Introduction to Economics I - JPB097

• Title: Introduction to Economics I
• Guaranteed by: Department of Political Science (23-KP)
• Faculty: Faculty of Social Sciences
• Actual: from 2024
• Semester: winter
• E-Credits: 6
• Examination process: winter s.:
• Hours per week, examination: winter s.:2/1, Ex [HT]
• Capacity: 90 / 87 (unknown)
• Min. number of students: unlimited
• 4EU+: no
• Virtual mobility / capacity: no
• State of the course: taught
• Language: English
• Teaching methods: full-time
• Note: course can be enrolled in outside the study plan; enabled for web enrollment; priority enrollment if the course is part of the study plan
• Guarantor: Ing. Petr Špecián, Ph.D.
• Teacher(s): Ing. Petr Špecián, Ph.D.
• Incompatibility : JEB003, JEB101, JPB362
• Is incompatible with: JEB101, JEB003
• In complex pre-requisite: JPB099

Annotation

This is an entry-level economics course. By exploring the economic approach to the analysis of social phenomena alongside insights from related disciplines, students will gain an elementary understanding of economic agents' behavior, markets, and public policy. The course covers fundamental concepts such as scarcity, choice, supply and demand, market structures, externalities, and public goods, while also engaging with questions of efficiency, equity, and justice. The goal is to equip students with the foundational tools and frameworks that enable analysis of (micro)economic issues while recognizing the complex interplay between economic, philosophical, and political dimensions.

Last update: Špecián Petr, Ing., Ph.D. (24.09.2024)

Aim of the course

By the end of this course, students will be able to:

1. Understand the fundamental concepts of microeconomics, including scarcity, choice, and exchange in shaping economic behavior.
2. Analyze the dynamics of supply and demand, market equilibrium, and the factors that influence consumer and producer behavior.
3. Evaluate the efficiency and equity implications of different market structures, from perfect competition to monopoly.
4. Recognize the causes and consequences of market failures, such as externalities and public goods, and explore the scope and limits of government intervention.
5. Apply elementary economic reasoning to real-world issues and policy debates, while also considering the philosophical and political dimensions of economic questions.

Last update: Špecián Petr, Ing., Ph.D. (19.06.2024)

Course completion requirements

• Midterm Exam (30%): A combination of multiple choice, short answer, and analytical problem-solving questions.
• Final Exam (40%): A combination of multiple choice, short answer, and analytical problem-solving questions.
• Seminar Participation (10%): Active contribution to seminar discussions, including asking questions, offering insights, and responding to peers' comments.
• Team Project: Microeconomics of Everyday Things (20%): An in-depth exploration of the economic processes behind everyday items (e.g., a pencil, a cup of coffee, a pair of socks). Working in teams, students will research and analyze the supply chain, market structures, and decision-making processes involved in producing and delivering their chosen item. Each team will submit a written report and deliver a presentation on their findings, demonstrating their ability to apply microeconomic concepts to real-world examples.

Last update: Špecián Petr, Ing., Ph.D. (13.09.2024)

Literature

Primary

• The CORE Econ Team 2023 The Economy 2.0: Microeconomics Open access e-text https://core-econ.org/the-economy/.

Secondary (optional)

• Mankiw, N. 2023. Principles of Economics. 10th edition. Australia ; Boston, MA: Cengage Learning. Chapters 1-23.
• or Mankiw, N. 2017. Principles of Microeconomics. 8th edition. Australia ; Boston, MA: Cengage Learning.

 Older editions also work just fine. Second hand purchase allows you to obtain the book(s) at a much more reasonable price.

Last update: Špecián Petr, Ing., Ph.D. (25.09.2024)

Syllabus

1. Economics and the Economy in the Changing World
   • Readings: CORE 2.0 Microeconomics, Unit 1.
2. Incentives, Technology, and the Economic Way of Looking at Things
   • Readings: CORE 2.0 Microeconomics, Unit 2.
3. Individual Behavior: Preferences, Rationality, and Choice
   • Readings: CORE 2.0 Microeconomics, Unit 3.
4. Strategic Interactions: Elements
   • Readings: CORE 2.0 Microeconomics, Unit 4.1-4.5.
5. The Firm and Its Employees: Contracts, Employment, and Wages
   • Readings: CORE 2.0 Microeconomics, Unit 6.1-6.8.
6. The Firm and Its Customers I: Production and Costs
   • Readings: CORE 2.0 Microeconomics, Unit 7.1-7.5.
7. The Firm and Its Customers II: Profits, Market Power, Efficiency
   • Readings: CORE 2.0 Microeconomics, Unit 7.6-7.12.
8. Competitive Markets I: Supply and Demand
   • Readings: CORE 2.0 Microeconomics, Unit 8.1-8.7.
9. Competitive Markets II: Welfare and Intervention
   • Readings: CORE 2.0 Microeconomics, Unit 8.8-8.13.
10. Market Failures I: Externalities
    • Readings: CORE 2.0 Microeconomics, Unit 10.1-10.5.
11. Market Failures II: Public Goods and Asymmetric Information
    • Readings: CORE 2.0 Microeconomics, Unit 10.6-10.11.
12. Economics & Public Policy: Applications and Debates
    • Readings: Selected case studies on relevant policy topics (TBA).

Last update: Špecián Petr, Ing., Ph.D. (25.09.2024)