (macroeconomics and microeconomics), the economy, needs, goods, services, consumption, commodities, money, phases of the economic cycle, fundamental economic questions, economic agents, and systems. 2. Market Mechanism: The lesson explains the basic elements of the market mechanism: supply, demand, and price. Factors affecting supply and demand. The interaction of supply and demand - market disequilibrium. 3. Accompanying Phenomena of the Market Mechanism: A description of market mechanism imperfections: monopoly, oligopoly, and market externalities. The role of the state in a market economy and the essential functions of the state in regulating a market economy. 4. Financial Markets: Characteristics of the money market and the capital market, principles of the stock exchange, and securities trading. Characteristics and classification of individual types of securities, including essential requirements and specific examples. The precious metals market and the foreign exchange (forex) market. 5. National Economy: A clear breakdown of the entire national economy. Characteristics of basic macroeconomic indicators (gross domestic product, inflation, unemployment, and balance of payments). Interpretation of indicator results, their trends over time, and international comparisons. 6. Economic Policy of the State: Its goals, instruments, measures, and institutions. Basic forms of economic policy - monetary, fiscal, trade, incomes, and social policy. The business cycle, the magic quadrilateral, and the Phillips curve. 7. Fiscal Policy: Instruments and goals of fiscal policy, types of public finance. The state budget, budgetary process, state budget revenues and expenditures. Analysis of the final state account results. 8. Tax System: Basic tax concepts, tax administration, classification of direct and indirect taxes, characteristics of individual taxes, tax revenue trends. Other state levies - statutory insurance and fees. Tax Freedom Day. 9. Monetary Policy: The role of the central bank in the economy, monetary policy instruments, other functions of the central bank. Real-world examples of monetary policy measures. 10. Banks and Their Role in the National Economy: The banking system in the Czech Republic - activities of commercial banks and insurance companies, and their functions in the national economy. 11. Foreign Trade: Issues in international and foreign trade, risks in foreign trade and their mitigation, export and import operations, state measures in international trade, and customs policy. 12. Economic Integration: Its benefits and negative impacts. The European and global monetary systems. Theory of comparative advantage. Protectionism vs. liberalism. 13. Current Economic Challenges: The sharing economy, green economy, and the impact of artificial intelligence and automation on the labor market.

Learning activities and teaching methods
Lecture, Monologic Lecture(Interpretation, Training), Dialogic Lecture (Discussion, Dialog, Brainstorming)
  • Preparation for the Exam - 60 hours per semester
Learning outcomes
The aim of the subject is to enable the students to gain basic orientation in economic featuresand processes, gain first-rate for further economic studies.
Participation in lectures will make it easier for the student to gain basic orientation in economic features and processes and gain first-rate base for further economical studies.
Prerequisites
unspecified

Assessment methods and criteria
Mark, Written exam

Minimum of 50% successful passing the final written exam.
Recommended literature
  • Zlámal, J., Bellová, J., Musilová, S. (2013). Základy ekonomie. Olomouc.
  • Zlámal, J., Ulrich, M. (2010). Základy ekonomie pro management zdravotnictví. Olomouc.


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