The aim of teaching the subject is to enable the student to learn the necessity of the operation of the economy and its basic processes from the perspective of the consumer and the producer in such a way as to lay the foundation for the teaching of the subjects to be mastered in the later semesters. The interpretation of the basic concepts and processes related to the operation of needs, goods, the market, and the economy introduces the presentation of the further curriculum. During the semester, the factors influencing consumer decisions are also presented, as well as information related to the activities of companies. The presentation of market forms provides an opportunity to summarize the topics described above. Finally, the key concepts of macroeconomics and the methods of measuring economic activities are presented. A prominent part of the curriculum is the description of the sub-markets of macroeconomics (goods market, money market, labor market), with special attention to the problems of inflation and unemployment.

Lectures

- Introduction to economics: needs, resources, economic cycle. - The necessity of management, the production possibilities frontier, the actors of economic life. Economic systems. - The functioning of the market, demand, supply, price. The demand and supply curve. Market equilibrium. - Price elasticity of demand, cross-price elasticity and income elasticity. - Types of the market: competitive, pure monopoly, oligopoly. - Theory of consumption. Approach to utility, indifference curves. Limits to consumption, the budget line. Formation of an optimal consumption structure. - Actors of economic life. The concept and significance of the enterprise, company. The main characteristics of entrepreneurial forms. - Time periods in economics. The production function. Average and marginal product of labor. Cost classification. - Key concepts of macroeconomics. Aggregate supply and demand. Measurement of economic activity, economic growth. - Consumption and investment: consumption, income, and savings; consumer behavior at the national level; determinants of investment; function of investment demand. - Financial system: the modern financial system; the specific nature of money; banking system and money supply; concept and effects of inflation. - Labor market, unemployment, economic explanation of unemployment; labor market issues.

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