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.
- Mainstreams of contemporary economic thought.
2. Economic backgrounds and connections of the production.
- Needs and resources. Production factors and their scarcity.
- The concept of rationality in economics.
- Opportunity costs.
- The physical and institutional production possibility frontier – static and dynamic point of view.
3. 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.
4. The theory of utility.
- Cardinal and ordinal 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 behavior – consumer‘s equilibrium.
5. The demand and its elasticity.
- Individual, market and aggregate demand.
- The price elasticity of demand.
- The cross elasticity of the demand.
- The income elasticity of the demand – the goods typology from the income elasticity viewpoint.
6. 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 law of diminishing marginal productivity.
- The isoquant analysis.
- The producer‘s equilibrium.
7. Costs, revenues and profits of the firm.
- The economic and accounting approach to the costs.
- Explicit and implicit costs.
- The cost typology and their graphic expression.
- Firm revenues.
- The firm profit – normal and economic profit.
8. The firm behavior 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.
9. The behavior 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-weight-loss“.
- The natural monopoly and its regulation.
10. The firm behavior 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.
- The 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.
11. Labor market.
- The rationale time allocation and the individual labor supply curve formation.
- The market supply of labor.
- Determination of the individual labor demand. The market labor demand.
- The wage as an equilibrium price of the labor.
- Wage differences. Human capital. Discrimination on the labor market.
- The role of the government on the labor market.
12. Capital market.
- Different forms of capital.
- Investments. The demand for capital.
- The supply of capital, savings.
- Investment decisions, present values, an internal rate of returns.
- The portfolio, risks and returns.
13. 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.
14. Externalities and public goods.
- Market inefficiency with externalities.
- Private solutions to externalities.
- Public policies toward externalities.
- Public vs. private goods, the free-rider problem.
- Optimal quantity of public goods determination.
- The conception of economics as the science, its aim and methods.
- The origin and the genesis of economics.
- Positive and normative economics.
- Mainstreams of contemporary economic thought.
2. Economic backgrounds and connections of the production.
- Needs and resources. Production factors and their scarcity.
- The concept of rationality in economics.
- Opportunity costs.
- The physical and institutional production possibility frontier – static and dynamic point of view.
3. 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.
4. The theory of utility.
- Cardinal and ordinal 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 behavior – consumer‘s equilibrium.
5. The demand and its elasticity.
- Individual, market and aggregate demand.
- The price elasticity of demand.
- The cross elasticity of the demand.
- The income elasticity of the demand – the goods typology from the income elasticity viewpoint.
6. 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 law of diminishing marginal productivity.
- The isoquant analysis.
- The producer‘s equilibrium.
7. Costs, revenues and profits of the firm.
- The economic and accounting approach to the costs.
- Explicit and implicit costs.
- The cost typology and their graphic expression.
- Firm revenues.
- The firm profit – normal and economic profit.
8. The firm behavior 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.
9. The behavior 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-weight-loss“.
- The natural monopoly and its regulation.
10. The firm behavior 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.
- The 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.
11. Labor market.
- The rationale time allocation and the individual labor supply curve formation.
- The market supply of labor.
- Determination of the individual labor demand. The market labor demand.
- The wage as an equilibrium price of the labor.
- Wage differences. Human capital. Discrimination on the labor market.
- The role of the government on the labor market.
12. Capital market.
- Different forms of capital.
- Investments. The demand for capital.
- The supply of capital, savings.
- Investment decisions, present values, an internal rate of returns.
- The portfolio, risks and returns.
13. 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.
14. Externalities and public goods.
- Market inefficiency with externalities.
- Private solutions to externalities.
- Public policies toward externalities.
- Public vs. private goods, the free-rider problem.
- Optimal quantity of public goods determination.