Faculty of Economics / ECONOMICS / MAKROEKONOMSKA TEORIJA I ANALIZA

Course:

MAKROEKONOMSKA TEORIJA I ANALIZA/

Course ID	Course status	Semester	ECTS credits	Lessons (Lessons+Exercises+Laboratory)
11709	Obavezan	1	8	4+2+0

Programs	ECONOMICS
Prerequisites	n.a
Aims	Introduce students to advanced macroeconomic problems, how to measure macroeconomic activities, interdependencies at the macro-level and the possibility of analyzing macroeconomic variables using mathematical and econometric models
Learning outcomes	Upon completion of the course, the student will acquire the knowledge to: Learning outcomes: Describe and analyze the nature and characteristics of transactions that take place in all markets (goods market, factors of production, financial markets); Analyzes economic interdependencies and the impact of changes in the value of a particular set of variables on a defined set of variables. In addition, students will be able to analyze the effects of the application of macroeconomic policy instruments on individual groups of transactions and overall economic developments; Distinguishes between static and dynamic changes in economic transactions in different institutional and economic conditions; Explain the effects of the application of economic policy measures and the effects of changes in international markets on domestic variables
Lecturer / Teaching assistant	prof.dr Maja Bacovic Milica Muhadinovic, M.sci
Methodology	Lectures and exercises, research work

Plan and program of work
Preparing week	Preparation and registration of the semester
I week lectures	Introduction; defining basic macroeconomic problems, basic macroeconomic variables and indicators, measuring economic performance in the short and long term
I week exercises	Introduction; defining basic macroeconomic problems, basic macroeconomic variables and indicators, measuring economic performance in the short and long term
II week lectures	Economic growth
II week exercises	Economic growth
III week lectures	Labor market and unemployment, Intertemporal budget constraint
III week exercises	Labor market and unemployment, Intertemporal budget constraint
IV week lectures	Private sector demand: consumption and investment
IV week exercises	Private sector demand: consumption and investment
V week lectures	Exchange rate
V week exercises	Exchange rate
VI week lectures	Money and the demand for money
VI week exercises	Money and the demand for money
VII week lectures	Money supply and monetary policy
VII week exercises	Money supply and monetary policy
VIII week lectures	Macroeconomic balance: output, employment and prices
VIII week exercises	Macroeconomic balance: output, employment and prices
IX week lectures	Test
IX week exercises
X week lectures	Aggregate demand and output
X week exercises	Aggregate demand and output
XI week lectures	Aggregate supply and inflation, aggregate demand and supply
XI week exercises	Aggregate supply and inflation, aggregate demand and supply
XII week lectures	Business cycles
XII week exercises	Business cycles
XIII week lectures	Fiscal policy, debt and segniorage
XIII week exercises	Fiscal policy, debt and segniorage
XIV week lectures	Scope of demand economic policy, Supply economics
XIV week exercises	Scope of demand economic policy, Supply economics
XV week lectures	Financial market, Construction of the international monetary system
XV week exercises	Financial market, Construction of the international monetary system

Student workload	In the semester Structure: Classes and final exam: 10x16weeks = 160 hours Necessary preparations before the beginning of the semester (administration, enrollment, certification): 9.33x2 = 18.66 hours. Additional work for preparation and taking the exam in the correctional period: 54 hours.
Per week	Per semester
8 credits x 40/30=10 hours and 40 minuts 4 sat(a) theoretical classes 0 sat(a) practical classes 2 excercises 4 hour(s) i 40 minuts of independent work, including consultations	Classes and final exam: 10 hour(s) i 40 minuts x 16 =170 hour(s) i 40 minuts Necessary preparation before the beginning of the semester (administration, registration, certification): 10 hour(s) i 40 minuts x 2 =21 hour(s) i 20 minuts Total workload for the subject: 8 x 30=240 hour(s) Additional work for exam preparation in the preparing exam period, including taking the remedial exam from 0 to 30 hours (remaining time from the first two items to the total load for the item) 48 hour(s) i 0 minuts Workload structure: 170 hour(s) i 40 minuts (cources), 21 hour(s) i 20 minuts (preparation), 48 hour(s) i 0 minuts (additional work)
Student obligations	Lectures, tests, research
Consultations	Monday, 12-13h
Literature	Literature: 1. Burda, M. and Wyplosz, C. (3rd edition), Macroeconomics, European textbook, translation, CLDS, 2004 Supplementary literature: 2. David Romer: Advanced Macroeconomics, McGraw-Hill Higher Education, 2001
Examination methods	Test - 20 points Final exam (written exam) - 50 points Research work - 30 points
Special remarks
Comment

Grade:	F	E	D	C	B	A
Number of points	less than 50 points	greater than or equal to 50 points and less than 60 points	greater than or equal to 60 points and less than 70 points	greater than or equal to 70 points and less than 80 points	greater than or equal to 80 points and less than 90 points	greater than or equal to 90 points

Faculty of Economics / ECONOMICS / REGIONALNA EKONOMIJA

Course:

REGIONALNA EKONOMIJA/

Course ID	Course status	Semester	ECTS credits	Lessons (Lessons+Exercises+Laboratory)
11710	Obavezan	1	7	4+2+0

Programs	ECONOMICS
Prerequisites	/
Aims	Study of regional policy in modern market economies, example of the EU and analysis of regional development and regional policy in Montenegro
Learning outcomes	After completing the "Regional Economy" course, the student: • Knows and understands the theory of regional development, the economic development of Montenegro through the development of its regions, regional disparities and the profile of current regional and development policy; • Possesses knowledge and understanding of the process of convergence of European regions through integration in the EU internal market, connects the regional development of the EU and the regional development of Montenegro through the process of policy adjustment; • Understands the process of programming the development of local communities in Montenegro and critically approaches the analysis of strategic development plans of the municipalities of Montenegro and regional development projects; • Understands the development of the European Union through the development of its regional policy and the common EU budget; strengthening of structural funds, meeting the goals of economic, social and territorial cohesion of the EU as a key integration goal; • Has knowledge of key Union programs dedicated to youth, education and mobility; Understands the process of programming EU pre-accession support and critically approaches the analysis of its impact on encouraging the development of regions and local communities in Montenegro; • Understands the key elements of preparing EU project proposals; Knows how to develop a project idea for a smaller EU project; • Knows how to use professional literature in the field of regional politics, especially EU regional politics, knows how to access databases of EU institutions and Union programs, deals with integration topics through seminars, essays and debates.
Lecturer / Teaching assistant	Prof. Dr. Gordana Djurovic, teacher Stevan Djuric, teaching associate
Methodology	Classic lectures and exercises, including a discussion with students about regional politics in Montenegro and EU regional policy. Class activities, a seminar and a final exam are planned.

Plan and program of work
Preparing week	Preparation and registration of the semester
I week lectures	Regional economy and regional politics: basic concepts
I week exercises	Discussion about regional politics
II week lectures	Theories of regional development
II week exercises	Essay 1
III week lectures	EU budget and multiannual financial framework
III week exercises	Next Generation EU
IV week lectures	Historical development of EU regional policy
IV week exercises	Essay 2
V week lectures	Objectives of economic, social and territorial cohesion;
V week exercises	Analysis of EU cohesion policy
VI week lectures	The institutional framework of EU regional policy
VI week exercises	Essay 3
VII week lectures	Differences between regions in the EU
VII week exercises	Analysis of regions using the NUTS system
VIII week lectures	Challenges of EU regional policy in the coming period
VIII week exercises	Essay 4
IX week lectures	Financial instruments of EU regional policy (Structural and investment funds of the EU, Union programs)
IX week exercises	Analysis of structural and investment funds
X week lectures	EU pre-accession support
X week exercises	Sectors of EU pre-accession support
XI week lectures	Project cycle and EU project management models
XI week exercises	Examples of project cycle in the EU
XII week lectures	Critical review of the development concept of Montenegro; Territorial and statistical division
XII week exercises	Analysis of regions and municipalities in Montenegro
XIII week lectures	Regional differences: development index and competitiveness index
XIII week exercises	Competitiveness index methodology
XIV week lectures	Regional development strategy; Institutional policy framework
XIV week exercises	Seminar presentations
XV week lectures	Financing of local and regional development; Regional development priorities; Strategic development plans of the municipalities of Montenegro
XV week exercises	Seminar presentations

Student workload	Weekly 7 credits x 40/30 = 9.33 hours Structure: 4 hours for lectures 2 hours for exercises 3.33 hours of independent work, including consultations.
Per week	Per semester
7 credits x 40/30=9 hours and 20 minuts 4 sat(a) theoretical classes 0 sat(a) practical classes 2 excercises 3 hour(s) i 20 minuts of independent work, including consultations	Classes and final exam: 9 hour(s) i 20 minuts x 16 =149 hour(s) i 20 minuts Necessary preparation before the beginning of the semester (administration, registration, certification): 9 hour(s) i 20 minuts x 2 =18 hour(s) i 40 minuts Total workload for the subject: 7 x 30=210 hour(s) Additional work for exam preparation in the preparing exam period, including taking the remedial exam from 0 to 30 hours (remaining time from the first two items to the total load for the item) 42 hour(s) i 0 minuts Workload structure: 149 hour(s) i 20 minuts (cources), 18 hour(s) i 40 minuts (preparation), 42 hour(s) i 0 minuts (additional work)
Student obligations	Students are required to attend classes and do activities and seminars.
Consultations	Prof. Dr Gordana Đurović - Monday 4:30 p.m. - 6:30 p.m., Office 208 / 2nd floor
Literature	- Gordana Đurović : Regional Economy, Faculty of Economics, Podgorica, 2020 (e-learning, script) - R. Crescenzi & M. Percoco Geography, Institutions and Regional Economic Performance, Springer, 2013; - Documents of the European Commission, selected scientific papers, documents of the Government of Montenegro on regional development and reg. policy;
Examination methods	• Writing an essay, activity in lectures, activity in exercises (seminar, presentation, homework, discussion, guest lecture, online conferences...) - total 50 points • Final exam – 50 points A passing grade is obtained if at least 50 points are accumulated cumulatively.
Special remarks	/
Comment	/

Grade:	F	E	D	C	B	A
Number of points	less than 50 points	greater than or equal to 50 points and less than 60 points	greater than or equal to 60 points and less than 70 points	greater than or equal to 70 points and less than 80 points	greater than or equal to 80 points and less than 90 points	greater than or equal to 90 points

Faculty of Economics / ECONOMICS / EKONOMIJA JAVNOG SEKTORA

Course:

EKONOMIJA JAVNOG SEKTORA/

Course ID	Course status	Semester	ECTS credits	Lessons (Lessons+Exercises+Laboratory)
11711	Obavezan	1	7	4+2+0

Programs	ECONOMICS
Prerequisites	No conditionality
Aims	Analysis of the public sector, getting to know and understanding the balance between the private and public sectors, how those two sectors complement each other and how the state can achieve its goals more efficiently;
Learning outcomes	After completing the course, the student will be able to analyze the role and importance of the public sector and critically evaluate the role of the state in the economy, combine different methods of analysis and decision-making in the public sector and forms of public sector regulation, analyze and explain how the economic efficiency of the public sector can be improved in modern market economies, compare and contrast the economic effects of strategies and projects of the public sector and apply the learned knowledge in a practical way in solving problems in public administration.
Lecturer / Teaching assistant	prof. dr Milivoje Radović Nemanja Popović
Methodology	Classical lectures and exercises. Conversation and explanations during the lecture. Short oral tests of understanding and knowledge of the material covered in lectures and exercises. Homework and seminar papers. A colloquium and a final (oral) exam are planned.

Plan and program of work
Preparing week	Preparation and registration of the semester
I week lectures	Public sector in a mixed economy
I week exercises	Public sector in a mixed economy
II week lectures	Market efficiency
II week exercises	Market efficiency
III week lectures	Market imperfection
III week exercises	Market imperfection
IV week lectures	Efficiency and fairness
IV week exercises	Efficiency and fairness
V week lectures	Public goods and private goods provided by the public sector
V week exercises	Public goods and private goods provided by the public sector
VI week lectures	Public choice
VI week exercises	Public choice
VII week lectures	COLLOQUIUM
VII week exercises	COLLOQUIUM
VIII week lectures	Production by the public sector and bureaucracy
VIII week exercises	Production by the public sector and bureaucracy
IX week lectures	External effects and environment
IX week exercises	External effects and environment
X week lectures	Analysis of public expenditure policy
X week exercises	Analysis of public expenditure policy
XI week lectures	Cost-benefit analysis
XI week exercises	Cost-benefit analysis
XII week lectures	Health protection. Defense and technology.
XII week exercises	Health protection. Defense and technology.
XIII week lectures	Social insurance
XIII week exercises	Social insurance
XIV week lectures	Programs of social assistance and redistribution of national income
XIV week exercises	Programs of social assistance and redistribution of national income
XV week lectures	Education
XV week exercises	Education

Student workload	4+2
Per week	Per semester
7 credits x 40/30=9 hours and 20 minuts 4 sat(a) theoretical classes 0 sat(a) practical classes 2 excercises 3 hour(s) i 20 minuts of independent work, including consultations	Classes and final exam: 9 hour(s) i 20 minuts x 16 =149 hour(s) i 20 minuts Necessary preparation before the beginning of the semester (administration, registration, certification): 9 hour(s) i 20 minuts x 2 =18 hour(s) i 40 minuts Total workload for the subject: 7 x 30=210 hour(s) Additional work for exam preparation in the preparing exam period, including taking the remedial exam from 0 to 30 hours (remaining time from the first two items to the total load for the item) 42 hour(s) i 0 minuts Workload structure: 149 hour(s) i 20 minuts (cources), 18 hour(s) i 40 minuts (preparation), 42 hour(s) i 0 minuts (additional work)
Student obligations	Students are required to attend classes and do colloquiums.
Consultations	See on the notice board and the faculty website.
Literature	J.E. Stiglitz «Economics of the public sector», 2013.
Examination methods	The following are evaluated: • One colloquium worth 40 points. • The final oral exam, which includes the entire material, carries 45 points. • Quizzes where a maximum of 15 points can be obtained. • A passing grade is obtained if 50 points are accumulated cumulatively.
Special remarks
Comment

Grade:	F	E	D	C	B	A
Number of points	less than 50 points	greater than or equal to 50 points and less than 60 points	greater than or equal to 60 points and less than 70 points	greater than or equal to 70 points and less than 80 points	greater than or equal to 80 points and less than 90 points	greater than or equal to 90 points

Faculty of Economics / ECONOMICS / EKONOMETRIJA II

Course:

EKONOMETRIJA II/

Course ID	Course status	Semester	ECTS credits	Lessons (Lessons+Exercises+Laboratory)
11712	Obavezan	1	8	4+2+0

Programs	ECONOMICS
Prerequisites
Aims
Learning outcomes
Lecturer / Teaching assistant
Methodology

Plan and program of work
Preparing week	Preparation and registration of the semester
I week lectures
I week exercises
II week lectures
II week exercises
III week lectures
III week exercises
IV week lectures
IV week exercises
V week lectures
V week exercises
VI week lectures
VI week exercises
VII week lectures
VII week exercises
VIII week lectures
VIII week exercises
IX week lectures
IX week exercises
X week lectures
X week exercises
XI week lectures
XI week exercises
XII week lectures
XII week exercises
XIII week lectures
XIII week exercises
XIV week lectures
XIV week exercises
XV week lectures
XV week exercises

Student workload
Per week	Per semester
8 credits x 40/30=10 hours and 40 minuts 4 sat(a) theoretical classes 0 sat(a) practical classes 2 excercises 4 hour(s) i 40 minuts of independent work, including consultations	Classes and final exam: 10 hour(s) i 40 minuts x 16 =170 hour(s) i 40 minuts Necessary preparation before the beginning of the semester (administration, registration, certification): 10 hour(s) i 40 minuts x 2 =21 hour(s) i 20 minuts Total workload for the subject: 8 x 30=240 hour(s) Additional work for exam preparation in the preparing exam period, including taking the remedial exam from 0 to 30 hours (remaining time from the first two items to the total load for the item) 48 hour(s) i 0 minuts Workload structure: 170 hour(s) i 40 minuts (cources), 21 hour(s) i 20 minuts (preparation), 48 hour(s) i 0 minuts (additional work)
Student obligations
Consultations
Literature
Examination methods
Special remarks
Comment

Grade:	F	E	D	C	B	A
Number of points	less than 50 points	greater than or equal to 50 points and less than 60 points	greater than or equal to 60 points and less than 70 points	greater than or equal to 70 points and less than 80 points	greater than or equal to 80 points and less than 90 points	greater than or equal to 90 points

Faculty of Economics / ECONOMICS / ZAJEDNIČKO TRŽIŠTE I POLITIKA KONKURENCIJE EU

Course:

ZAJEDNIČKO TRŽIŠTE I POLITIKA KONKURENCIJE EU/

Course ID	Course status	Semester	ECTS credits	Lessons (Lessons+Exercises+Laboratory)
11713	Obavezan	2	7	4+2+0

Programs	ECONOMICS
Prerequisites	N/A
Aims	Study of the formation and development of the EU common market, which is based on the four economic freedoms, with an analysis of competition policy.
Learning outcomes	After the student passes this exam, they will be able to:  analyzes the basic stages of economic integration;;  evaluate the development of the EU Common Market;  explain EU competition policy instruments;  analyzes and argues the development of the EU and Montenegrin markets;  evaluate the situation from the aspect of economic integration and competitiveness of the Montenegrin economy;
Lecturer / Teaching assistant	prof. dr Nikola Milović mr Nikola Martinović
Methodology	lectures, exercises, seminars, tests, consultations, debates during exercises and presentations of selected seminars from certain more narrow areas

Plan and program of work
Preparing week	Preparation and registration of the semester
I week lectures	Phases of economic integration: development of the idea of a common market;
I week exercises	Phases of economic integration: development of the idea of a common market;
II week lectures	The single European act and the development of the common market;
II week exercises	The single European act and the development of the common market;
III week lectures	Free flow of goods;
III week exercises	Free flow of goods;
IV week lectures	Free flow of services;
IV week exercises	Free flow of services;
V week lectures	Free flow of people and free flow of knowledge;
V week exercises	Free flow of people and free flow of knowledge;
VI week lectures	Free flow of capital; colloquium;
VI week exercises	Free flow of capital
VII week lectures	Colloquium;
VII week exercises	Colloquium;
VIII week lectures	Theories of competitiveness;
VIII week exercises	Theories of competitiveness;
IX week lectures	The concept and emergence of competition policy in the EU;
IX week exercises	The concept and emergence of competition policy in the EU;
X week lectures	Institutional framework of EU competition policy;
X week exercises	Institutional framework of EU competition policy;
XI week lectures	Unauthorized trade agreements;
XI week exercises	Unauthorized trade agreements;
XII week lectures	Abuse of dominant position;
XII week exercises	Abuse of dominant position;
XIII week lectures	Merger of companies;
XIII week exercises	Merger of companies;
XIV week lectures	Free flow of services;
XIV week exercises	Free flow of services;
XV week lectures	Competitiveness of the Montenegrin economy in the process of European integration;
XV week exercises	Competitiveness of the Montenegrin economy in the process of European integration;

Student workload	Per week 7 credits x 40/30 = 9 hours and 30 minutes Structure: 3 hours for lectures 1 hour and 30 minutes for exercise classes 4 hours of student independent work, including consultations.
Per week	Per semester
7 credits x 40/30=9 hours and 20 minuts 4 sat(a) theoretical classes 0 sat(a) practical classes 2 excercises 3 hour(s) i 20 minuts of independent work, including consultations	Classes and final exam: 9 hour(s) i 20 minuts x 16 =149 hour(s) i 20 minuts Necessary preparation before the beginning of the semester (administration, registration, certification): 9 hour(s) i 20 minuts x 2 =18 hour(s) i 40 minuts Total workload for the subject: 7 x 30=210 hour(s) Additional work for exam preparation in the preparing exam period, including taking the remedial exam from 0 to 30 hours (remaining time from the first two items to the total load for the item) 42 hour(s) i 0 minuts Workload structure: 149 hour(s) i 20 minuts (cources), 18 hour(s) i 40 minuts (preparation), 42 hour(s) i 0 minuts (additional work)
Student obligations	Attending classes, active participation of students during the exercises, preparation of seminars with presentations where necessary.
Consultations	Prof. dr Nikola Milović, teacher, Wednesday 8h-10h room 312, III floor, nmilovic@ucg.ac.me mr Nikola Martinović associate, Tuesday 8-10h room 413, IV floor , nikola.m@ucg.ac.me
Literature	1. Milović Nikola, Zajedničko tržište i politika konkurencije, Ekonomski fakultet, Podgorica, 2012. udžbenik; 2. Pelkmans Jacques, European Integration, Methods and Economic Analysis, Prentice Hall, FT, 2006; 3. Đurović Gordana, Evropska unija i Crna Gora – politika proširenja – Ekonomski fakultet, Podgorica 2012; 4. Ali M. El-Agraa, The Europe Union Economics & Policies, Prentice Hall, 2011. 5. Prokopijević Miroslav, Evropska unija - uvod, Službeni glasnik, Beograd, 2012; 6. Monti Giorgio, EC Comeptition Law, Cambridge University Press, 2007;
Examination methods	Forms of knowledge testing and assessment:  test (40 poena)  class activities (20 points)  final exam (40 points) A passing grade is obtained if at least 50 points are accumulated.
Special remarks	N/A
Comment	N/A

Grade:	F	E	D	C	B	A
Number of points	less than 50 points	greater than or equal to 50 points and less than 60 points	greater than or equal to 60 points and less than 70 points	greater than or equal to 70 points and less than 80 points	greater than or equal to 80 points and less than 90 points	greater than or equal to 90 points

Faculty of Economics / ECONOMICS / GLOBALIZACIJA I EKONOMSKA POLITIKA

Course:

GLOBALIZACIJA I EKONOMSKA POLITIKA/

Course ID	Course status	Semester	ECTS credits	Lessons (Lessons+Exercises+Laboratory)
11714	Obavezan	2	7	4+2+0

Programs	ECONOMICS
Prerequisites
Aims
Learning outcomes
Lecturer / Teaching assistant
Methodology

Plan and program of work
Preparing week	Preparation and registration of the semester
I week lectures
I week exercises
II week lectures
II week exercises
III week lectures
III week exercises
IV week lectures
IV week exercises
V week lectures
V week exercises
VI week lectures
VI week exercises
VII week lectures
VII week exercises
VIII week lectures
VIII week exercises
IX week lectures
IX week exercises
X week lectures
X week exercises
XI week lectures
XI week exercises
XII week lectures
XII week exercises
XIII week lectures
XIII week exercises
XIV week lectures
XIV week exercises
XV week lectures
XV week exercises

Student workload
Per week	Per semester
7 credits x 40/30=9 hours and 20 minuts 4 sat(a) theoretical classes 0 sat(a) practical classes 2 excercises 3 hour(s) i 20 minuts of independent work, including consultations	Classes and final exam: 9 hour(s) i 20 minuts x 16 =149 hour(s) i 20 minuts Necessary preparation before the beginning of the semester (administration, registration, certification): 9 hour(s) i 20 minuts x 2 =18 hour(s) i 40 minuts Total workload for the subject: 7 x 30=210 hour(s) Additional work for exam preparation in the preparing exam period, including taking the remedial exam from 0 to 30 hours (remaining time from the first two items to the total load for the item) 42 hour(s) i 0 minuts Workload structure: 149 hour(s) i 20 minuts (cources), 18 hour(s) i 40 minuts (preparation), 42 hour(s) i 0 minuts (additional work)
Student obligations
Consultations
Literature
Examination methods
Special remarks
Comment

Grade:	F	E	D	C	B	A
Number of points	less than 50 points	greater than or equal to 50 points and less than 60 points	greater than or equal to 60 points and less than 70 points	greater than or equal to 70 points and less than 80 points	greater than or equal to 80 points and less than 90 points	greater than or equal to 90 points

Faculty of Economics / ECONOMICS / POREZI I PORESKA HARMONIZACIJA

Course:

POREZI I PORESKA HARMONIZACIJA/

Course ID	Course status	Semester	ECTS credits	Lessons (Lessons+Exercises+Laboratory)
11715	Obavezan	2	5	2+2+0

Programs	ECONOMICS
Prerequisites	No conditionality.
Aims	• Integrating tax analysis with key basis of economic theory; • Understanding the impact of tax policy on the behavior of individuals and the economy as a whole; • Critical understanding of fundamental taxation concepts.
Learning outcomes	After completing this course, the student will acquire the knowledge to: • to master the principles of taxation in competent way as well as formulation and implementation of tax policy; • analyze the effects of taxes on individuals and the economy as a whole and determine effective tax planning strategies; • critically evaluate contemporary trends in taxation, from a comparative perspective.
Lecturer / Teaching assistant	Milena Konatar, Assistant Professor
Methodology	The course is structured as a combination of lectures and exercises, with active participation of students during classes.

Plan and program of work
Preparing week	Preparation and registration of the semester
I week lectures	Introduction to Public Finance.
I week exercises	Introduction to Public Finance.
II week lectures	General about Public Revenues.
II week exercises	General about Public Revenues.
III week lectures	Concept and Characteristics of Tax. Elements of Taxes.
III week exercises	Concept and Characteristics of Tax. Elements of Taxes.
IV week lectures	Principles of Taxation. Objectives of Taxation.
IV week exercises	Principles of Taxation. Objectives of Taxation.
V week lectures	Effects of Taxation. Double Taxation.
V week exercises	Effects of Taxation. Double Taxation.
VI week lectures	Economic Distribution of the Tax Burden.
VI week exercises	Economic Distribution of the Tax Burden.
VII week lectures	Taxation and Economic Efficiency.
VII week exercises	Taxation and Economic Efficiency.
VIII week lectures	Fairness in Taxation.
VIII week exercises	Fairness in Taxation.
IX week lectures	Taxation and Economic Growth.
IX week exercises	Taxation and Economic Growth.
X week lectures	Midterm
X week exercises	Midterm
XI week lectures	Property Tax.
XI week exercises	Property Tax.
XII week lectures	Personal Income Tax.
XII week exercises	Personal Income Tax.
XIII week lectures	Corporate Income Tax. Consumption Tax.
XIII week exercises	Corporate Income Tax. Consumption Tax.
XIV week lectures	Remedial midterm.
XIV week exercises	Remedial midterm.
XV week lectures	Tax Evasion.
XV week exercises	Tax Evasion.

Student workload	Weekly: 5 credits x 40/30 = 6 hours 40 minutes Structure: 1 hour and 30 minutes for lectures 1 hour and 30 minutes for exercises 3 hours and 40 minutes of independent student work, including consultations. In the semester: Total workload for the course 5 x 30 = 150 hours Structure: Classes and final exam: 6 hours 40 minutes x 16 weeks = 106 hours 40 minutes Necessary preparations before the beginning of the semester (administration, registration, certification): 6 hours 40 minutes x 2 = 13 hours 20 minutes. Additional work for preparing and passing the exam in the remedial period: 30 hours.
Per week	Per semester
5 credits x 40/30=6 hours and 40 minuts 2 sat(a) theoretical classes 0 sat(a) practical classes 2 excercises 2 hour(s) i 40 minuts of independent work, including consultations	Classes and final exam: 6 hour(s) i 40 minuts x 16 =106 hour(s) i 40 minuts Necessary preparation before the beginning of the semester (administration, registration, certification): 6 hour(s) i 40 minuts x 2 =13 hour(s) i 20 minuts Total workload for the subject: 5 x 30=150 hour(s) Additional work for exam preparation in the preparing exam period, including taking the remedial exam from 0 to 30 hours (remaining time from the first two items to the total load for the item) 30 hour(s) i 0 minuts Workload structure: 106 hour(s) i 40 minuts (cources), 13 hour(s) i 20 minuts (preparation), 30 hour(s) i 0 minuts (additional work)
Student obligations	Students are required to attend classes and actively participate in lectures and exercises.
Consultations	At the scheduled time.
Literature	• Arsić, M. & Ranđelović, S. (2017). Ekonomija oporezivanja: teorija i politika, Ekonomski fakultet Beograd. • Radičić, M. & Raičević, B. (2012). Javne finansije: teorija I praksa, Ekonomski fakultet Subotica
Examination methods	• Midterm (written) – 50 points • Final exam (written) – 30 points • Clasroom participation – 20 points • Total points : 100 (in order to get a passing grade at the exam student has to gain at least 50% of total points)
Special remarks
Comment

Grade:	F	E	D	C	B	A
Number of points	less than 50 points	greater than or equal to 50 points and less than 60 points	greater than or equal to 60 points and less than 70 points	greater than or equal to 70 points and less than 80 points	greater than or equal to 80 points and less than 90 points	greater than or equal to 90 points

Faculty of Economics / ECONOMICS / MEĐUNARODNO PRIVREDNO PRAVO

Course:

MEĐUNARODNO PRIVREDNO PRAVO/

Course ID	Course status	Semester	ECTS credits	Lessons (Lessons+Exercises+Laboratory)
11716	Obavezan	2	6	4+2+0

Programs	ECONOMICS
Prerequisites	There are no conditions.
Aims	Describing and explaining the basic principles and sources of international commercial law. Introducing students to the specifics of international trade. Analysis of legal entities in international business - the state, international organizations, companies. Detailed study of the content and manner of concluding individual contracts. Analysis of documents that accompany the conclusion and execution of contracts in international business. Description and explanation of the basic principles and institutes of foreign investment law. Explanation of the specifics of resolving disputes arising from international business.
Learning outcomes	After the student passes this exam, he/she will be able to: - classifies international and national sources of law; - explain the basic characteristics of international agreements; - explain and connect basic principles in international legal affairs; - explain and analyze the United Nations Convention on Contracts for the International Sale of Goods; - analyzes the legal environment of foreign investments in Montenegro; - prepares and designs projects related to legal issues of foreign investments; - differentiate between contracts in internal traffic and contracts in international business; - explain, analyze and conclude the most important contracts in international business; - explain and analyze the method of resolving a dispute with a foreign element.Nations Convention on Contracts for the International Sale of Goods; assess the legal environment of foreign investment in Montenegro; manages and organizes projects related to legal issues of foreign investments, distinguishes contracts in domestic trade and contracts in international business; explain, analyze and conclude the most important agreements in international business; assess, compare and analyze the way of resolving a dispute with the element of foreignness.
Lecturer / Teaching assistant	prof. dr Mijat Jocović / mr Nikola Martinović
Methodology	Lectures, consultations, exercises, essays and debates; seminar papers.

Plan and program of work
Preparing week	Preparation and registration of the semester
I week lectures	Concept, subject and relationship with other branches of law. Sources of law. National sources. International conventions - concept, legal effect, types. Relationship between national and international sources of law. Case studies.
I week exercises	Concept, subject and relationship with other branches of law. Sources of law. National sources. International conventions - concept, legal effect, types. Relationship between national and international sources of law. Case studies.
II week lectures	Principles of international economic law and international business (freedom of trade, monopolies and preferential treatment, freedom of capital transfer, most-favored-nation standard, national treatment and the principle of reciprocity). Case study from comparative and domestic practice - emphasis on the economic consequences of disputes.
II week exercises	Principles of international economic law and international business (freedom of trade, monopolies and preferential treatment, freedom of capital transfer, most-favored-nation standard, national treatment and the principle of reciprocity). Case study from comparative and domestic practice - emphasis on the economic consequences of disputes.
III week lectures	The state as a subject of international economic law. Customs unions and free trade zones. Case studies from international court and arbitration practice.
III week exercises	The state as a subject of international economic law. Customs unions and free trade zones. Case studies from international court and arbitration practice.
IV week lectures	International organizations as subjects of international commercial law. Basic principles of functioning. Analysis of cases of initiating and resolving disputes within the WTO and the EU.
IV week exercises	International organizations as subjects of international commercial law. Basic principles of functioning. Analysis of cases of initiating and resolving disputes within the WTO and the EU.
V week lectures	Companies as subjects of international business law - concept, types, legal status.
V week exercises	Companies as subjects of international business law - concept, types, legal status.
VI week lectures	Foreign trade law. Foreign trade business in Montenegro and the EU. Debate and essay.
VI week exercises	Foreign trade law. Foreign trade business in Montenegro and the EU. Debate and essay.
VII week lectures	International trade affairs. International sales of goods. UN Convention on the International Sale of Goods. Transport clauses. Case study from comparative and domestic practice - emphasis on the economic consequences of litigation
VII week exercises	International trade affairs. International sales of goods. UN Convention on the International Sale of Goods. Transport clauses. Case study from comparative and domestic practice - emphasis on the economic consequences of litigation
VIII week lectures	European contract law - general principles. Characteristics of contracts in the economy in Montenegro. Presentation of seminar papers.
VIII week exercises	European contract law - general principles. Characteristics of contracts in the economy in Montenegro. Presentation of seminar papers.
IX week lectures	International trade - financing the international trade of goods. Loan, factoring, forfeiting and leasing agreement. Bank guarantee, letter of credit. International and domestic court and arbitration practice.
IX week exercises	International trade - financing the international trade of goods. Loan, factoring, forfeiting and leasing agreement. Bank guarantee, letter of credit. International and domestic court and arbitration practice.
X week lectures	International trade - transport of goods. Agreements on the international transport of goods by sea, road, rail and air. Presentation of seminar papers.
X week exercises	International trade - transport of goods. Agreements on the international transport of goods by sea, road, rail and air. Presentation of seminar papers.
XI week lectures	International trade affairs. License agreement, franchising, production cooperation. Examples from practice. International and domestic court and arbitration practice.
XI week exercises	International trade affairs. License agreement, franchising, production cooperation. Examples from practice. International and domestic court and arbitration practice.
XII week lectures	Foreign investment law. The concept and types of foreign investment. Sources of law - national and international sources of law. Presentation of seminar papers.
XII week exercises	Foreign investment law. The concept and types of foreign investment. Sources of law - national and international sources of law. Presentation of seminar papers.
XIII week lectures	Legal treatment of foreign investments. Objective and subjective standards of treatment. State responsibility in relation to foreign investment. Examples from domestic and international court and arbitration practice.
XIII week exercises	Legal treatment of foreign investments. Objective and subjective standards of treatment. State responsibility in relation to foreign investment. Examples from domestic and international court and arbitration practice.
XIV week lectures	Protection of foreign investments. The concept and types of risk. Foreign investment insurance. Debate and essay.
XIV week exercises	Protection of foreign investments. The concept and types of risk. Foreign investment insurance. Debate and essay.
XV week lectures	Dispute resolution in international business. Concept, significance, types. Relationship between international and domestic dispute resolution forums. Case study from comparative and domestic practice - emphasis on the economic consequences of litigation.
XV week exercises	Dispute resolution in international business. Concept, significance, types. Relationship between international and domestic dispute resolution forums. Case study from comparative and domestic practice - emphasis on the economic consequences of litigation.

Student workload	4P+2V - 6 ECTS
Per week	Per semester
6 credits x 40/30=8 hours and 0 minuts 4 sat(a) theoretical classes 0 sat(a) practical classes 2 excercises 2 hour(s) i 0 minuts of independent work, including consultations	Classes and final exam: 8 hour(s) i 0 minuts x 16 =128 hour(s) i 0 minuts Necessary preparation before the beginning of the semester (administration, registration, certification): 8 hour(s) i 0 minuts x 2 =16 hour(s) i 0 minuts Total workload for the subject: 6 x 30=180 hour(s) Additional work for exam preparation in the preparing exam period, including taking the remedial exam from 0 to 30 hours (remaining time from the first two items to the total load for the item) 36 hour(s) i 0 minuts Workload structure: 128 hour(s) i 0 minuts (cources), 16 hour(s) i 0 minuts (preparation), 36 hour(s) i 0 minuts (additional work)
Student obligations	Students are required to attend classes and do exams.
Consultations	prof. dr Mijat Jocović - Friday 9-12 h / mr Nikola Martinović - Friday - 11.30-13 h
Literature	Literatura: 1. Aleksandar Ćirić, Međunarodno trgovinsko pravo – opšti deo, Niš, 2012. 2. dr Radomir Đurović, Međunarodno privredno pravo, Savremena administracija, Beograd, 2004; 3. Mirko Vasiljević, Trgovinsko pravo, Pravni fakultet Univerziteta u Beogradu, Beograd, 2011. Dodatna literatura: Hamilton L. Webster P.: The International Business Environment, Wyd. Oxford University Press 2012. J. Ramberg, International Commercial Transactions, The Hague, 2011. M. Sornarajah,The International Law on Foreign Investment, Cambridge 2010. Dolzer, Schreuer, Principles of International Investment Law, Oxford 2008. Folsom, Gordon, Spanogle, International Trade and Investment, West Group, 2000
Examination methods	Forms of knowledge assessment and grading. Evaluated: - One colloquium 30 points. The colloquium is taken in writing. - Class activities (seminar paper, essay, debate, homework) 20 points. - Final exam 50 points. A passing grade is obtained if at least 50 points are accumulated cumulatively.
Special remarks	/
Comment	The curriculum of the course International Business Law is predominantly based on a syllabus of similar subjects taught at the following faculties: 1. University of Economics in Katowice. (http://www.ue.katowice.pl/en/erasmus-exchange/study-offer/courses-summer-semester-20152016.html). Link for a specific subject: http://www.ue.katowice.pl/fileadmin/user_upload/english-version/study_offer/syllabusy_2015/IB_IBL_2015.pdf 2. Faculty of Economics in Belgrade, http://www.ekof.bg.ac.rs/wp-content/uploads/2014/05/7.Medjunarodni-ekonomski-odnosi-master.pdf. 3. Faculty of Economics in Zagreb. http://www.efzg.unizg.hr/default.aspx?id=16700. (Faculty of Economics in Zagreb). 4. The London School of Economics and Political Science. http://www.lse.ac.uk/collections/law/programmes/llm/llm-prospective-international.htm. (analysis of several subjects given in the link). 5. Linnaeus University, Sweden. http://kursplan.lnu.se/kursplaner/syllabus-1SK182-1.pdf. 6. The University of Liverpool (masters program). https://www.liverpool.ac.uk/london/programmes/finance-accounting-business-and-communication/msc-business-law-and-economics/module-details/. 7. University of Washington, USA. (with adjustment to the economic and legal system of Montenegro). https://www.wcl.american.edu/trade/curriculum.cfm. 8. Stanford University, USA. (with adaptation to the economic and legal system of Montenegro) https://law.stanford.edu/courses/international-investment-law.

