Economics LN4055

Course content:Economics as a discipline. Basic concepts and principles of economics. Micro- and macroeconomics, the positive and normative economics. Laws governing the production, distribution, exchange and consumption. Market - supply and demand. Gossen's principle and Engel's principle. Supply and demand, elasticity of demand and supply, market equilibrium. Factors of production and their characteristics. Types of costs, global and individual costs.Functioning of the market. Economic efficiency of enterprises in different market structures. Labour market and its mechanisms. Problems of unemployment.The financial system in Poland. The state budget and fiscal policy. Currency, inflation and deflation.Monetary policy and fiscal policy. Economics of scale.Cyclical growth in the economy. Macroeconomic measuring of economic growth.

Learning outcomes:Knowledge of basic economics, the ability to analyze and understand the fundamental mechanisms of market economy.