EVSBKZMA Economics II

School of Business Administration in Karvina
Summer 2026
Extent and Intensity
16/0/0. 5 credit(s). Type of Completion: zk (examination).
Teacher(s)
prof. Mgr. Ing. Michal Tvrdoň, Ph.D. (lecturer)
Guaranteed by
prof. Mgr. Ing. Michal Tvrdoň, Ph.D.
Departament of Economics and Public Administration – School of Business Administration in Karvina
Contact Person: Dr. Ing. Ingrid Majerová
Timetable
Sat 28. 2. 9:45–11:20 VS, Sat 28. 3. 9:45–11:20 VS, Sat 25. 4. 9:45–11:20 VS
Prerequisites
FAKULTA(OPF) && TYP_STUDIA(B) && FORMA(K) && (! EVSBKZMAP Basics of macroeconomics ) && (! EVSBKVEP External Economic Environment ) && !NOWANY( EVSBKZMAP Basics of macroeconomics , EVSBKVEP External Economic Environment )
The completion of the course does not require any conditions and subject can be registered independently of other subjects.
Course Enrolment Limitations
The course is only offered to the students of the study fields the course is directly associated with.

The capacity limit for the course is 120 student(s).
Current registration and enrolment status: enrolled: 74/120, only registered: 4/120
fields of study / plans the course is directly associated with
Course objectives

The course focuses on explaining and understanding basic macroeconomic relationships and mechanisms of economic functioning. Students will learn about macroeconomic aggregates and their measurement, equilibrium models of the economy, and the role of money, inflation, and the banking system. Attention is also paid to the labor market, unemployment, and the relationship between inflation and the economic cycle. The course further develops an understanding of the processes of economic growth and fluctuations in economic activity. The course includes an analysis of fiscal and monetary policy, their instruments, and their impact on individual economic entities and the economy as a whole. Finally, the issues of foreign trade, exchange rates, and state economic policy are discussed.


Learning outcomes

After completing the course, students will be able to understand basic macroeconomic aggregates and methods of their measurement and interpret their significance for evaluating economic performance. Students will be able to analyze macroeconomic equilibrium using basic models (AS–AD, income–expenditure model) and explain the effects of demand and supply shocks in the short and long term. They will gain the ability to explain the role of money, the functioning of the banking system, and the nature of inflation, including its causes and consequences. Students will be able to interpret the functioning of the labor market, explain the causes and forms of unemployment, and the relationship between inflation and unemployment. They will also be able to characterize economic growth and the economic cycle and analyze their sources and consequences. Students will understand the basic instruments of fiscal and monetary policy and their effects on macroeconomic variables. At the same time, they will be able to explain the importance of foreign trade, exchange rates, and economic policy and to assess the effectiveness of economic policy measures. 


Syllabus

1. Macroeconomic aggregates and how they are measured

The concept of macroeconomics, the macroeconomic cycle, gross domestic product, gross national product, national income, net economic welfare, economically active and economically inactive population, unemployment rate, consumer price index, implicit price deflator, producer price index, inflation rate, balance of payments.


2.    Basic equilibrium models – the AS-AD model and the income-expenditure model

Classical and Keynesian concepts of the aggregate supply curve. Aggregate demand, its components, factors influencing the position and slope of the AS and AD curves. Macroeconomic equilibrium, equilibrium output, equilibrium price level in the short and long term, the impact of positive and negative supply and demand shocks. The income-expenditure model (45° line model), its assumptions. Equilibrium output in a two-sector, three-sector, and four-sector model of the economy and its changes. The effect of multipliers. The impact of taxes, transfers, government spending, and net exports on equilibrium.

3.    Money and its role in the economy, inflation

The concept of money, its role, the genesis of money, its functions and motives for holding it. The banking sector of the economy, the creation of deposit money, the money supply and its possible control, the money multiplier, the demand for money and the exchange equation. Equilibrium in the money market in the short and long term. Inflation as a monetary phenomenon. The nature of inflation, deflation, and disinflation. Measuring inflation and the inflation rate. Forms of inflation. Classification of inflation in terms of causes, demand-pull inflation.

4.    The labor market and unemployment, the relationship between inflation and unemployment

The economically active and inactive population, the labor force, the unemployment rate. Labor demand, labor supply. Forms, causes, and consequences of unemployment. The natural rate of unemployment. Okun's law. Labor market with perfectly flexible nominal wage rates. Labor market with inflexible nominal wage rates. Imbalance in the labor market. Phillips curve.


5.    Economic growth and the economic cycle

Economic growth and economic development, measuring economic growth. Quantitative and qualitative sources of growth. Extensive and intensive economic growth. Economic level and economic strength of a country. Barriers to economic growth, demographic development, population explosion. Economic cycle, characteristics of individual phases of the cycle: contraction, trough, expansion, peak. Short-term seasonal fluctuations. Medium-term cycles caused by demand and supply shocks. Long waves, higher-order innovations. Causes and consequences of cyclical development.

6.    Fiscal and monetary policy

Fiscal policy, budgetary system, state budget, its revenue and expenditure sides, and state budget balance. Internal and external debt, gross and net debt. Fiscal policy objectives and instruments, expansionary and restrictive policy, its short-term and long-term effects. Monetary policy, its objectives and instruments. Money supply and interest rates. The central bank dilemma. Expansionary and restrictive monetary policy. Short-term and long-term effects of monetary policy on output, employment, and inflation.

7. Foreign trade, international money market, foreign trade and monetary policy

Foreign trade, its impact on the efficiency of the national economy, balance of payments, macroeconomic effects of trade imbalances and the possibility of regulating them through government stabilization policy. Basic objectives and instruments of foreign trade policy, objectives and consequences of protectionism, liberalism. The impact of international economic integration on foreign trade. The issue of exchange rates, derivation of the equilibrium level, the impact of its change on the equilibrium in the international money market. External monetary policy, individual types of exchange rate regimes, exchange rate interventions, the role of international financial institutions in the global economy.

8.    Economic policy and measuring its effectiveness

Definition of economic policy, its structure, objectives, and instruments. Types and concepts of economic policy. Measuring effectiveness.

Literature
    required literature
  • Tvrdoň, M. (2022). Obecná ekonomie II. Distanční studijní text. SU OPF.
    recommended literature
  • Jurečka, V., Macháček, M. & kol. (2023). Makroekonomie. 4. aktualizované a rozšířené vydání. Grada.
  • Mankiw, N. G. (2024). Principles of Economics.10th edition. Cengage.
Teaching methods
Lectures, working with texts, discussions, teamwork, cooperative and collaborative learning, teaching using practical examples applied to theoretical approaches. Students' self-study.
Assessment methods
Grade
Written exam
Language of instruction
Czech
Further comments (probably available only in Czech)
The course can also be completed outside the examination period.
Teacher's information
written exam
The course is also listed under the following terms Summer 2015, Summer 2016, Summer 2017, Summer 2018, Summer 2019, Summer 2020, Summer 2021, Summer 2022, Summer 2023, summer 2024, Summer 2025.
  • Enrolment Statistics (recent)
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