Economics for Managers

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Code Completion Credits Range Language
126EKMA ZK 2 2P Czech
Garant předmětu:
Eduard Hromada
Eduard Hromada, Václav Tatýrek
Eduard Hromada, Václav Tatýrek
Department of Construction Management and Economics

The subject explains the tools and procedures that can be used to understand the decision-making of consumers and companies in the market environment and to understand the factors influencing the formation of macroeconomic variables and economic-political instruments for the correction of economic performance. The aim of the subject is to understand the functioning of a small open economy in a market environment.

After successful graduation, students will be able to:

- to understand how consumers make decisions about consumer demand and companies about production volume and prices in a market economy, and how changes in economic variables affect the decisions of economic entities,

- recognize risks and ways of managing them and understand market failures and their solution options,

- use economic theory and models to explain and predict the behavior of economic entities both in managerial decision-making and at the macro level with an explanation of the specifics of the real estate market and the construction sector.


They are not set.

Syllabus of lectures:

1. Analysis of supply and demand and factors affecting them, determination of market balance, market regulation

2. Theory of consumer behavior, its goals and achieving balance

3. Production process and production functions, influence of technologies and innovations and production costs, their mutual relations

4. Characteristics of the industry and decision-making in competitive, monopolistic and monopolistic markets

5. Market power, oligopoly models - price and quantity competition, game theory

6. Markets of production factors, interaction with markets of final goods

7. Basic macroeconomic variables and their connections in an open market economy

8. Basic macroeconomic models

9. Aggregate demand and aggregate supply and explanation of shocks in the economy

10. Money, interest rates, inflation, capital movements and foreign exchange markets and their importance for managerial decisions

11. Fiscal and monetary policy and the economic cycle

12. Specifics of construction as a branch of the national economy

13. Specifics of the real estate market and pricing processes, the price cycle and its relationship to the economic cycle

Syllabus of tutorials:

The subject has no exercises.

Study Objective:

Students will understand the principles of supply and demand, market equilibrium and mechanisms of market regulation. Recognition of consumer motivations and behavior, analysis of consumer decision-making and factors that influence their choices. An understanding of production processes, technologies, innovations and costs associated with production, as well as the interaction between them. Analyze different market structures - from competitive to monopolistic to monopolistic and oligopolistic markets. Understanding of basic macroeconomic quantities, models, aggregate supply and demand and the significance of shocks in the economy. Understanding the principles and impacts of monetary and fiscal policy on the business cycle and economic environment. Analyze the specifics and dynamics of the real estate market and construction sector, including price cycles and their relationship to economic cycles.

Study materials:

!Samuelson, P. A., Nordhaus, W. D. Ekonomie. 18. aktualizované vydání. Praha: NS Svoboda, 2019. ISBN 80-205-0590-3.

!Soukup, J., Pošta, V., Neset, P., Pavelka, T. Makroekonomie. 4. aktualizované vydání. Praha: Management Press, 2022. ISBN 978-80-7261-596-4.

!Hořejší, B., Soukupová, J. Mikroekonomie. 5. aktualizované vyd. Praha: Management Press, 2019. ISBN 978-80-7261-218-5.

?Jurečka, V. a kolektiv. Mikroekonomie. 3. aktualizované a rozšířené vydání. Praha: Grada Publishing, 2018. Expert (Grada). ISBN 978-80-271-0146-7.

?Mankiw, N. G. Macroeconomics. 10. aktualizované vydání. New York, NY: Macmillan International, 2019. ISBN 978-1-319-24839-0.

:Online podklady pro přednášky dostupné v MS Teams, aktuality na webových stránkách předmětu.

Time-table for winter semester 2023/2024:

(lecture parallel1)
Thákurova 7 (budova FSv)
Time-table for summer semester 2023/2024:
Time-table is not available yet
The course is a part of the following study plans:
Data valid to 2023-11-30
Aktualizace výše uvedených informací naleznete na adrese https://bilakniha.cvut.cz/en/predmet7470106.html