Basic economics 2103-ORP-L-D1POEK
Block 1
Introduction to economics: Definition of economics, economic problem, scarcity of resources and necessity of choice, basic principles of economics. Division of economics into micro and macro. The economist's toolkit.
Demand, supply and market: What is a market? Types of markets. Demand and quantity of demand. Demand responses to changes in prices and income. Supply and size of supply.
Market equilibrium. Elasticity and its applications.
Block 2
Demand versus consumer choice theory: Standard economic model. Budgetary constraint. Change in income. Change in price. Preferences. Utility.
Supply versus firms in competitive markets: Cost of production. Production function. Profit maximization.
Consumers, producers and efficiency of markets.
Enterprise behavior and market structures: Forms of the market. Market structures. Monopoly- regulation and deregulation. Monopolistic competition. Oligopoly.
Block 3
Public sector economics: tax system and cost of taxation. Supply, demand and government policy.
Public goods, common resources and socially desirable goods. Externalities and market failure. Economics of information and behavioral economics.
Block 4
Labor market economics. Income inequality and poverty.
Block 5
Measurement of national income and measurement of the cost of living: Components of gross domestic product (GDP). Difference between real and nominal GDP. Gross domestic product and welfare. Consumer price index. GDP deflator.
Block 6
Production, economic growth and unemployment: Growth theory
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Block 7
Savings, investment and the financial system: Savings and investment in the system of national accounts. Financial institutions in the economy. The market for loanable funds. Change in the value of money over time. Asset valuation.
Block 8
Money and prices in the long run: The monetary system. Functions of money. Liquidity of assets. The role of central banks. The European Central Bank and the single currency. Banks and the money supply. Changes in banking and the financial crisis. Money growth and inflation. Costs of inflation. Deflation.
Block 9
Short-term fluctuations in the economy: Business cycles. Effects of fiscal and monetary policy on aggregate demand. The choice between inflation and unemployment in the short term. The Phillips curve.
Block 10
Open economy: Benefits of trade. International flows of goods and capital. Real and nominal exchange rates. Purchasing power parity. Supply and demand in the loanable funds and foreign exchange markets.
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Term 2024Z:
not applicable |
Mode
Course coordinators
Type of course
Learning outcomes
- Ability to conduct an analysis of a selected problem using the tools of economics. K_W01, K_W05, K_W09
- Mastery of basic issues and definitions in microeconomics and macroeconomics. K_W01
- Understanding of the most important mechanisms of the whole economy, as well as individual market participants. K_W01, K_W05, K_W09
- Ability to use economic models when analyzing economic processes. K_U01, K_U03, K_U04
- Develop critical and analytical thinking skills. K_U03, K_U04
- Develop the ability to work in a group and analyze economic problems together. K_K01, K_K05
Assessment criteria
Credit for the course is based on the following criteria:
- credit for exercises
- assessment of the final exam (during lectures you can collect points that increase the grade of the exam).
The course exam will be held at the end of the semester in written form. In order to be admitted to the exam in the subject, you must have passed the exercises. Attendance at the exercises is mandatory, and at the lectures - a bonus.
Practical placement
not applicable
Bibliography
Mikroekonomia – Podstawy to polska adaptacja podręcznika Principles of Microeconomics, Steven A. Greenlaw, David Shapiro, Waldemar Karpa,, OpenStax 2022
Mikroekonomia, Gregory N. Mankiw, Mark P. Taylor, Polskie Wydawnictwo Ekonomiczne, Warszawa, 2015
Mikroekonomia, Paul Krugman, Robin Wells, Warszawa, 2012, PWN
Makroekonomia, Gregory N. Mankiw, Mark P. Taylor, Polskie Wydawnictwo Ekonomiczne, Warszawa, 2015
Czego nie można kupić za pieniądze, Sandel M., PWN, 2020.
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Term 2024Z:
not applicable |
Notes
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Term 2024Z:
not applicable |
Additional information
Additional information (registration calendar, class conductors, localization and schedules of classes), might be available in the USOSweb system: