1. Introduction to economics.
• The conception of economics as the science, its aim and methods.
• The origin and the genesis of economics.
• Positive and normative economics.
• The place of economics in the system of economic disciplines.
• Main streams of contemporary economic thought.
2. Economic backgrounds and connections of the production.
• Needs and resources. The production and consumption.
• Production factors and their scarcity. Production factors’ valuing.
• The concept of rationality in economics. Opportunity costs.
• The physical and institutional production possibility frontier – static and dynamic point of view.
3. Money.
• Division of labour and specialization.
• The necessity of the exchange. Barter and the formation of money.
• The money definition and their forms.
• Money functions.
4. Market and market mechanism.
• Basic market elements – supply, demand and price.
• The logic and mechanics of the market mechanism.
• Factors determining the demand and demand quantity. The law of diminishing demand and its interpretation.
• Factors determining the supply and supply quantity.
• The process of determining the equilibrium market price.
• Market failure.
• The role of the government in the market economy.
5. The theory of utility.
• Cardinalistic and ordinalistic approach to the utility.
• The law of the diminishing marginal utility.
• The consumer surplus and the „value paradox“.
• The indifference analysis.
• Assumptions of the rational consumer‘s behaviour – consumer‘s equilibrium.
6. The demand and its elasticity.
• Individual, market and aggregate demand.
• The price elasticity of demand.
• The difference between the slope of the demand curve and the price elasticity of the demand.
• The cross elasticity of the demand.
• The income elasticity of the demand – the goods‘ typology from the income elasticity viewpoint.
7. The firm – its aims and production activity.
• Firm‘s aims.
• The choice of technology – combination and substitution of the production factors.
• The output and production functions.
• The isoquant analysis.
• The producer‘s equilibrium.
• The law of diminishing marginal productivity.
8. Costs, revenues and profits of the firm.
• The economic and accounting approach to the costs.
• The costs‘ typology and their graphic expression.
• Explicit and implicit costs.
• Firm revenues.
• The firm profit – normal and economic profit.
9. The firm behaviour in perfect competition conditions.
• The market structures‘ typology.
• The perfect competition characteristic. The firm as a price-taker.
• The production extent decision. The perfect competition firm‘s supply curve shaping.
• The firm with economic profit and economic loss.
• The break-even point and the shutdown point of the firm.
• The sense of perfect competition firm‘s model.
10. The behaviour of the monopoly.
• The characteristics of the monopoly.
• The difference between determining of the marginal revenue and the price.
• The production extent and the decision of the monopoly price.
• The monopoly profit. Interpretation of the „dead-weigth-loss“.
• Antitrust law.
• The natural monopoly and its regulation.
11. The firm behaviour in oligopoly and in monopolistic competition conditions.
• The types of oligopoly and the price coordination.
• Essential elements of the games theory and their application in oligopoly conditions.
• Monopolistic competition and its principles.
• The competition by product differentiation – real and seeming differentiation. The role of the advertisement.
• The equilibrium of the monopolistic competitive firm in the short run and in the long run.
12. Labour market.
• The rationale time alocation and the individual labour supply curve formation.
• The market supply of labour.
• Determination of the individual labour demand. The market labour demand.
• The wage as an equilibrium price of the labour.
• The economic rent and the transfer earnings.
• Wage differences. Human capital. Discrimination on the labour market.
• The role of the government on the labour market. The guarranted minimum salary – its function and consequences.
13. Capital market.
• Different forms of capital.
• Investments.
• The demand for capital.
• The supply of capital, savings.
• International capital flows.
• Investment decisions, present values, an internal rate of returns.
• The portfolio, risks and returns.
14. The distribution of income and wealth.
• The sources of inequality.
• How to measure inequality among income classes.
• The role of government in redistribution processes.
• Efficiency vs. equality.
15. Externalities and public goods.
• Market inefficiency with externalities, graphical analysis of inefficiency.
• Policies to correct externalities, government programs and private approaches.
• Public vs. private goods, free-rider problem.
• Optimal quantity of public goods determination.
16. Public choice theory
- Subjects on the political market and their aims.
- Mechanism and results of public choice.
- Typical situations and problems solved in the public choice.