Grade:	F	E	D	C	B	A
Number of points	less than 50 points	greater than or equal to 50 points and less than 60 points	greater than or equal to 60 points and less than 70 points	greater than or equal to 70 points and less than 80 points	greater than or equal to 80 points and less than 90 points	greater than or equal to 90 points

Faculty of Economics / ECONOMICS / MONETARNA EKONOMIJA II

Course:

MONETARNA EKONOMIJA II/

Course ID	Course status	Semester	ECTS credits	Lessons (Lessons+Exercises+Laboratory)
11717	Obavezan	2	5	2+2+0

Programs	ECONOMICS
Prerequisites	None
Aims	Understanding fundamental relations and mechanism of influence of monetary variables on key variables in economy.
Learning outcomes	After the exam, students will be able to: 1, link monetary reconsiderations with macroeconomic environment and development of theory on money, analyze and explain doctrinary diversification of trends in the development of monetary theory; 2. formulate theoretical and operational relevance of monetary management instruments, analyze and integrate significance of individual instruments of monetary management in the monetary system; 2. analyze and explain functioning and modification of monetary management in a crisis context.
Lecturer / Teaching assistant	Dr Slobodan Lakić (professor), Dženana Đurković (assistant)
Methodology	Classical teachning methods

Plan and program of work
Preparing week	Preparation and registration of the semester
I week lectures	Foundation of monetary macroeconomics
I week exercises	Monetary policy framework - operative adjustment of instruments
II week lectures	Nominal and real monetary variables
II week exercises	Central bank mandates
III week lectures	Monetary policy transmission mechanism
III week exercises	Monetary policy time lag
IV week lectures	Deflation and recession
IV week exercises	Central bank - inedependence, credibility, accountability
V week lectures	Hyperinflation - spiral
V week exercises	Monetary and fiscal policy coordination
VI week lectures	Theoretical and operative efficiency of monetary management instruments
VI week exercises	Operative transformation of monetary control and management
VII week lectures	Reserve requirements as instrument of monetary management
VII week exercises	Operative adjustments of reserve requirements
VIII week lectures	Credit policy and management of central bank
VIII week exercises	Discount window - lender of last resort
IX week lectures	Interest rate in the function of monetary control and management
IX week exercises	Operative procedures of central bank in the system of interest rate corridor and floor
X week lectures	Central bank open market operations
X week exercises	Monetary operations in the form of repo arrangements
XI week lectures	Central bank foreign exchange interventions
XI week exercises	Central bank intervention channels in foreign exchange market
XII week lectures	Unconventional / nonstandard monetary policy and management
XII week exercises	Moral hazard of monetary control and management
XIII week lectures	Monetary policy and financial stability in crisis context
XIII week exercises	Modification of balance sheet of central bank and banks
XIV week lectures	Theoretical approach to monetary policy and financial stability
XIV week exercises	New transmission channel of risk taking
XV week lectures	Manipulative scale of money supply and interest rates
XV week exercises	Interrelation of mandates and policy

Student workload
Per week	Per semester
5 credits x 40/30=6 hours and 40 minuts 2 sat(a) theoretical classes 0 sat(a) practical classes 2 excercises 2 hour(s) i 40 minuts of independent work, including consultations	Classes and final exam: 6 hour(s) i 40 minuts x 16 =106 hour(s) i 40 minuts Necessary preparation before the beginning of the semester (administration, registration, certification): 6 hour(s) i 40 minuts x 2 =13 hour(s) i 20 minuts Total workload for the subject: 5 x 30=150 hour(s) Additional work for exam preparation in the preparing exam period, including taking the remedial exam from 0 to 30 hours (remaining time from the first two items to the total load for the item) 30 hour(s) i 0 minuts Workload structure: 106 hour(s) i 40 minuts (cources), 13 hour(s) i 20 minuts (preparation), 30 hour(s) i 0 minuts (additional work)
Student obligations	None
Consultations	Once a week
Literature	Monetary management - A. Živković, S. Lakić, K. Ristić, Additional papers - S. Lakić, Dž. Đurković
Examination methods	Mid-term test, Written exam
Special remarks	None
Comment	None

Grade:	F	E	D	C	B	A
Number of points	less than 50 points	greater than or equal to 50 points and less than 60 points	greater than or equal to 60 points and less than 70 points	greater than or equal to 70 points and less than 80 points	greater than or equal to 80 points and less than 90 points	greater than or equal to 90 points

Faculty of Economics / ECONOMICS / MATEMATIČKA EKONOMIJA

Course:

MATEMATIČKA EKONOMIJA/

Course ID	Course status	Semester	ECTS credits	Lessons (Lessons+Exercises+Laboratory)
11718	Obavezan	2	7	4+2+0

Programs	ECONOMICS
Prerequisites	No conditionality.
Aims	The goal is to enable students to understand the basic definitions and statements from Mathematical Economics, in order to freely use mathematical techniques in theoretical economics. It will also enable the development of skills in mathematical modeling.
Learning outcomes	After completion of this course the student will be able to: 1. Use and explain basic principles, terminology, methods and techniques learned. 2. Apply described concepts and methods on economic phenomenon and create and solve a mathematical- economic models.
Lecturer / Teaching assistant	prof. dr Vladimir Kašćelan, mr Nemanja Popović
Methodology	A classical lecture and exercises. Discussion and clarification during lectures. Short oral test of understanding and knowledge of the subject matter of the lectures, with the active participation of students in solving problems. It is planned one test and final exam.

Plan and program of work
Preparing week	Preparation and registration of the semester
I week lectures	The nature of mathematical economics. Economic models. Static (equilibrium) analysis. Linear models and matrix algebra.
I week exercises	The nature of mathematical economics. Economic models. Static (equilibrium) analysis. Linear models and matrix algebra.
II week lectures	Application to Market and National-income models. Leontief Input-Output models.
II week exercises	Application to Market and National-income models. Leontief Input-Output models.
III week lectures	Comparative-static analysis. Rate of change and the derivative. Economic functions. Marginal function and its application in economics. Jacobian determinants. General-function models.
III week exercises	Comparative-static analysis. Rate of change and the derivative. Economic functions. Marginal function and its application in economics. Jacobian determinants. General-function models.
IV week lectures	Economic applications of integrals. First order linear differential equations.Dymatics of market price. Dynamic stability of equilibrium. Domar and Solow growth models. Inflation.
IV week exercises	Economic applications of integrals. First order linear differential equations.Dymatics of market price. Dynamic stability of equilibrium. Domar and Solow growth models. Inflation.
V week lectures	First order linear difference equations. Dynamic stability of equilibrium. Stability conditions. The cobweb model. Domar growth model. A market model with inventory.
V week exercises	First order linear difference equations. Dynamic stability of equilibrium. Stability conditions. The cobweb model. Domar growth model. A market model with inventory.
VI week lectures	Second order linear differential equations. A market model with price expectations. Inflation and unemployment.
VI week exercises	Second order linear differential equations. A market model with price expectations. Inflation and unemployment.
VII week lectures	Second order linear difference equations. Samuelson model. Inflation and unemployment. Test.
VII week exercises	Second order linear difference equations. Samuelson model. Inflation and unemployment. Test.
VIII week lectures	Systems of differential and difference equations. Eigenvectors and eigenvalues of a matrix. Transformation of a higher-order dynamic equation. Solving a system of differential equations using matrix, eigenvalues and eigenvectors. Inflation and unemployment.
VIII week exercises	Systems of differential and difference equations. Eigenvectors and eigenvalues of a matrix. Transformation of a higher-order dynamic equation. Solving a system of differential equations using matrix, eigenvalues and eigenvectors. Inflation and unemployment.
IX week lectures	Solving a system of difference equations using a matrix, eigenvalues and eigenvectors. Make-up test.
IX week exercises	Solving a system of difference equations using a matrix, eigenvalues and eigenvectors. Make-up test.
X week lectures	The phase diagram. The phase diagram in case of differencial and difference eguation. The phase diagram of nonlinear difference equation.
X week exercises	The phase diagram. The phase diagram in case of differencial and difference eguation. The phase diagram of nonlinear difference equation.
XI week lectures	Markov chains.
XI week exercises	Economic applications of Markov chains.
XII week lectures	Nonlinear programming. Kuhn-Tucker conditions. Concave programming.
XII week exercises	Nonlinear programming. Kuhn-Tucker conditions. Concave programming.
XIII week lectures	Game theory.
XIII week exercises	Economic applications of Game theory.
XIV week lectures	Function of more than one variable. Economic applications.
XIV week exercises	Function of more than one variable. Economic applications.
XV week lectures	Homogeneous function.Economic applications. Extreme values (free and constrained optimum). Price discrimination. Utility maximization and consumer demand.
XV week exercises	Homogeneous function.Economic applications. Extreme values (free and constrained optimum). Price discrimination. Utility maximization and consumer demand.

Student workload	4+2
Per week	Per semester
7 credits x 40/30=9 hours and 20 minuts 4 sat(a) theoretical classes 0 sat(a) practical classes 2 excercises 3 hour(s) i 20 minuts of independent work, including consultations	Classes and final exam: 9 hour(s) i 20 minuts x 16 =149 hour(s) i 20 minuts Necessary preparation before the beginning of the semester (administration, registration, certification): 9 hour(s) i 20 minuts x 2 =18 hour(s) i 40 minuts Total workload for the subject: 7 x 30=210 hour(s) Additional work for exam preparation in the preparing exam period, including taking the remedial exam from 0 to 30 hours (remaining time from the first two items to the total load for the item) 42 hour(s) i 0 minuts Workload structure: 149 hour(s) i 20 minuts (cources), 18 hour(s) i 40 minuts (preparation), 42 hour(s) i 0 minuts (additional work)
Student obligations	Students are required to attend classes.
Consultations	In official times.
Literature	1. Alpha C. Chiang. Fundamental Methods of Mathematical Economics, Second edition, McGraw-Hill, 1974. 2. A.C. Chiang, K.Wainwright. Fundamental methods of Mathematical Economics, 4th edition, McGraw Hill 2005. 3. B. Šego, T. Škrinjarić, V. Kojić. Odabrana poglavlja matematičke ekonomije. Ekonomski fakultet Zagreb, 2014.
Examination methods	Test - 35 points; Final exam - 35 points; Seminar paper - 15 points; Quizzes- 15 points. A passing grade is obtained if at least 50 points are cumulatively collected.
Special remarks
Comment

Grade:	F	E	D	C	B	A
Number of points	less than 50 points	greater than or equal to 50 points and less than 60 points	greater than or equal to 60 points and less than 70 points	greater than or equal to 70 points and less than 80 points	greater than or equal to 80 points and less than 90 points	greater than or equal to 90 points

Faculty of Economics / ECONOMICS / OPERACIONA ISTRAŽIVANJA

Course:

OPERACIONA ISTRAŽIVANJA/

Course ID	Course status	Semester	ECTS credits	Lessons (Lessons+Exercises+Laboratory)
11719	Obavezan	2	7	4+2+0

Programs	ECONOMICS
Prerequisites
Aims
Learning outcomes
Lecturer / Teaching assistant
Methodology

Plan and program of work
Preparing week	Preparation and registration of the semester
I week lectures
I week exercises
II week lectures
II week exercises
III week lectures
III week exercises
IV week lectures
IV week exercises
V week lectures
V week exercises
VI week lectures
VI week exercises
VII week lectures
VII week exercises
VIII week lectures
VIII week exercises
IX week lectures
IX week exercises
X week lectures
X week exercises
XI week lectures
XI week exercises
XII week lectures
XII week exercises
XIII week lectures
XIII week exercises
XIV week lectures
XIV week exercises
XV week lectures
XV week exercises

Student workload
Per week	Per semester
7 credits x 40/30=9 hours and 20 minuts 4 sat(a) theoretical classes 0 sat(a) practical classes 2 excercises 3 hour(s) i 20 minuts of independent work, including consultations	Classes and final exam: 9 hour(s) i 20 minuts x 16 =149 hour(s) i 20 minuts Necessary preparation before the beginning of the semester (administration, registration, certification): 9 hour(s) i 20 minuts x 2 =18 hour(s) i 40 minuts Total workload for the subject: 7 x 30=210 hour(s) Additional work for exam preparation in the preparing exam period, including taking the remedial exam from 0 to 30 hours (remaining time from the first two items to the total load for the item) 42 hour(s) i 0 minuts Workload structure: 149 hour(s) i 20 minuts (cources), 18 hour(s) i 40 minuts (preparation), 42 hour(s) i 0 minuts (additional work)
Student obligations
Consultations
Literature
Examination methods
Special remarks
Comment

Grade:	F	E	D	C	B	A
Number of points	less than 50 points	greater than or equal to 50 points and less than 60 points	greater than or equal to 60 points and less than 70 points	greater than or equal to 70 points and less than 80 points	greater than or equal to 80 points and less than 90 points	greater than or equal to 90 points

Faculty of Economics / ECONOMICS / OPERATIVNI MENADŽMENT

Course:

OPERATIVNI MENADŽMENT/

Course ID	Course status	Semester	ECTS credits	Lessons (Lessons+Exercises+Laboratory)
11720	Obavezan	2	7	4+2+0

Programs	ECONOMICS
Prerequisites	No
Aims	Acquiring knowledge in the field of strategic and operational management that create new value in the form of products and services of the company
Learning outcomes	After this course students will be able to: - recognize primary and secondary operations - applying quantitative models and methods in strategic and operational management, ie. to plan operations based on business strategy, quality system, process strategy and resource planning - organize, coordinate and control the companys operations
Lecturer / Teaching assistant	Assistant Professor Zdenka Dragašević, PhD, Bojan Pejović, PhD
Methodology	Lectures, exercises, homework, computer work

Plan and program of work
Preparing week	Preparation and registration of the semester
I week lectures	Introduction to Operations management
I week exercises	Introduction to Operations management
II week lectures	Operations and productivity
II week exercises	Operations and productivity
III week lectures	Project management (CPM and PERT method)
III week exercises	Project management (CPM and PERT method)
IV week lectures	Managing quality
IV week exercises	Managing quality
V week lectures	Process strategy
V week exercises	Process strategy
VI week lectures	Location strategies and capacity planning
VI week exercises	Location strategies and capacity planning
VII week lectures	Written examination
VII week exercises	Written examination
VIII week lectures	Human resources and job design
VIII week exercises	Human resources and job design
IX week lectures	Written remedial exam
IX week exercises	Written remedial exam
X week lectures	Supply-chain management
X week exercises	Supply-chain management
XI week lectures	Inventory management
XI week exercises	Inventory management
XII week lectures	Aggregate planning
XII week exercises	Aggregate planning
XIII week lectures	Short-term scheduling
XIII week exercises	Short-term scheduling
XIV week lectures	Just-in-time and lean production systems
XIV week exercises	Just-in-time and lean production systems
XV week lectures	Project presentation
XV week exercises	Project presentation

Student workload	4L+2E
Per week	Per semester
7 credits x 40/30=9 hours and 20 minuts 4 sat(a) theoretical classes 0 sat(a) practical classes 2 excercises 3 hour(s) i 20 minuts of independent work, including consultations	Classes and final exam: 9 hour(s) i 20 minuts x 16 =149 hour(s) i 20 minuts Necessary preparation before the beginning of the semester (administration, registration, certification): 9 hour(s) i 20 minuts x 2 =18 hour(s) i 40 minuts Total workload for the subject: 7 x 30=210 hour(s) Additional work for exam preparation in the preparing exam period, including taking the remedial exam from 0 to 30 hours (remaining time from the first two items to the total load for the item) 42 hour(s) i 0 minuts Workload structure: 149 hour(s) i 20 minuts (cources), 18 hour(s) i 40 minuts (preparation), 42 hour(s) i 0 minuts (additional work)
Student obligations	Attending lectures and exercises, homework, seminar papers (projects)
Consultations	After lectures and exercises classes
Literature	1. Heizer, J., Render, B.: «Operations Management», Prentice Hall, 2011; 2. Ritzman, L., Krajewski, L.: «Foundations of Operations Management», Prentice Hall, 2003; 3. Schroeder, R.:»Operations Management: Contemporary Concepts and Cases», McGraw Hill, 2007;
Examination methods	Written examination, project, final exam
Special remarks
Comment

Grade:	F	E	D	C	B	A
Number of points	less than 50 points	greater than or equal to 50 points and less than 60 points	greater than or equal to 60 points and less than 70 points	greater than or equal to 70 points and less than 80 points	greater than or equal to 80 points and less than 90 points	greater than or equal to 90 points

Faculty of Economics / ECONOMICS / METODE DUBINSKE ANALIZE PODATAKA

Course:

METODE DUBINSKE ANALIZE PODATAKA/

Course ID	Course status	Semester	ECTS credits	Lessons (Lessons+Exercises+Laboratory)
11721	Obavezan	2	4	2+2+0

Programs	ECONOMICS
Prerequisites
Aims
Learning outcomes
Lecturer / Teaching assistant
Methodology

Plan and program of work
Preparing week	Preparation and registration of the semester
I week lectures
I week exercises
II week lectures
II week exercises
III week lectures
III week exercises
IV week lectures
IV week exercises
V week lectures
V week exercises
VI week lectures
VI week exercises
VII week lectures
VII week exercises
VIII week lectures
VIII week exercises
IX week lectures
IX week exercises
X week lectures
X week exercises
XI week lectures
XI week exercises
XII week lectures
XII week exercises
XIII week lectures
XIII week exercises
XIV week lectures
XIV week exercises
XV week lectures
XV week exercises

Student workload
Per week	Per semester
4 credits x 40/30=5 hours and 20 minuts 2 sat(a) theoretical classes 0 sat(a) practical classes 2 excercises 1 hour(s) i 20 minuts of independent work, including consultations	Classes and final exam: 5 hour(s) i 20 minuts x 16 =85 hour(s) i 20 minuts Necessary preparation before the beginning of the semester (administration, registration, certification): 5 hour(s) i 20 minuts x 2 =10 hour(s) i 40 minuts Total workload for the subject: 4 x 30=120 hour(s) Additional work for exam preparation in the preparing exam period, including taking the remedial exam from 0 to 30 hours (remaining time from the first two items to the total load for the item) 24 hour(s) i 0 minuts Workload structure: 85 hour(s) i 20 minuts (cources), 10 hour(s) i 40 minuts (preparation), 24 hour(s) i 0 minuts (additional work)
Student obligations
Consultations
Literature
Examination methods
Special remarks
Comment

Grade:	F	E	D	C	B	A
Number of points	less than 50 points	greater than or equal to 50 points and less than 60 points	greater than or equal to 60 points and less than 70 points	greater than or equal to 70 points and less than 80 points	greater than or equal to 80 points and less than 90 points	greater than or equal to 90 points

Faculty of Economics / ECONOMICS / EKONOMSKO PREDVIĐANJE I PROGNOZE

Course:

EKONOMSKO PREDVIĐANJE I PROGNOZE/

Course ID	Course status	Semester	ECTS credits	Lessons (Lessons+Exercises+Laboratory)
11722	Obavezan	2	5	2+2+0

Programs	ECONOMICS
Prerequisites	none
Aims
Learning outcomes	Economic forecasting - learning outcomes Upon completion of this course the student will be able to: 1. Connect basic concepts of economic forecasting. 2. Explain the essence of the predictive regression model and the interpretation of its results. 3. Formulate the components of time series and the importance of their role in modeling for prognostic purposes. 4. Create models that include seasonal variations. 5. Classify stationary time series models and explain how they can be used to predict future time series movements. 6. Create models for describing unstable variance time series. 7. Analyse the advantages and disadvantages in practical examples of modeling. 8. Combine the absolute and relative standards for estimating model forecasts. 9. Design the process of selecting a forecasting model. 10. Explain the importance of vector autoregressive models.
Lecturer / Teaching assistant	Doc. dr Julija Cerović Smolović
Methodology

Plan and program of work
Preparing week	Preparation and registration of the semester
I week lectures	Introduction to economic forecasting. The forecast object. The forecast horizon. Graphical presentation of forecasts. The forecast statement. The decision environment and loss function. Model complexity and the parsimony principle.
I week exercises	Introduction to economic forecasting. The forecast object. The forecast horizon. Graphical presentation of forecasts. The forecast statement. The decision environment and loss function. Model complexity and the parsimony principle.
II week lectures	Predictive regression: review and interpretation. Regression as curve fitting. Simple and multiple regression. Regression as a probability model. A typical regression analysis. Regression from a forecasting perspective. Forecast model building and use. Cross-section prediction. Example of linear regression. Modeling directly in levels.
II week exercises	Predictive regression: review and interpretation. Regression as curve fitting. Simple and multiple regression. Regression as a probability model. A typical regression analysis. Regression from a forecasting perspective. Forecast model building and use. Cross-section prediction. Example of linear regression. Modeling directly in levels.
III week lectures	Time series. Trend and seasonality. Deterministic trend. Trend models, trend estimation and forecasting trends. Deterministic seasonality. Seasonal models, seasonal estimation and forecasting seasonals. Practical application.
III week exercises	Time series. Trend and seasonality. Deterministic trend. Trend models, trend estimation and forecasting trends. Deterministic seasonality. Seasonal models, seasonal estimation and forecasting seasonals. Practical application.
IV week lectures	Cycles. Covariance stationary time series. Autocorrelation functions and partial autocorrelation functions. White noise. The Lag operator. Autoregressive models. AR(1) model. AR(p) model. Yule-Walker equation.
IV week exercises	Cycles. Covariance stationary time series. Autocorrelation functions and partial autocorrelation functions. White noise. The Lag operator. Autoregressive models. AR(1) model. AR(p) model. Yule-Walker equation.
V week lectures	The Wold representation and the general linear process. Moving average models (MA models). MA(1) process. MA(q) process. Autoregressive models of moving averages (ARMA models). Forecasting cycles from a moving-average perspective: Wiener-Kolmogorov. Optimal point forecasts for finite-order and inifinite-order moving averages. Interval forecasts and density forecasts. Wolds chain rule.
V week exercises	The Wold representation and the general linear process. Moving average models (MA models). MA(1) process. MA(q) process. Autoregressive models of moving averages (ARMA models). Forecasting cycles from a moving-average perspective: Wiener-Kolmogorov. Optimal point forecasts for finite-order and inifinite-order moving averages. Interval forecasts and density forecasts. Wolds chain rule.
VI week lectures	ARIMA models. Trend-stationary and differential-stationary model class. Random walk. Random walk with drift. Random walk in economic analysis. Nonstationary time series modeling. Autoregressive integrated moving average models (ARIMA). Unit root tests. Dickey-Fuller unit root (DF) test. Augmented DF test. KPSS and other unit root tests. Box-Jenkins modeling strategy.
VI week exercises	ARIMA models. Trend-stationary and differential-stationary model class. Random walk. Random walk with drift. Random walk in economic analysis. Nonstationary time series modeling. Autoregressive integrated moving average models (ARIMA). Unit root tests. Dickey-Fuller unit root (DF) test. Augmented DF test. KPSS and other unit root tests. Box-Jenkins modeling strategy.
VII week lectures	Conditional variance dynamics. Unstable variance models. Autoregressive conditional heteroskedasticity (ARCH) models and generalized autoregressive conditional heteroskedasticity (GARCH) models. Extensions of GARCH model. Estimating, forecasting and diagnosing GARCH models.
VII week exercises	Conditional variance dynamics. Unstable variance models. Autoregressive conditional heteroskedasticity (ARCH) models and generalized autoregressive conditional heteroskedasticity (GARCH) models. Extensions of GARCH model. Estimating, forecasting and diagnosing GARCH models.
VIII week lectures	Assembling the components of time series. Serialy correlated disturbances. Lagged dependent variables. Examples.
VIII week exercises	Assembling the components of time series. Serialy correlated disturbances. Lagged dependent variables. Examples.
IX week lectures	Preparation for the colloquium.
IX week exercises	Preparation for the colloquium.
X week lectures	Colloquium.
X week exercises	Colloquium.
XI week lectures	Forecast evaluation. Absolute and relative standards for forecasts. Model-based forecast combination. forecast models selection.
XI week exercises	Forecast evaluation. Absolute and relative standards for forecasts. Model-based forecast combination. forecast models selection.
XII week lectures	Vector autoregression (VAR) models. Causality. Impulse-response functions. Variance decompositions.
XII week exercises	Vector autoregression (VAR) models. Causality. Impulse-response functions. Variance decompositions.
XIII week lectures	Corrective colloquium.
XIII week exercises	Corrective colloquium.
XIV week lectures	Essays.
XIV week exercises	Essays.
XV week lectures	Final exam preparation.
XV week exercises	Final exam preparation.

Student workload
Per week	Per semester
5 credits x 40/30=6 hours and 40 minuts 2 sat(a) theoretical classes 0 sat(a) practical classes 2 excercises 2 hour(s) i 40 minuts of independent work, including consultations	Classes and final exam: 6 hour(s) i 40 minuts x 16 =106 hour(s) i 40 minuts Necessary preparation before the beginning of the semester (administration, registration, certification): 6 hour(s) i 40 minuts x 2 =13 hour(s) i 20 minuts Total workload for the subject: 5 x 30=150 hour(s) Additional work for exam preparation in the preparing exam period, including taking the remedial exam from 0 to 30 hours (remaining time from the first two items to the total load for the item) 30 hour(s) i 0 minuts Workload structure: 106 hour(s) i 40 minuts (cources), 13 hour(s) i 20 minuts (preparation), 30 hour(s) i 0 minuts (additional work)
Student obligations	Students are required to attend classes and do a colloquium.
Consultations	Look on the notice board and on the faculty website.
Literature	1. Francis X. Diebold Forecasting in Economics, Business, Finance and Beyond University of Pennsylvania Copyright 2013-2017, Edition 2017. 2. Zorica Mladenović Primijenjena analiza vremenskih serija, CID Ekonomskog fakulteta u Beogradu, 2012.
Examination methods	Essay- 30 points Colloquium- 40 points Final exam- 30 points
Special remarks
Comment

Grade:	F	E	D	C	B	A
Number of points	less than 50 points	greater than or equal to 50 points and less than 60 points	greater than or equal to 60 points and less than 70 points	greater than or equal to 70 points and less than 80 points	greater than or equal to 80 points and less than 90 points	greater than or equal to 90 points

Faculty of Economics / ECONOMICS / EKONOMIJA SAOBRAĆAJA

Course:

EKONOMIJA SAOBRAĆAJA/

Course ID	Course status	Semester	ECTS credits	Lessons (Lessons+Exercises+Laboratory)
11723	Obavezan	3	7	4+2+0

Programs	ECONOMICS
Prerequisites
Aims
Learning outcomes
Lecturer / Teaching assistant
Methodology

Plan and program of work
Preparing week	Preparation and registration of the semester
I week lectures
I week exercises
II week lectures
II week exercises
III week lectures
III week exercises
IV week lectures
IV week exercises
V week lectures
V week exercises
VI week lectures
VI week exercises
VII week lectures
VII week exercises
VIII week lectures
VIII week exercises
IX week lectures
IX week exercises
X week lectures
X week exercises
XI week lectures
XI week exercises
XII week lectures
XII week exercises
XIII week lectures
XIII week exercises
XIV week lectures
XIV week exercises
XV week lectures
XV week exercises

Student workload
Per week	Per semester
7 credits x 40/30=9 hours and 20 minuts 4 sat(a) theoretical classes 0 sat(a) practical classes 2 excercises 3 hour(s) i 20 minuts of independent work, including consultations	Classes and final exam: 9 hour(s) i 20 minuts x 16 =149 hour(s) i 20 minuts Necessary preparation before the beginning of the semester (administration, registration, certification): 9 hour(s) i 20 minuts x 2 =18 hour(s) i 40 minuts Total workload for the subject: 7 x 30=210 hour(s) Additional work for exam preparation in the preparing exam period, including taking the remedial exam from 0 to 30 hours (remaining time from the first two items to the total load for the item) 42 hour(s) i 0 minuts Workload structure: 149 hour(s) i 20 minuts (cources), 18 hour(s) i 40 minuts (preparation), 42 hour(s) i 0 minuts (additional work)
Student obligations
Consultations
Literature
Examination methods
Special remarks
Comment

Grade:	F	E	D	C	B	A
Number of points	less than 50 points	greater than or equal to 50 points and less than 60 points	greater than or equal to 60 points and less than 70 points	greater than or equal to 70 points and less than 80 points	greater than or equal to 80 points and less than 90 points	greater than or equal to 90 points

Faculty of Economics / ECONOMICS / EKOLOŠKA EKONOMIJA

Course:

EKOLOŠKA EKONOMIJA/

Course ID	Course status	Semester	ECTS credits	Lessons (Lessons+Exercises+Laboratory)
11724	Obavezan	3	6	2+2+0

Programs	ECONOMICS
Prerequisites	/
Aims	Understand the basic elements of the economics of sustainable development and contemporary environmental policy that have or will shape domestic and global economic trends
Learning outcomes	After the student passes this exam, he/she will be able to: • defines the key terms of environmental policy in general, as well as the policy of environmental protection and the fight against climate change in the EU; • defines and recognizes sustainable development and its importance through the UN SDGs • differentiates environmental policy instruments; • connects the development of the environmental policy of Montenegro and the EU; • understands strategic activities and project financing models in the field of environmental protection, as well as mitigation and adaptation to climate change.
Lecturer / Teaching assistant	Assistant Professor Milica Muhadinović, PhD
Methodology	Lectures, exercises, seminars, consultations, essays, debates during exercises, with presentations of selected seminars on a specific topic.

Plan and program of work
Preparing week	Preparation and registration of the semester
I week lectures	Sustainable development - genesis, the most important summits and documents
I week exercises	The concept of sustainable development
II week lectures	Dimensions of sustainable development and the Sustainable Development Goals of the UN
II week exercises	Essay 1
III week lectures	National strategy of sustainable development of Montenegro until 2030
III week exercises	Essay 2
IV week lectures	Connecting the Sustainable Development Goals and the process of accession of Montenegro to the European Union
IV week exercises	EU agenda and UN agenda in Montenegro
V week lectures	European Green Deal
V week exercises	European Green Plan - plan for the Western Balkans
VI week lectures	EU TAXONOMY - Description of priority economic activities with a significant contribution to greenhouse gas emissions
VI week exercises	EU TAXONOMY structure
VII week lectures	Green bonds
VII week exercises	Essay 3
VIII week lectures	Strategic framework for sustainable development and climate actions in Montenegro
VIII week exercises	Montenegro and environmental policy 1
IX week lectures	Legislative framework for sustainable development and climate actions in Montenegro
IX week exercises	Montenegro and environmental policy 2
X week lectures	Priority sectors of green business in Montenegro - agriculture
X week exercises	Essay 4
XI week lectures	Priority sectors of green business in Montenegro - energy
XI week exercises	Projects in the field of energy
XII week lectures	Priority sectors of green business in Montenegro - tourism
XII week exercises	Essay 5
XIII week lectures	Means for the implementation of the environmental protection policy and the fight against climate change
XIII week exercises	Examples of the fight against climate change
XIV week lectures	Environmental protection policy in the European Union
XIV week exercises	Policy implementation in the European Union
XV week lectures	EU enlargement and environmental protection
XV week exercises	Environmental protection in future EU members

Student workload	Weekly 8 credits x 40/30 = 10 hours 40 minutes Structure: 1 hour and 30 minutes for lectures 1 hour and 30 minutes for exercises 7 hours and 40 minutes of independent student work, including consultation.
Per week	Per semester
6 credits x 40/30=8 hours and 0 minuts 2 sat(a) theoretical classes 0 sat(a) practical classes 2 excercises 4 hour(s) i 0 minuts of independent work, including consultations	Classes and final exam: 8 hour(s) i 0 minuts x 16 =128 hour(s) i 0 minuts Necessary preparation before the beginning of the semester (administration, registration, certification): 8 hour(s) i 0 minuts x 2 =16 hour(s) i 0 minuts Total workload for the subject: 6 x 30=180 hour(s) Additional work for exam preparation in the preparing exam period, including taking the remedial exam from 0 to 30 hours (remaining time from the first two items to the total load for the item) 36 hour(s) i 0 minuts Workload structure: 128 hour(s) i 0 minuts (cources), 16 hour(s) i 0 minuts (preparation), 36 hour(s) i 0 minuts (additional work)
Student obligations	Students are required to attend classes and do activities and seminar work.
Consultations	The date of consultations is highlighted on the Faculty website.
Literature	Literature: Milica Muhadinović. Chrestomathy Environmental economics, Faculty of Economics Podgorica, 2023. Additional reading: Djurovic G., Ivanov M., Raicevic P., Gligoric B. (2022). Climate risk assessment of Montenegro with special focus on the Boka Kotorska Bay, Plan Blue, Marseille, France. Chasek, Pamela S., David L. Downie, and Janet Welsh Brown (2018). Global Environmental Politics, 7th Edition, Routledge, New York City. Herold Anke at all, EU Environment and Climate Change Policies, 2019, European Parliament; Raworth, K. (2017). Donut Economics: Seven Ways to Think Like a 21st-Century Economist. Random House, New York City. Klein, N. (2014). This Changes Everything: Capitalism Vs. the Climate. Simon & Schuster, USA.
Examination methods	The exam is taken through class activities, seminars and an oral final exam. A passing grade is obtained if at least 50 points are accumulated cumulatively.
Special remarks	/
Comment	/

Grade:	F	E	D	C	B	A
Number of points	less than 50 points	greater than or equal to 50 points and less than 60 points	greater than or equal to 60 points and less than 70 points	greater than or equal to 70 points and less than 80 points	greater than or equal to 80 points and less than 90 points	greater than or equal to 90 points

Faculty of Economics / ECONOMICS / EKONOMIJA RADA I SOCIJALNA POLITIKA

Course:

EKONOMIJA RADA I SOCIJALNA POLITIKA/

Course ID	Course status	Semester	ECTS credits	Lessons (Lessons+Exercises+Laboratory)
11725	Obavezan	3	7	4+2+0

Programs	ECONOMICS
Prerequisites	No conditionality.
Aims	• Understanding the process of determining supply and demand for work at the level of companies and the national economy, as well as the process of determining wages; • Understanding the role of trade unions in negotiations on determining wages and other working and employment conditions; • Understanding how income policies affects various macroeconomic indicators as well as the role of social policy in the labor market.
Learning outcomes	After completing this course, the student will acquire the knowledge to: • analyze the labor market from different economic perspectives; • analyze the role of the state and trade unions in the labor market: the impact of fiscal policy, labor regulations and collective bargaining on the level of employment; • critically evaluate the causes of unemployment and policies to reduce it.
Lecturer / Teaching assistant	Milena Konatar, Assistant Professor
Methodology	The course is structured as a combination of lectures and exercises, with active participation of students during classes.

Plan and program of work
Preparing week	Preparation and registration of the semester
I week lectures	Introduction to Labor Economics.
I week exercises	Introduction to Labor Economics.
II week lectures	Labor Supply.
II week exercises	Labor Supply.
III week lectures	Labor Demand.
III week exercises	Labor Demand.
IV week lectures	Equilibrium in the Labor Market.
IV week exercises	Equilibrium in the Labor Market.
V week lectures	Compensating Differences in Wages.
V week exercises	Compensating Differences in Wages.
VI week lectures	Human Capital.
VI week exercises	Human Capital.
VII week lectures	Wage Structure.
VII week exercises	Wage Structure.
VIII week lectures	Labor Mobility.
VIII week exercises	Labor Mobility.
IX week lectures	Midterm.
IX week exercises	Midterm.
X week lectures	Discrimination in the Labor Market.
X week exercises	Discrimination in the Labor Market.
XI week lectures	Labor Unions.
XI week exercises	Labor Unions.
XII week lectures	Pay for Performance.
XII week exercises	Pay for Performance.
XIII week lectures	Unemployment. Labor Market in Macroeconomic Theory.
XIII week exercises	Unemployment. Labor Market in Macroeconomic Theory.
XIV week lectures	Remedial Midterm.
XIV week exercises	Remedial Midterm.
XV week lectures	Key Concepts of Social Policy. The Welfare State.
XV week exercises	Key Concepts of Social Policy. The Welfare State.

Student workload	Weekly: 7 credits x 40/30 = 9 hours 20 minutes Structure: 3 hours for lectures 1 hour and 30 minutes for exercises 4 hours and 50 minutes of independent student work, including consultations. In the semester: Total workload for the course: 7 x 30 = 210 hours Structure: Classes and final exam: 9 hours 20 minutes x 16 weeks = 149 hours 20 minutes Necessary preparations before the beginning of the semester (administration, registration, certification): 9 hours 20 minutes x 2 = 18 hours 40 minutes. Additional work for preparing and passing the exam in the remedial period: 42 hours.
Per week	Per semester
7 credits x 40/30=9 hours and 20 minuts 4 sat(a) theoretical classes 0 sat(a) practical classes 2 excercises 3 hour(s) i 20 minuts of independent work, including consultations	Classes and final exam: 9 hour(s) i 20 minuts x 16 =149 hour(s) i 20 minuts Necessary preparation before the beginning of the semester (administration, registration, certification): 9 hour(s) i 20 minuts x 2 =18 hour(s) i 40 minuts Total workload for the subject: 7 x 30=210 hour(s) Additional work for exam preparation in the preparing exam period, including taking the remedial exam from 0 to 30 hours (remaining time from the first two items to the total load for the item) 42 hour(s) i 0 minuts Workload structure: 149 hour(s) i 20 minuts (cources), 18 hour(s) i 40 minuts (preparation), 42 hour(s) i 0 minuts (additional work)
Student obligations	Students are required to attend classes and actively participate in lectures and exercises.
Consultations	At the scheduled time.
Literature	Borhas, Dž. (2019). Ekonomija rada, Centar za izdavačku delatnost, Univerzitet u Beogradu - Ekonomskog fakulteta, Beograd.
Examination methods	• Midterm (written) – 50 points • Final exam (written) – 30 points • Classroom participation – 20 points • Total points : 100 (in order to get a passing grade at the exam student has to gain at least 50% of total points)
Special remarks
Comment

Grade:	F	E	D	C	B	A
Number of points	less than 50 points	greater than or equal to 50 points and less than 60 points	greater than or equal to 60 points and less than 70 points	greater than or equal to 70 points and less than 80 points	greater than or equal to 80 points and less than 90 points	greater than or equal to 90 points

Faculty of Economics / ECONOMICS / EKONOMIJA RADA I SOCIJALNA POLITIKA

Course:

EKONOMIJA RADA I SOCIJALNA POLITIKA/

Course ID	Course status	Semester	ECTS credits	Lessons (Lessons+Exercises+Laboratory)
11725	Obavezan	3	7	4+2+0

Programs	ECONOMICS
Prerequisites	No conditionality.
Aims	• Understanding the process of determining supply and demand for work at the level of companies and the national economy, as well as the process of determining wages; • Understanding the role of trade unions in negotiations on determining wages and other working and employment conditions; • Understanding how income policies affects various macroeconomic indicators as well as the role of social policy in the labor market.
Learning outcomes	After completing this course, the student will acquire the knowledge to: • analyze the labor market from different economic perspectives; • analyze the role of the state and trade unions in the labor market: the impact of fiscal policy, labor regulations and collective bargaining on the level of employment; • critically evaluate the causes of unemployment and policies to reduce it.
Lecturer / Teaching assistant	Milena Konatar, Assistant Professor
Methodology	The course is structured as a combination of lectures and exercises, with active participation of students during classes.

Plan and program of work
Preparing week	Preparation and registration of the semester
I week lectures	Introduction to Labor Economics.
I week exercises	Introduction to Labor Economics.
II week lectures	Labor Supply.
II week exercises	Labor Supply.
III week lectures	Labor Demand.
III week exercises	Labor Demand.
IV week lectures	Equilibrium in the Labor Market.
IV week exercises	Equilibrium in the Labor Market.
V week lectures	Compensating Differences in Wages.
V week exercises	Compensating Differences in Wages.
VI week lectures	Human Capital.
VI week exercises	Human Capital.
VII week lectures	Wage Structure.
VII week exercises	Wage Structure.
VIII week lectures	Labor Mobility.
VIII week exercises	Labor Mobility.
IX week lectures	Midterm.
IX week exercises	Midterm.
X week lectures	Discrimination in the Labor Market.
X week exercises	Discrimination in the Labor Market.
XI week lectures	Labor Unions.
XI week exercises	Labor Unions.
XII week lectures	Pay for Performance.
XII week exercises	Pay for Performance.
XIII week lectures	Unemployment. Labor Market in Macroeconomic Theory.
XIII week exercises	Unemployment. Labor Market in Macroeconomic Theory.
XIV week lectures	Remedial Midterm.
XIV week exercises	Remedial Midterm.
XV week lectures	Key Concepts of Social Policy. The Welfare State.
XV week exercises	Key Concepts of Social Policy. The Welfare State.

Student workload	Weekly: 7 credits x 40/30 = 9 hours 20 minutes Structure: 3 hours for lectures 1 hour and 30 minutes for exercises 4 hours and 50 minutes of independent student work, including consultations. In the semester: Total workload for the course: 7 x 30 = 210 hours Structure: Classes and final exam: 9 hours 20 minutes x 16 weeks = 149 hours 20 minutes Necessary preparations before the beginning of the semester (administration, registration, certification): 9 hours 20 minutes x 2 = 18 hours 40 minutes. Additional work for preparing and passing the exam in the remedial period: 42 hours.
Per week	Per semester
7 credits x 40/30=9 hours and 20 minuts 4 sat(a) theoretical classes 0 sat(a) practical classes 2 excercises 3 hour(s) i 20 minuts of independent work, including consultations	Classes and final exam: 9 hour(s) i 20 minuts x 16 =149 hour(s) i 20 minuts Necessary preparation before the beginning of the semester (administration, registration, certification): 9 hour(s) i 20 minuts x 2 =18 hour(s) i 40 minuts Total workload for the subject: 7 x 30=210 hour(s) Additional work for exam preparation in the preparing exam period, including taking the remedial exam from 0 to 30 hours (remaining time from the first two items to the total load for the item) 42 hour(s) i 0 minuts Workload structure: 149 hour(s) i 20 minuts (cources), 18 hour(s) i 40 minuts (preparation), 42 hour(s) i 0 minuts (additional work)
Student obligations	Students are required to attend classes and actively participate in lectures and exercises.
Consultations	At the scheduled time.
Literature	Borhas, Dž. (2019). Ekonomija rada, Centar za izdavačku delatnost, Univerzitet u Beogradu - Ekonomskog fakulteta, Beograd.
Examination methods	• Midterm (written) – 50 points • Final exam (written) – 30 points • Classroom participation – 20 points • Total points : 100 (in order to get a passing grade at the exam student has to gain at least 50% of total points)
Special remarks
Comment

Grade:	F	E	D	C	B	A
Number of points	less than 50 points	greater than or equal to 50 points and less than 60 points	greater than or equal to 60 points and less than 70 points	greater than or equal to 70 points and less than 80 points	greater than or equal to 80 points and less than 90 points	greater than or equal to 90 points

Faculty of Economics / ECONOMICS / METODOLOGIJA ISTRAŽIVANJA

Course:

METODOLOGIJA ISTRAŽIVANJA/

Course ID	Course status	Semester	ECTS credits	Lessons (Lessons+Exercises+Laboratory)
11726	Obavezan	3	4	2+0+0

Programs	ECONOMICS
Prerequisites
Aims
Learning outcomes
Lecturer / Teaching assistant
Methodology

Plan and program of work
Preparing week	Preparation and registration of the semester
I week lectures
I week exercises
II week lectures
II week exercises
III week lectures
III week exercises
IV week lectures
IV week exercises
V week lectures
V week exercises
VI week lectures
VI week exercises
VII week lectures
VII week exercises
VIII week lectures
VIII week exercises
IX week lectures
IX week exercises
X week lectures
X week exercises
XI week lectures
XI week exercises
XII week lectures
XII week exercises
XIII week lectures
XIII week exercises
XIV week lectures
XIV week exercises
XV week lectures
XV week exercises

Student workload
Per week	Per semester
4 credits x 40/30=5 hours and 20 minuts 2 sat(a) theoretical classes 0 sat(a) practical classes 0 excercises 3 hour(s) i 20 minuts of independent work, including consultations	Classes and final exam: 5 hour(s) i 20 minuts x 16 =85 hour(s) i 20 minuts Necessary preparation before the beginning of the semester (administration, registration, certification): 5 hour(s) i 20 minuts x 2 =10 hour(s) i 40 minuts Total workload for the subject: 4 x 30=120 hour(s) Additional work for exam preparation in the preparing exam period, including taking the remedial exam from 0 to 30 hours (remaining time from the first two items to the total load for the item) 24 hour(s) i 0 minuts Workload structure: 85 hour(s) i 20 minuts (cources), 10 hour(s) i 40 minuts (preparation), 24 hour(s) i 0 minuts (additional work)
Student obligations
Consultations
Literature
Examination methods
Special remarks
Comment

Grade:	F	E	D	C	B	A
Number of points	less than 50 points	greater than or equal to 50 points and less than 60 points	greater than or equal to 60 points and less than 70 points	greater than or equal to 70 points and less than 80 points	greater than or equal to 80 points and less than 90 points	greater than or equal to 90 points

Faculty of Economics / ECONOMICS / PROCJENA VRIJEDNOSTI PREDUZEĆA

Course:

PROCJENA VRIJEDNOSTI PREDUZEĆA/

Course ID	Course status	Semester	ECTS credits	Lessons (Lessons+Exercises+Laboratory)
11727	Obavezan	3	7	4+2+0

Programs	ECONOMICS
Prerequisites	/
Aims	Students will become familiar with the basic methods and techniques of company and capital valuations.
Learning outcomes	• Students define, understand and explain various concepts of enterprise value • Students analyze, synthesize and apply different methods of assessing the value of companies and capital • Students choose an assessment method depending on the goal and purpose of the assessment • Independently prepare a report on the valuation of the companys capital in accordance with EVS and IVSC • Students use and apply International Valuation Standards (IVSC) and European Valuation Standards (EVS). • Students understand and use different models for determining the cost of capital. • Students understand and use the time value of money technique - the discount model. • Students apply standard methods and instruments of analysis in the function of company value assessment.
Lecturer / Teaching assistant	Professor: prof. Milan Lakićević, PhD Teaching Assistant: Milica Vukčević, MSc
Methodology	Lectures and exercises. Checking of understanding and knowledge of the material will be organized through tasks and examples for independent work, as well as additional explanations of the material covered through consultations. The exam involves a colloquium, a final exam, and a practical part of the exam.

Plan and program of work
Preparing week	Preparation and registration of the semester
I week lectures	Introduction and definition of company value. Methods of determining the value of a company, Reasons for estimating the value of a company (capital), and time for estimating the value of a company.
I week exercises	Introduction and definition of company value. Methods of determining the value of a company, Reasons for estimating the value of a company (capital), and time for estimating the value of a company - practical examples
II week lectures	Postulates and aspects of company evaluation, approaches, and methods of company evaluation.
II week exercises	Postulates and aspects of company evaluation, approaches, and methods of company evaluation - practical examples
III week lectures	Recommendations for company valuation; International standards of evaluation
III week exercises	Recommendations for company valuation; International standards of evaluation - practical examples
IV week lectures	Financial analysis, Profitability position of company, Asset position analysis, Analysis of a company`s financial position, Rating of creditworthiness using ZETA model
IV week exercises	Financial analysis, Profitability position of company, Asset position analysis, Analysis of a company`s financial position, Rating of creditworthiness using ZETA model - practical examples and exercises
V week lectures	Book value of the company, Adjusted book value of the company
V week exercises	Book value of the company, Adjusted book value of the company - practical examples and exercises
VI week lectures	Property value of the company
VI week exercises	Property value of the company - practical examples and exercises
VII week lectures	Models for determining the cost of capital.
VII week exercises	Models for determining the cost of capital - practical examples and exercises
VIII week lectures	Profitable value of the company after debt servicing
VIII week exercises	Profitable value of the company after debt servicing - practical examples and exercises
IX week lectures	Profitable value of the company before debt servicing
IX week exercises	Profitable value of the company before debt servicing - practical examples and exercises
X week lectures	Combined valuation methods, Stuttgart method, Berlin method, multiplication method.
X week exercises	Combined valuation methods, Stuttgart method, Berlin method, multiplication method - practical examples and exercises
XI week lectures	Valuation of the company based on the market method, the multiplier method and the comparative transaction method
XI week exercises	Valuation of the company based on the market method, the multiplier method, and the comparative transaction method - practical examples and exercises
XII week lectures	Methods of capitalization of a stabilized, realized or expected result
XII week exercises	Methods of capitalization of a stabilized, realized, or expected result - practical examples and exercises
XIII week lectures	Liquidation value of the company. Content of the Company Valuation Report (Capital)
XIII week exercises	Liquidation value of the company. Content of the Company Valuation Report (Capital) - practical examples and exercises
XIV week lectures	The use of software for assessing the value of the companys capital - the methodology of prof. Jovan Rodić, PhD.
XIV week exercises	The use of software for assessing the value of the companys capital - the methodology of prof. Jovan Rodić, PhD.
XV week lectures	Colloquium
XV week exercises	Colloquium

Student workload	Per week 7 credits x 40/30 = 9 hours and 20 minutes Structure: 3 hours for lectures 2 hour and 15 minutes for exercise classes 4 hours and 5 minutes of student independent work, including consultations. Per semester Total workload for the course 7 x 30 = 210 hours Structure: Teaching and final exam: 9 hours 20 minutes x 16 weeks = 149 hours and 20 minutes Necessary preparations before the beginning of the semester (administration, enrollment, certification): 9 hours and 20 minutes x 2 = 18 hours and 40 minutes. Additional work for preparation and taking the exam in the correctional period: 42 hours.
Per week	Per semester
7 credits x 40/30=9 hours and 20 minuts 4 sat(a) theoretical classes 0 sat(a) practical classes 2 excercises 3 hour(s) i 20 minuts of independent work, including consultations	Classes and final exam: 9 hour(s) i 20 minuts x 16 =149 hour(s) i 20 minuts Necessary preparation before the beginning of the semester (administration, registration, certification): 9 hour(s) i 20 minuts x 2 =18 hour(s) i 40 minuts Total workload for the subject: 7 x 30=210 hour(s) Additional work for exam preparation in the preparing exam period, including taking the remedial exam from 0 to 30 hours (remaining time from the first two items to the total load for the item) 42 hour(s) i 0 minuts Workload structure: 149 hour(s) i 20 minuts (cources), 18 hour(s) i 40 minuts (preparation), 42 hour(s) i 0 minuts (additional work)
Student obligations	Students are required to attend classes, solve tasks that are given for independent practice and evaluation, and pass a colloquium and final exam. During the semester, students have to do a practical part of the exam - Assessment of the capital value of the selected company using application software – (report).
Consultations	Professor: Tuesday (from 11 a.m. to 12 p.m., room 305) Assistant: Thursday (from 11 a.m. to 12:30 p.m., room 416
Literature	 Jovan Rodić, Milovan Filipović: Procena vrednosti preduzeća, Beograd 2015. godina  Evropski standardi za procjenu vrijednosti, TEGOVA, Beograd, 2020.  Evropski standardi za procjenu vrijednosti poslovanja, TEGOVA, Beograd, 2020.  Dragan Mikerević: Principi i praksa procjene vrijednosti preduzeća, Finrar d.o.o, Banja Luka 2009. godina  Vera Leko. Aleksandar Vlahović, Vladimir Poznanić: Procena vrednosti kapitala – metodologija i primeri, Beograd 1997. godine  Radiša Radovanović: Evaluacija preduzeća, Ekonomski fakultet Beograd, 1997. godina  Pravilnik o metodologiji za procjenu vrijednosti imovine, Službeni list Crne Gore br. 52/16
Examination methods	• Colloquium (max 50 points) • Final exam (max 30 points) • Practical part of the exam (max 20 points)
Special remarks	/
Comment	/

Grade:	F	E	D	C	B	A
Number of points	less than 50 points	greater than or equal to 50 points and less than 60 points	greater than or equal to 60 points and less than 70 points	greater than or equal to 70 points and less than 80 points	greater than or equal to 80 points and less than 90 points	greater than or equal to 90 points

Faculty of Economics / ECONOMICS / TEORIJA I MODELI ODLUČIVANJA

Course:

TEORIJA I MODELI ODLUČIVANJA/

Course ID	Course status	Semester	ECTS credits	Lessons (Lessons+Exercises+Laboratory)
11728	Obavezan	3	7	4+2+0

Programs	ECONOMICS
Prerequisites	None.
Aims	To acquaint students with the results of normative decision theory. They will learn to identify and include in the analysis all the elements relevant to sound decision-making, as well as to formally pose various problems. They will get acquainted with the methods of choice in conditions of certainty, risk and uncertainty, group decision - making and negotiation.
Learning outcomes	After completing this course, students will be able to: - correctly formulate and formally present various business problems - apply normative problems in solving various business problems - determine the economic justification of collecting additional information and correct the risk in accordance with its reliability - recognize different negotiating situations and choose the appropriate strategy
Lecturer / Teaching assistant	Zdenka Dragašević PhD
Methodology	Lectures and exercises with numerous examples

Plan and program of work
Preparing week	Preparation and registration of the semester
I week lectures	Review of the development of decision science. The concept and definition of decision making
I week exercises	Review of the development of decision science. The concept and definition of decision making
II week lectures	Defining the decision and the type of decision; Decision making factors
II week exercises	Defining the decision and the type of decision; Decision making factors
III week lectures	Stages in the process of decision-making process
III week exercises	Stages in the process of decision-making process
IV week lectures	Decision maker and his preferences
IV week exercises	Decision maker and his preferences
V week lectures	Decision making model; Decision tree and sequential decision making
V week exercises	Decision making model; Decision tree and sequential decision making
VI week lectures	Methods of choosing the optimal decision in conditions of certainty - assignment model; Decision making in conditions of uncertainty
VI week exercises	Methods of choosing the optimal decision in conditions of certainty - assignment model; Decision making in conditions of uncertainty
VII week lectures	Methods of choosing the optimal business decision in terms of risk Decision making in risk conditions-application of the concept of utility
VII week exercises	Methods of choosing the optimal business decision in terms of risk Decision making in risk conditions-application of the concept of utility
VIII week lectures	Additional information and its price. Bayesian theorem
VIII week exercises	Additional information and its price. Bayesian theorem
IX week lectures	Multicriteria decision making - defining the concept and basic assumptions of the model
IX week exercises	Multicriteria decision making - defining the concept and basic assumptions of the model
X week lectures	Formulation of a mathematical model of multicriteria decision making; Quantification of qualitative attributes
X week exercises	Formulation of a mathematical model of multicriteria decision making; Quantification of qualitative attributes
XI week lectures	Methods of multi-attribute decision-making; Analytical hierarchical process;
XI week exercises	Methods of multi-attribute decision-making; Analytical hierarchical process;
XII week lectures	Decision making software - AHP method
XII week exercises	Decision making software - AHP method
XIII week lectures	Exam
XIII week exercises	Exam
XIV week lectures	Remedial exam
XIV week exercises	Remedial exam
XV week lectures	Final exam
XV week exercises	Final exam

