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.
Poslední úprava: Špecián Petr, Ing., Ph.D. (24.09.2024)
Cíl předmětu - angličtina
By the end of this course, students will be able to:
Understand the fundamental concepts of microeconomics, including scarcity, choice, and exchange in shaping economic behavior.
Analyze the market dynamics of supply and demand, market equilibrium, and the factors that influence consumer and producer behavior.
Evaluate the efficiency and equity implications of different market structures.
Recognize the causes and consequences of market failures, such as externalities and public goods.
Apply elementary economic reasoning to real-world issues, while also considering the transdisciplinary dimensions of economic questions.
Poslední úprava: Špecián Petr, Ing., Ph.D. (29.07.2025)
Podmínky zakončení předmětu - angličtina
Midterm Test (30%): A combination of multiple choice, analytical problem-solving questions and essay questions.
Final Written Exam (40%): A combination of multiple choice, analytical problem-solving questions and essay questions.
Seminar Participation (10%): Active contribution to seminar discussions, participation in seminar quizzes.
Team Project: Microeconomics of Everyday Things (20%): An in-depth exploration of the economic processes behind everyday items. Working in teams, students will research and analyze the economic processes involved in production and distribution their chosen item. Each team will submit a written report and deliver a presentation on their findings.
Poslední úprava: Špecián Petr, Ing., Ph.D. (12.08.2025)
Literatura - angličtina
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.
For specific reading recommendations, see Moodle.
Poslední úprava: Špecián Petr, Ing., Ph.D. (28.07.2025)
Metody výuky - angličtina
AI Use Policy for This Course
You are welcome to use AI tools as a supplemental resource to help you learn and apply fundamental economic concepts.
Permitted Uses:
Explaining economic theories or concepts in different ways to aid your understanding.
Brainstorming ideas for the "Microeconomics of Everyday Things" team project.
Proofreading and improving the style of your written assignments and project reports.
Limitations:
Using AI to generate answers to analytical problems or essay questions on the Midterm Test or Final Exam is strictly prohibited and constitutes academic misconduct.
For the Team Project, AI canNOT perform the core research or analysis. Your team is responsible for applying the course's economic frameworks to your chosen item.
Transparency Requirement: For the Team Project, your written report must include a statement clarifying which AI tools, if any, were used and for what part of the process (e.g., "Our team used ChatGPT 5 Thinking to brainstorm a list of potential products and to proofread our final report for clarity.").
Instructor's Use of AI and Student Rights
For Teaching and Feedback: The instructor may use AI tools to prepare teaching materials and to provide feedback on student work.
Commitment to Academic Integrity and Privacy: Any use of AI by the instructor will be to supplement, not replace, personal evaluation. Student submissions will not be used to train AI models, and personal data will be protected at all times.
Student's Opt-Out Right: Students have the right to express their disagreement with their work being processed by AI tools for assessment or feedback. If you wish to exercise this right, you must notify the course instructor: either via email sent before your submission, or as a disclaimer clearly visible in your written assignment. This request will be fully respected, and your work will be assessed manually without penalty. All other course requirements and evaluation standards remain identical for all students.
Poslední úprava: Špecián Petr, Ing., Ph.D. (22.09.2025)
Sylabus - angličtina
Week 1: Economics and the Economy in the Changing World
Scarcity, choice, and interaction
The Malthusian model and the "Hockey Stick" of growth
The Permanent Technological Revolution
The Economy as a Circular Flow
Week 2: Capitalism, Incentives, and Trade
The Capitalist Revolution: private property, markets, and firms
Incentives and relative prices
Gains from trade
The Production Possibilities Frontier (PPF)
Week 3: Technology and Labor
Isocosts and technology choice
Production functions and diminishing marginal product
Labor as an input
Week 4: The Constrained Choice Problem
Preferences and indifference curves
The Feasible Frontier and Budget Constraint
Optimal choice
Week 5: Strategic Interactions: Elements
Players, strategies, and payoffs
Best responses and Nash equilibrium
Social Dilemmas
Pareto efficiency and fairness
Week 6: Differentiation, Demand, and Profit Maximization
Sources of competitive advantage
Demand and Price Elasticity
Profit Maximization
Week 7: Costs & Revenues
Costs of production
Short-Run vs. Long-Run
Firm's revenue
Week 8: Supply and Demand: Markets in Action
The Demand Curve and its determinants
The Supply Curve and its determinants
Market Equilibrium and the Market-Clearing Price
Changes in Market Equilibrium
Week 9: Competitive Markets and the Gains from Trade
The Price-Taking Firm
The Firm's Supply Curve and the Industry Supply Curve
Market Efficiency and Long-Run Competitive Equilibrium
Week 10: Taxes, Price Controls and Efficiency Losses
The impact of taxes on market outcomes
Tax Incidence, Elasticity, and Deadweight Loss
Price controls
Welfare analysis of government interventions
Week 11: Market Failures I: Market Power & Externalities
Welfare Loss from Monopoly and Market Power
Negative and Positive Externalities
Marginal Social Cost vs. Marginal Private Cost
Solutions: Coase Theorem, Pigouvian taxes, and regulation
Week 12: Market Failures II: Public Goods & Asymmetric Information
Classifying goods: Rivalry and Excludability
Public Goods and the Free-Rider Problem
Common-Pool Resources
Asymmetric Information: Moral Hazard and Adverse Selection
Poslední úprava: Špecián Petr, Ing., Ph.D. (01.08.2025)