- Government failure.
• The conception of economics as the science, its aim and methods.
• The origin and the genesis of economics.
• Positive and normative economics.
• The place of economics in the system of economic disciplines.
• Main streams of contemporary economic thought.
2. Economic backgrounds and connections of the production.
• Needs and resources. The production and consumption.
• Production factors and their scarcity. Production factors’ valuing.
• The concept of rationality in economics. Opportunity costs.
• The physical and institutional production possibility frontier – static and dynamic point of view.
3. Money.
• Division of labour and specialization.
• The necessity of the exchange. Barter and the formation of money.
• The money definition and their forms.
• Money functions.
4. Market and market mechanism.
• Basic market elements – supply, demand and price.
• The logic and mechanics of the market mechanism.
• Factors determining the demand and demand quantity. The law of diminishing demand and its interpretation.
• Factors determining the supply and supply quantity.
• The process of determining the equilibrium market price.
• Market failure.
• The role of the government in the market economy.
5. The theory of utility.
• Cardinalistic and ordinalistic approach to the utility.
• The law of the diminishing marginal utility.
• The consumer surplus and the „value paradox“.
• The indifference analysis.
• Assumptions of the rational consumer‘s behaviour – consumer‘s equilibrium.
6. The demand and its elasticity.
• Individual, market and aggregate demand.
• The price elasticity of demand.
• The difference between the slope of the demand curve and the price elasticity of the demand.
• The cross elasticity of the demand.
• The income elasticity of the demand – the goods‘ typology from the income elasticity viewpoint.
7. The firm – its aims and production activity.
• Firm‘s aims.
• The choice of technology – combination and substitution of the production factors.
• The output and production functions.
• The isoquant analysis.
• The producer‘s equilibrium.
• The law of diminishing marginal productivity.
8. Costs, revenues and profits of the firm.
• The economic and accounting approach to the costs.
• The costs‘ typology and their graphic expression.
• Explicit and implicit costs.
• Firm revenues.
• The firm profit – normal and economic profit.
9. The firm behaviour in perfect competition conditions.
• The market structures‘ typology.
• The perfect competition characteristic. The firm as a price-taker.
• The production extent decision. The perfect competition firm‘s supply curve shaping.
• The firm with economic profit and economic loss.
• The break-even point and the shutdown point of the firm.
• The sense of perfect competition firm‘s model.
10. The behaviour of the monopoly.
• The characteristics of the monopoly.
• The difference between determining of the marginal revenue and the price.
• The production extent and the decision of the monopoly price.
• The monopoly profit. Interpretation of the „dead-weigth-loss“.
• Antitrust law.
• The natural monopoly and its regulation.
11. The firm behaviour in oligopoly and in monopolistic competition conditions.
• The types of oligopoly and the price coordination.
• Essential elements of the games theory and their application in oligopoly conditions.
• Monopolistic competition and its principles.
• The competition by product differentiation – real and seeming differentiation. The role of the advertisement.
• The equilibrium of the monopolistic competitive firm in the short run and in the long run.
12. Labour market.
• The rationale time alocation and the individual labour supply curve formation.
• The market supply of labour.
• Determination of the individual labour demand. The market labour demand.
• The wage as an equilibrium price of the labour.
• The economic rent and the transfer earnings.
• Wage differences. Human capital. Discrimination on the labour market.
• The role of the government on the labour market. The guarranted minimum salary – its function and consequences.
13. Capital market.
• Different forms of capital.
• Investments.
• The demand for capital.
• The supply of capital, savings.
• International capital flows.
• Investment decisions, present values, an internal rate of returns.
• The portfolio, risks and returns.
14. The distribution of income and wealth.
• The sources of inequality.
• How to measure inequality among income classes.
• The role of government in redistribution processes.
• Efficiency vs. equality.
15. Externalities and public goods.
• Market inefficiency with externalities, graphical analysis of inefficiency.
• Policies to correct externalities, government programs and private approaches.
• Public vs. private goods, free-rider problem.
• Optimal quantity of public goods determination.
16. Public choice theory
- Subjects on the political market and their aims.
- Mechanism and results of public choice.
- Typical situations and problems solved in the public choice.
- Government failure.