Student workload
Per week	Per semester
7 credits x 40/30=9 hours and 20 minuts 4 sat(a) theoretical classes 0 sat(a) practical classes 2 excercises 3 hour(s) i 20 minuts of independent work, including consultations	Classes and final exam: 9 hour(s) i 20 minuts x 16 =149 hour(s) i 20 minuts Necessary preparation before the beginning of the semester (administration, registration, certification): 9 hour(s) i 20 minuts x 2 =18 hour(s) i 40 minuts Total workload for the subject: 7 x 30=210 hour(s) Additional work for exam preparation in the preparing exam period, including taking the remedial exam from 0 to 30 hours (remaining time from the first two items to the total load for the item) 42 hour(s) i 0 minuts Workload structure: 149 hour(s) i 20 minuts (cources), 18 hour(s) i 40 minuts (preparation), 42 hour(s) i 0 minuts (additional work)
Student obligations	Students are recommended to follow classes and do homework and exams.
Consultations	After lectures and exercises classes
Literature	1. Pavličić D., »Teorija odlučivanja«, Ekonomski fakultet, Beograd, 2010 2. Sikavica P., »Poslovno odlučivanje«, Informator, Zagreb, 1999 3. Thompson L. » The Mind and Heart of the Negotiator«, Pearson Prentice Hall, New Jersey, 2005
Examination methods	The exam consists of a colloquium(written examination) and a final exam. Colloquium......................................50 points Final exam.......................................50 points The final grade depends on the number of points (from all elements that are scored).
Special remarks
Comment

Grade:	F	E	D	C	B	A
Number of points	less than 50 points	greater than or equal to 50 points and less than 60 points	greater than or equal to 60 points and less than 70 points	greater than or equal to 70 points and less than 80 points	greater than or equal to 80 points and less than 90 points	greater than or equal to 90 points

Faculty of Economics / ECONOMICS / MAKROEKONOMSKA STATISTIKA

Course:

MAKROEKONOMSKA STATISTIKA/

Course ID	Course status	Semester	ECTS credits	Lessons (Lessons+Exercises+Laboratory)
11729	Obavezan	3	6	2+2+0

Programs	ECONOMICS
Prerequisites	The course attendance is not conditional on other subjects
Aims	To acquaint students with the methodology of measuring macroeconomic activities
Learning outcomes	1. Uses the methodology of measuring economic transactions at the national level 2. Apply concepts and methods in the production of data needed to understand the state, dynamics and structure at the national level 3. Analyzes the macrostatistical data 4. Distinguishes between static and dynamic changes in economic transactions in different institutional and economic conditions.
Lecturer / Teaching assistant	Prof.dr Maja Bacovic
Methodology	Lectures and exercises

Plan and program of work
Preparing week	Preparation and registration of the semester
I week lectures	Importance of macroeconomic statistics, basic statistical rules and techniques
I week exercises	Importance of macroeconomic statistics, basic statistical rules and techniques
II week lectures	National accounts statistics, basic concepts and features of the system
II week exercises	National accounts statistics, basic concepts and features of the system
III week lectures	SNA – accounts and aggregates
III week exercises	SNA – accounts and aggregates
IV week lectures	Balance sheet of the economy and national wealth
IV week exercises	Balance sheet of the economy and national wealth
V week lectures	Price statistics
V week exercises	Price statistics
VI week lectures	Labor market statistics
VI week exercises	Labor market statistics
VII week lectures	Financial transactions
VII week exercises	Financial transactions
VIII week lectures	Input-output tables
VIII week exercises	Input-output tables
IX week lectures	Input-output tables
IX week exercises	Input-output tables
X week lectures	Test
X week exercises	Test
XI week lectures	Government finance statistics
XI week exercises	Government finance statistics
XII week lectures	Government finance statistics
XII week exercises	Government finance statistics
XIII week lectures	International exchange statistics - current transactions
XIII week exercises	International exchange statistics - current transactions
XIV week lectures	International exchange statistics - capital and financial transactions
XIV week exercises	International exchange statistics - capital and financial transactions
XV week lectures	Demographic statistics
XV week exercises	Demographic statistics

Student workload	Weekly 8 credits Structure: 2 hours for lectures 2 hours for exercises 4 hours of independent work, including consultation.
Per week	Per semester
6 credits x 40/30=8 hours and 0 minuts 2 sat(a) theoretical classes 0 sat(a) practical classes 2 excercises 4 hour(s) i 0 minuts of independent work, including consultations	Classes and final exam: 8 hour(s) i 0 minuts x 16 =128 hour(s) i 0 minuts Necessary preparation before the beginning of the semester (administration, registration, certification): 8 hour(s) i 0 minuts x 2 =16 hour(s) i 0 minuts Total workload for the subject: 6 x 30=180 hour(s) Additional work for exam preparation in the preparing exam period, including taking the remedial exam from 0 to 30 hours (remaining time from the first two items to the total load for the item) 36 hour(s) i 0 minuts Workload structure: 128 hour(s) i 0 minuts (cources), 16 hour(s) i 0 minuts (preparation), 36 hour(s) i 0 minuts (additional work)
Student obligations	Students are required to attend classes, and do research paper and take exams.
Consultations	One hour
Literature	1. System of National Accounts – 2008, EC, OECD, IMF, UN, WB 2. Monetary and Financial Statistics Manual and compilation guide (2016), IMF 3. Government Finance Statistics Manual (2014), IMF 4. Balance of Payments and International Investment Position Statistics (2009), IMF 5. Baćović, Maja (2003). Sistem nacionalnih računa, ISSP, Podgorica 6. Baćović, Maja: “Ekonomija Crne Gore od 2006. do 2016. godine”, Univerzitet Crne Gore, Podgorica, 2022. 7. Veselin Vukotic (2006): Makreokonomski računi i modeli, CID, Podgrica 8. Baćović, Maja (2006). Demografske promjene I ekonomski razvoj – analiza investicija u humani kapital”, ISSP, Podgorica
Examination methods	Colloquium – 20 points Final exam (written exam) – 50 points Research paper – 30 points
Special remarks
Comment

Grade:	F	E	D	C	B	A
Number of points	less than 50 points	greater than or equal to 50 points and less than 60 points	greater than or equal to 60 points and less than 70 points	greater than or equal to 70 points and less than 80 points	greater than or equal to 80 points and less than 90 points	greater than or equal to 90 points

Faculty of Economics / ECONOMICS / ANALIZA BERZANSKOG POSLOVANJA

Course:

ANALIZA BERZANSKOG POSLOVANJA/

Course ID	Course status	Semester	ECTS credits	Lessons (Lessons+Exercises+Laboratory)
11730	Obavezan	3	6	2+2+0

Programs	ECONOMICS
Prerequisites	None
Aims	Students are introduced with fundamental and actual problems related to Stock Exchange dealings. After completing this course students will be able to understand how to read Stocks Exchange reports; will be able to apply different tools for Stock Exchange analysis.
Learning outcomes	After passing this exam, the student will be able to: 1. Recognize different financial statements for various financial instruments. 2. Explain and classify the different types of stock market indicators. 3. Illustrate and explain main tools of securities technical analysis. 4. Analyze and calculate main ratios of securities fundamental analysis. 5. Compose Value Line Report for domestic and foreign companies.
Lecturer / Teaching assistant	Saša Popović, Ph.D., Jelena Jovović
Methodology	Lectures and Exercises, Group research, Case studies, Individual research

Plan and program of work
Preparing week	Preparation and registration of the semester
I week lectures	Introduction
I week exercises	Qualitative and Quantitative analysis of Stock Exchange basic terms: money and capital markets, stock exchange types and financial instruments
II week lectures	Analysis and practical check of knowledge related to process of Stock Exchange operations
II week exercises	Analysis and practical check of knowledge related to process of Stock Exchange operations
III week lectures	How to read Stock Exchange reports
III week exercises	Qualitative and Quantitative analysis of ratios related to shares Stock Exchange reports
IV week lectures	The analysis of Stock Exchange Indicators
IV week exercises	Qualitative and Quantitative analysis of ratios related to bonds Stock Exchange reports
V week lectures	Weighting scheme in Stock Exchange Indicators
V week exercises	Derivation and calculation of Stock Exchange Indices in Excel
VI week lectures	Bond valuation
VI week exercises	Quantitative analysis of bonds valuation
VII week lectures	Bond valuation - II
VII week exercises	Valuation of bonds in Excel
VIII week lectures	Share valuation
VIII week exercises	Quantitative analysis of stock valuation
IX week lectures	Share price – Fundamental analysis (I part)
IX week exercises	Practical examination and analysis of stock price fundamental ratios
X week lectures	Share price – Technical analysis (I part)
X week exercises	Qualitative and Quantitative analysis of stock price technical indicators
XI week lectures	Sentiment analysis
XI week exercises	Sentiment analysis
XII week lectures	Analysis of Stock Market reports / Value Line
XII week exercises	Analysis of Stock Market reports / Value Line
XIII week lectures	Software simulation of Value Line report
XIII week exercises	Software simulation of Value Line report
XIV week lectures	Midterm exam preparation
XIV week exercises	Midterm exam
XV week lectures	Final Exam preparation
XV week exercises	Final exam

Student workload
Per week	Per semester
6 credits x 40/30=8 hours and 0 minuts 2 sat(a) theoretical classes 0 sat(a) practical classes 2 excercises 4 hour(s) i 0 minuts of independent work, including consultations	Classes and final exam: 8 hour(s) i 0 minuts x 16 =128 hour(s) i 0 minuts Necessary preparation before the beginning of the semester (administration, registration, certification): 8 hour(s) i 0 minuts x 2 =16 hour(s) i 0 minuts Total workload for the subject: 6 x 30=180 hour(s) Additional work for exam preparation in the preparing exam period, including taking the remedial exam from 0 to 30 hours (remaining time from the first two items to the total load for the item) 36 hour(s) i 0 minuts Workload structure: 128 hour(s) i 0 minuts (cources), 16 hour(s) i 0 minuts (preparation), 36 hour(s) i 0 minuts (additional work)
Student obligations	Compulsory attendance to lectures and exercises, group research work and individual research.
Consultations	in scheduled terms
Literature	John M. Dalton, How the Stock Market Works, 2 nd edition, New York Institute of Finance
Examination methods	Written exam I part 60 points Written exam II part 38 points In class work 2 points
Special remarks
Comment

Grade:	F	E	D	C	B	A
Number of points	less than 50 points	greater than or equal to 50 points and less than 60 points	greater than or equal to 60 points and less than 70 points	greater than or equal to 70 points and less than 80 points	greater than or equal to 80 points and less than 90 points	greater than or equal to 90 points

Faculty of Economics / ECONOMICS / INTERNATIONAL FINANCES

Course:

INTERNATIONAL FINANCES/

Course ID	Course status	Semester	ECTS credits	Lessons (Lessons+Exercises+Laboratory)
12436	Obavezan	3	6	2+2+0

Programs	ECONOMICS
Prerequisites
Aims
Learning outcomes
Lecturer / Teaching assistant
Methodology

Plan and program of work
Preparing week	Preparation and registration of the semester
I week lectures
I week exercises
II week lectures
II week exercises
III week lectures
III week exercises
IV week lectures
IV week exercises
V week lectures
V week exercises
VI week lectures
VI week exercises
VII week lectures
VII week exercises
VIII week lectures
VIII week exercises
IX week lectures
IX week exercises
X week lectures
X week exercises
XI week lectures
XI week exercises
XII week lectures
XII week exercises
XIII week lectures
XIII week exercises
XIV week lectures
XIV week exercises
XV week lectures
XV week exercises

Student workload
Per week	Per semester
6 credits x 40/30=8 hours and 0 minuts 2 sat(a) theoretical classes 0 sat(a) practical classes 2 excercises 4 hour(s) i 0 minuts of independent work, including consultations	Classes and final exam: 8 hour(s) i 0 minuts x 16 =128 hour(s) i 0 minuts Necessary preparation before the beginning of the semester (administration, registration, certification): 8 hour(s) i 0 minuts x 2 =16 hour(s) i 0 minuts Total workload for the subject: 6 x 30=180 hour(s) Additional work for exam preparation in the preparing exam period, including taking the remedial exam from 0 to 30 hours (remaining time from the first two items to the total load for the item) 36 hour(s) i 0 minuts Workload structure: 128 hour(s) i 0 minuts (cources), 16 hour(s) i 0 minuts (preparation), 36 hour(s) i 0 minuts (additional work)
Student obligations
Consultations
Literature
Examination methods
Special remarks
Comment

Grade:	F	E	D	C	B	A
Number of points	less than 50 points	greater than or equal to 50 points and less than 60 points	greater than or equal to 60 points and less than 70 points	greater than or equal to 70 points and less than 80 points	greater than or equal to 80 points and less than 90 points	greater than or equal to 90 points