EVSNPMEK Economics for Managers

School of Business Administration in Karvina
Winter 2025
Extent and Intensity
2/1. 6 credit(s). Type of Completion: zk (examination).
Taught in person.
Teacher(s)
prof. Mgr. Ing. Michal Tvrdoň, Ph.D. (lecturer)
Ing. Radka Kubalová, Ph.D. (assistant)
Guaranteed by
prof. Mgr. Ing. Michal Tvrdoň, Ph.D.
Departament of Economics and Public Administration – School of Business Administration in Karvina
Contact Person: Ing. Eva Kotlánová, Ph.D.
Timetable
Thu 8:05–9:40 AULA
  • Timetable of Seminar Groups:
EVSNPMEK/01: Thu 25. 9. 9:45–10:30 D036, M. Tvrdoň
Prerequisites (in Czech)
FAKULTA(OPF) && TYP_STUDIA(N) && FORMA(P)
Course Enrolment Limitations
The course is only offered to the students of the study fields the course is directly associated with.
fields of study / plans the course is directly associated with
Course objectives
The course provides students with an overview of microeconomic and macroeconomic principles applicable to managerial decision-making under conditions of limited resources. Emphasis is placed on the application of economic theory to practical problems faced by firms and other economic agents. Students are introduced to consumer theory, the theory of the firm, and the analysis of costs, revenues, and profit across different market structures, as well as to issues of market failures and state microeconomic policy. The course also includes an analysis of the macroeconomic environment, its institutional framework, and the impact of economic policy on managerial decisions. Instruction develops students’ ability to interpret economic data, assess the effects of economic changes, and formulate rational decisions in the context of sustainability and the circular economy. The course links theoretical knowledge with case studies and fosters students’ analytical and strategic thinking.
Learning outcomes
The student will understand the principles of managerial economics and micro- and macroeconomic analysis and will be able to apply them to the decision-making of economic agents under conditions of limited resources, uncertainty, and risk. The student will acquire the ability to analyse the behaviour of consumers and firms, including intertemporal decision-making, utility formation, costs, revenues, and profit, and will understand production and cost decisions in both the short and long run. The student will be able to identify market failures, understand the role of institutions, regulation, and economic policy in ensuring efficient market functioning and social cohesion, and interpret the impact of key macroeconomic indicators on economic decision-making. At the same time, the student will be capable of working with economic data and evaluating current economic policy trends in the context of global challenges such as climate change, digitalisation, and rising inequalities.
Syllabus
  1. Introduction to Managerial Economics and the Decision-Making of Economic Agents under Conditions of Limited Resources

Basic principles of managerial economics. Economic agents and their decision-making. The economic perspective on resource scarcity and the optimisation of their use. Application of economic theories to the solution of practical managerial problems.

2. Consumer Theory I – Utility, Preferences, Consumer Optimum, and Demand Behaviour

Basic foundations of consumer theory. Analysis of consumer decision-making processes, preferences, utility, consumption optimisation, consumer equilibrium, and the effects of changes in prices and income on demand.

3. Consumer Theory II – Intertemporal Choice and Consumer Decision-Making under Risk

Intertemporal choice. Uncertainty and risk. Expected return and expected utility. Risk reduction.

4. Theory of the Firm I – Technology Choice and Production

Basic foundations of firm analysis. Firms’ decision-making processes. Technology choice. Production functions in the short and long run. Alternative firm objectives in the context of sustainability and circularity.

5. Theory of the Firm II – Firm Revenues, Costs, and Profit

The impact of market structure on firm revenues, costs, and profit. Short-run costs of the firm. Long-run costs of the firm. The relationship between short-run and long-run costs. The impact of changes in input prices on firm costs. Firm revenues and their classification. Profit and its concept in economics.

6. Market Failures and State Microeconomic Policy

Types of market failures. Imperfect competition. Externalities. Public goods. Asymmetric information. Income redistribution.

7. The Macroeconomic Environment and Its Impact on Managerial Decision-Making

The institutional framework of the functioning of the national economy in a globalised world economy. The impact of macroeconomic factors (macroeconomic performance, price level, unemployment) on the decision-making of economic agents. Macroeconomic data and their interpretation.

8. State Economic Policy

The theoretical framework of economic policy. Objectives of economic policy. Conceptual approaches to economic policy. Basic types of economic policy. The implementation of economic policy objectives in a global environment.

Teaching methods
Lectures, work with texts, teamwork, group discussion and group problem-solving methods, brainstorming, and case study–based teaching.
Assessment methods
Active participation in seminars (minimum 60%) – 10% of the final grade; mid-term test – 30% of the final grade; combined examination – 60% of the final grade.
Language of instruction
Czech
Further Comments
Study Materials
  • Enrolment Statistics (recent)
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