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CZECH TECHNICAL UNIVERSITY IN PRAGUE
STUDY PLANS
2019/2020

Fundamentals of Economics

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Code Completion Credits Range Language
2381002 Z,ZK 5 2P+2C Czech
Lecturer:
Theodor Beran (guarantor), Patrik Budský
Tutor:
Theodor Beran (guarantor), Patrik Budský, Olga Dobrovolschi
Supervisor:
Department of Management and Economics
Synopsis:

The course is focused on the following subjects: basic economic relations and consequences. Economic aggregates and their consequences. Operating of the economics according to so called macroekonomic circle, various economic theories. Consumption behaviour in microeconomics. Theory of production. Different markets and competitions.

Requirements:

Knowledge of mathematics, especially investigation during the preliminary functions, the notion of derivation and integral.

Syllabus of lectures:

1) Introduction to Economics, basic concepts and definitions of economics and its division.

3) Graph Theory, basic economic issues, production possibility frontier, opportunity cost.

4) Models in Economics - dependent and independent variable, endogenous and exogenous variables of functions, types of graphs, mathematical model.

5) Theory of utility - derivation of demand functions, equilibrium consumer.

6) Theory of cost - basic relationships, average and marginal values, graphs.

7) Theory of revenue - basic relationships, average and marginal values, graphs.

8) Theory of profit - basic relationships, average and marginal values, graphs.

9) Elasticity functions, factors affecting demand, the impact elasticity of demand to change the overall income.

10) Production function - factors of production, balance, basic relations and graphs.

11) Scheme of the macroeconomic cycle - two markets participants and a description of economic relations between the parties. 12) The principle of measurement of economic performance, national accounts. 13) Macroeconomic aggregates - company's balance sheet and the balance of national wealth and total product - links.

Syllabus of tutorials:

1) Introduction, requirements, literature, ...

2) Revision of basic concepts, the concept of economics and division, assignment term paper.

3) Fundamentals of graph theory, reading charts, economic issues, production possibility frontier, opportunity cost.

4) Models in Economics - dependent and independent variable, endogenous and exogenous variables of functions, types of graphs, mathematical model.

5) Theory of utility - derivation of demand functions, equilibrium consumer.

6) Theory of cost - basic relationships, average and marginal values, graphs.

7) Theory of revenues and earnings - basic relationships, average and marginal values, graphs.

8) Elasticity functions, factors affecting demand, the impact of elasticity of demand to change the overall income.

9) Production function - factors of production, balance, basic relations and graphs.

10) Scheme of the macroeconomic cycle - two markets participants and a description of economic relations between the parties. 11) Scheme of the macroeconomic cycle - design national economic aggregates, the principle of measuring the performance of the economy, national accounts.

12) Macroeconomic aggregates - company's balance sheet and the balance of national wealth and total product - links + test.

13) Evaluation of tests, inspection and advocacy work + semester credits.

Study Objective:

Goal of the course is to develop understanding of basic terms and relations in the field and to develop economic principles.

Study materials:

SAMUELSON, P.A. NORDHAUS,W. Ekonomie, Svoboda, Praha, 1991.

SOJKA, M. PUDLÁK,J. Ekonomie,Fortuna, Praha,2006.

SEDLÁČEK T.: Ekonomie dobra a zla, 2. rozš. Vyd. Praha 65 pole 2012, 368 s. ISBN: 978-80-87506-10-3.

PAVELKA, T. Makroekonomie. Základní kurz. 3. vyd. Praha: Vysoká škola ekonomie a managementu, 2010. 273 s. ISBN 978-80-86730-55-4..

Note:
Time-table for winter semester 2019/2020:
Time-table is not available yet
Time-table for summer semester 2019/2020:
06:00–08:0008:00–10:0010:00–12:0012:00–14:0014:00–16:0016:00–18:0018:00–20:0020:00–22:0022:00–24:00
Mon
Tue
roomKN:A-311
Beran T.
10:45–12:15
(lecture parallel1)
Karlovo nám.
Posluchárna KA311
roomKN:A-311
Beran T.
Budský P.

12:30–14:00
(lecture parallel1
parallel nr.101)

Karlovo nám.
Posluchárna KA311
Fri
Thu
roomKN:A-215
Beran T.
Dobrovolschi O.

12:30–14:00
(lecture parallel1
parallel nr.102)

Karlovo nám.
Posluchárna KA215
roomKN:A-215
Dobrovolschi O.
14:15–15:45
(lecture parallel1
parallel nr.103)

Karlovo nám.
Posluchárna KA215
Fri
The course is a part of the following study plans:
Data valid to 2020-07-08
For updated information see http://bilakniha.cvut.cz/en/predmet1755406.html