Content (Syllabus outline)

The basic economic principles: The meaning and role of economics as a social science. Economics and economics thinking in food production and biotechnology.  10 principles of economics at the level of individuals, markets and economy.


Production and cost theory: Definition of production factors, Production function and the law of diminishing returns, Cost theory: variable, fix, total, average and marginal costs. Economic optimum and marginal analysis. Specificity of production and cost of enterprises in the field of biotechnology and food processing industry;


Market theory: The market principles of supply and demand. Factory of food supply and demand.  Market equilibrium.  Concept of elasticity and their applications.  Particularities of the markets of biotechnological products;


Markets in reality. The perfect competition. Market failures. Market power, externalities and public goods. The impacts and the role of the state.


Market and government. The logic and mechanism of state intervention on the food and biotechnology markets. Welfare economics. Principles of comparative advantage.  The concept of minimum and maximum prices. Trade regulation and the impacts. Taxes and the impacts on markets.


Introduction to macroeconomics. Basic concepts and principles of macro-economics. Macroeconomic indicators: gross domestic product, inflation, unemployment,  exchange rate, balance of payments, public debt, the interest rate. Aggregate supply and demand. Macroeconomic mechanisms and processes. Importance for food production and biotechnology.


Prerequisites for the work:
Entry in the corresponding year of study program

Terms of Prerequisites:
   a) Examination
       -  Completion of colloquium