FEKT-LMAEAcad. year: 2019/2020
The subject leads to understanding of economy as whole. Clarifies the relationship between products markets and services, employment and activities of given economy. Also, the influence of demand, investments, iflation rate, unemployment, monetary polisy, interest rate, fiscal polisy, state funds, and other economic problems.
Learning outcomes of the course unit
After finishing the course students should be able: To understand theoretical basis and principles of macroeconomics. To understand the functioning of the national economy mechanism and its equilibrium, interconnection of the national economy and the world economy and their influences on particular businesses and achieving key managerial objectives. To understand how the managerial tasks are being accomplished in the national economy. To work out analytic and synthetic managerial information related to the national economy and apply it when making key managerial decisions. To use critical and analytical way of thinking in the managerial processes underlying the operation and strategic development of business activity within national and world economy.
The subject knowledge on the Bachelor´s degree level is requested.
Recommended optional programme components
Recommended or required reading
Pavelka, T. Makroekonomie. Základní kurs. Melandrium, Slaný 2007.
Mankiw, N.G. Zásady ekonomie. Grada Publishing, Praha 1999.
Soukup, J. a kol. Makroekonomie. Moderní přístup. Management Press, Praha 2008.
Časopisy: Ekonom, Politická ekonomie, Bankovnictví, Finance a úvěr
Planned learning activities and teaching methods
The course is a combination of the lectures, seminars and self-study. Lectures consist of an explanation of basic principles, methodology of the discipline, problems and their solutions.
Assesment methods and criteria linked to learning outcomes
The final exam is written (written test). It takes into account a comprehensive knowledge of macroeconomics, in all material respects. Students may request an oral verification.
The scale of the resulting classification:
A: 90-100 points
B: 80-89 points
C: 70-79 points
D: 60-69 points
E: 50-59 points
F: less than 50 points
Language of instruction
The subject content:
1. Introduction into macroeconomics – development of the macroeconomic theory.
2. Market, market mechanism, disequilibrium market, inefficiency, the types of market structures.
3. Aggregate supply, aggregate demand, growth and decrease of AD and AS, aggregate expenditures, slope of the AS curve.
4. The measurement of the economic output, national product (GDP, GNP) and national income.
5. The macroeconomic equilibrium, classical, Keynesian and Neokeynesian models.
6. The monetary theory, monetary aggregates, money market.
7. Labour market, unemployment, money market equilibrium, the rate of unemployment, types of unemployment.
8. Inflation, types of inflation, relationship between inflation and unemployment.
9. Economical growth, models of the economical growth, theory of the business cycle.
10. Fiscal policy – state budget, public finance, expansionary and restrictive fiscal policy.
11. Monetary policy – monetary goals and tools, expansionary and restrictive monetary policy.
12. Macroeconomics goals, effectivity of economic policy, magic n-square, the function of the state in market economy.
13. Theory of the international trade, external trade and monetary policy, free market, protectionism, development of exchange rates.
The aim of the course is to introduce students to new world economic trends, including theory and the means of solving economic problems. It also informs students about present macroeconomic studies and the classical Keynesian ones. It aims to provide a basic understanding of the structure and functioning of the modern capitalist industrial economic system as it allocates and uses resources and distributes outputs.
Specification of controlled education, way of implementation and compensation for absences
The content and forms of instruction in the evaluated course are specified by a regulation issued by the lecturer responsible for the course and updated for every academic year.