Economics 2104-L-D2EKON
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. Economist tool kit.
Demand, supply and market: What is the market? Types of markets. Demand and its size. Demand reactions to changes in prices and income. Supply and its size. Market equilibrium. Elasticity and its applications.
Block 2
Market demand and consumer choice theory: A standard economic model. Budget constraint. Change in income. Price change. Preferences. Utility.
Market supply and enterprises in competitive markets: Production costs. Production function. Maximizing profit.
Consumers, producers and the efficiency of markets.
Firm behavior and market structures: Monopoly - regulation and deregulation. Monopolistic competition. Oligopoly.
Block 3
The economics of the public sector: the tax system and taxation costs. Supply, demand and state policy.
Public goods, common resources and merit goods. Externalities and market failure. Information and behavioral economics.
Block 4
Labor economics. Income inequality and poverty.
Block 5
Measuring a nation’s well-being and the cost of living: Components of gross domestic product (GDP). Real versus nominal GDP. The limitations of gross domestic product as a measure of well-being. The Consumer Price Index.
Block 6
Production, growth, and unemployment: Growth theory. Catch-up effect. Determinants of productivity. Identifying unemployment. Natural rate of unemployment.
Block 7
Saving, investment and the financial system: Saving and investment in the national income accounts. Financial institutions in the economy. The market for loanable funds. Measuring the time value of money. Asset valuation.
Block 8
Money and prices in the long run: The monetary system. The role of central banks. The European Central Bank and the Eurosystem. Banks and the money supply. Money growth and inflation. The costs of inflation. Deflation.
Block 9
Short-run economic fluctuations: Business cycles. The influence of monetary and fiscal policy on aggregate demand. The short-run trade-off between inflation and unemployment. Phillips’ curve.
Block 10
Open economy: The gains from trade. The international flows of goods and capital. Real and nominal exchange rates. Purchasing power parity. Supply and demand for loanable funds and for foreign currency exchange.
Block 11
International macroeconomics: Common currency areas and European monetary union. The financial crisis and sovereign debt.
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Term 2023L:
None |
Term 2024L:
None |
Prerequisites (description)
Course coordinators
Term 2023L: | Term 2024L: |
Type of course
Learning outcomes
knowledge: knows the basic issues and definitions in the field of microeconomics and macroeconomics; understands the most important mechanisms of the entire economy as well as individual market participants; is aware of major challenges of the modern world economy
skills: has the ability to carry out the analysis of a selected problem with the use of economics tools; has the ability to use economic models when analyzing economic processes
competences: possesses an enhanced competence of critical and analytical thinking, as well as data searching and analysis (interpreting charts and models), what can be useful both for economic and other news interpretation; possesses developed ability to team work and perform joint analysis of economic and other problems
K_W01, K_W02, K_W03, K_W05, K_W06, K_U01, K_U04, K_K01
Assessment criteria
Completion of the course is based on the following criteria:
- active participation in classes and performance in tutorials (50% of final grade),
- final exam grade (50% of final grade).
Practical placement
no
Bibliography
Mikroekonomia, Gregory N. Mankiw, Mark P. Taylor, Polskie Wydawnictwo Ekonomiczne, Warszawa, 2015
Makroekonomia, Gregory N. Mankiw, Mark P. Taylor, Polskie Wydawnictwo Ekonomiczne, Warszawa, 2015
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Term 2023L:
None |
Term 2024L:
None |
Additional information
Additional information (registration calendar, class conductors, localization and schedules of classes), might be available in the USOSweb system: