Economics 1 - Microeconomics

Subject is not scheduled Not scheduled

Code Completion Credits Range Language Instruction Semester
305EK1 ZK 2 2T Czech winter

Subject guarantor

Name of lecturer(s)

Learning outcomes of the course unit

Introduction to the basic principles of supply and demand, microeconomic factors which form the market environment. An emphasis is placed on application in the areas of culture and the media.

Mode of study

Classic lectures, moderated dialogues and analyses of current media material.

Prerequisites and co-requisites

General knowledge of economics at the pre-college level.

Course contents

Microeconomics is set-out as the science covering individual market subjects, primarily consumers and companies, state investment is not excluded.

  1. Concept of the market, market supply and demand. Factors which change supply and demand. Balance between supply and demand, price equilibrium.
  2. Price elasticity in supply and demand. Reaction to price changes. Examples from the cultural sphere.
  3. The viewpoint of the consumer - concept of utility, various layers of utility. Causes leading to the use of particular products and services. Complete and limited utility. Laws influencing the choice limit of supply in the market. Income and substitution effets.
  4. The viewpoint of a company - concept of investment, profit, production functions. What leads a company to the choice of a particular type of merchandise and process of its creation. What principles are in effect here?
  5. State interventions into econimics, their sense - effectivity, justification and stability. Smith and Keynes and their theory. Modern practice.
  6. Maximum and minimum prices, their sense. Influence on supply and demand in the long and short term. Issues which arise and methods of how to resolve them.
  7. Developed competition, Oligopolies, monopolies and their impact on the market. Anti-monopoly legislation and regulation.

Recommended or required reading

Samuelsson,Paul Ekonomie (Grada, any edition)

Frank, Robert, H a BernankeBen S. : Ekonomie, Grada 2003

Časopisy Marketing & Media, Strategie

Any mimeographs from VŠE or other Economics departments in microeconomics

Assessment methods and criteria

Credit is awarded based on interest in the subject and understanding of the basic principles of macroeconomics which students demonstrate in two ways:

joining in discussions during lectures (30%)

Oral exam (70%)

An ability to analyse supply and demand graphs and related events is required.

Further information

No schedule has been prepared for this course

The subject is a part of the following study plans