Students will learn the basic concepts, methods of analysis and key theoretical results of modern economics, including microeconomics and macroeconomics, and apply this knowledge to the analysis of practical problems. The results of economics should serve as a basis for training in the ability to adapt to the modern market economy, to make rational decisions, to understand market relations and to use modern methodological knowledge in the field.

Lectures

1. Introduction to economics: needs, resources, economic cycle. 2. Necessity of farming, limits of production possibilities, economic agents 3. economic systems, how markets work, demand, supply, price, the supply and demand curve. The market equilibrium. 4. Price elasticity of demand and income elasticity of demand. Cross price elasticity, Types of markets: competitive, pure monopoly, oligopoly, monopolistic markets, Theory of consumption. Approach to utility, Indifference curves, Limits to consumption in the budget line. 5. Time periods in economics, The production function. Average and marginal product of labour. Classification of costs, Average cost and marginal cost. Average revenue and marginal revenue. The concept and types of profit, The requirement to maximise profit, Breakeven point and breakeven point. 8 Introduction to Macroeconomics, Output, Income, Consumption, Investment, Indicators to measure economic performance, Equilibrium conditions of the macroeconomy. 9.The concept of money market, Conditions of equilibrium, The process of money formation, Inflation, Characteristics of two-tier banking system, The concept of capital market, Types of securities, The functioning and essence of stock exchange 10. The condition of commodity market equilibrium, The consumption function. 11. Labour market and its characteristics, Types of unemployment and causes.

Seminars

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Compulsory and recommended literature.