Enroll → I'm a student
Sali's story · how economics taught her to see the price of decisions

I used to treat economics as curves in a textbook. Until I started counting what was never in the table.

As a student I associated economics with demand and supply curves that you had to be able to draw in the exam. The turning point came in my consulting practice, when a company director had to decide whether to invest in a new machine or in training for his people. Every number in the spreadsheet pointed to the machine — but what was missing was what the company would give up. That is when I realised that economics is not the science of money, but the science of choice: every decision costs something, even if nobody writes it on the invoice. I built this course so that you can see that hidden price too.

View the topic modules How you are assessed →
4 credits
Scope of study
13
Topic modules
125 h
Total workload
6
SQF / EQF level
Sali
Lecturer of the Economy course
Sali — lecturer of the Economy course
“Every choice costs something — economics simply shows you exactly what.”
Write to Sali
“The real price of a decision is not on the invoice, but in what you give up because of it.”
— Sali
Learning outcomes

What you will take away from the course

Economics won't turn you into a fortune-teller, but it will teach you to ask the right questions: what does it cost, who gains from it, and what happens when something changes. From basic concepts to the ability to read economic news and understand its impact on your business.

📚

Knowledge

Basic economic concepts and the laws governing how markets work, how consumers and firms behave, and how the main macroeconomic indicators relate to one another.

🧮

Skills

Building and interpreting demand and supply models, calculating costs, break-even and prices, finding your way around macroeconomic data and evaluating it in words and graphs.

🎯

Competences

Economic thinking in context, weighing the costs and benefits of decisions, estimating the impact of changes in prices, interest rates or taxes on a business, and arguing with economic reasons.

Course content

Thirteen modules that teach you to think economically

Along the same path Sali took from textbook curves to real economic thinking, thirteen modules will guide you — from an introduction to economics and the market for veterinary services, through the business plan, assets, funding, costs and break-even analysis, to a vet’s tax duties and management decisions from the farm to the EU. Click a module title to open the interactive e-learning lesson.

M01

Economy 1 – Introduction to Economics and Business

What economics studies, needs and wants, scarcity, opportunity cost and the factors of production, micro- vs. macroeconomics, economic systems and sectors, the conditions for running a business, who can be an entrepreneur, and a comparison of legal forms of business.
Open module →
M02

Economy 2 – Demand and Supply of Veterinary Services

Demand for and supply of veterinary care and the factors that shift them, market equilibrium, the different kinds of vet services and the special features of the veterinary market — with 14 real-life examples and two tests.
Open module →
M03

Economy 3 – Business Plan and Marketing in Veterinary Practice

The business plan of a veterinary practice, start-up costs and where to get the money, when the practice starts earning, SWOT, TOWS and risks, services marketing, segmentation–targeting–positioning, the 7 Ps, price and promotion, the marketing plan and the competition.
Open module →
M04

Economy 4 – Entrepreneur’s Assets and the Projected Balance Sheet

What belongs to the business, long-term vs. current assets, where the money for the assets came from (equity and liabilities), the balance sheet, a projected balance sheet for opening day and year end, and the three ratios a bank works out first.
Open module →
M05

Economy 5 – Sources of Funding and the Projected Balance Sheet

Four kinds of funding sources, money you don’t pay back vs. money you must repay, when borrowing pays off, three ways to pay for a €25,000 X-ray, five questions before any financing, and how a vet practice is financed.
Open module →
M06

Economy 6 – Market Structures

Perfect competition, monopoly, monopolistic competition and oligopoly, firms' pricing policy and the protection of competition.
Open module →
M07

Economy 7 – Costs vs. Expenditures, Revenues vs. Receipts

The cash view vs. the performance view of a business, expenditure vs. cost, receipt vs. revenue, the accrual principle, choosing a legal form, the money needed before opening, profit vs. cash in a new practice’s first months, pricing a dog vaccination and typical beginners’ mistakes.
Open module →
M08

Economy 8 – Financial Management and CVP Analysis

Goals, functions and decisions of financial management, fixed/variable and direct/indirect costs, revenues, contribution margin and profit, solvency, CVP analysis and the break-even point, target profit, sensitivity analysis and six case studies from a practice and a farm.
Open module →
M09

Economy 9 – Profit and Loss: Short-Run Equilibrium and Profit Maximisation

Accounting vs. economic profit, how the business result is built, fixed and variable costs, the short and the long run, average and marginal cost, the profit-maximisation rule, short-run equilibrium, loss and the shutdown point; case study: Labka Clinic.
Open module →
M10

Economy 10 – Classification of Costs

What a cost is, direct and indirect costs (overheads) and how to allocate overheads, fixed, variable and total costs, average costs AFC, AVC and AC, and how the two classifications fit together; case study: the costs of Labka Clinic.
Open module →
M11

Economy 11 – CVP Analysis and the Break-Even Point

Basic CVP terms and the contribution margin, the break-even point by the mathematical, graphical and empirical (table and high–low) methods, linear and non-linear cost behaviour, the margin of safety, and the assumptions and limits of CVP; case study: Lúka Farm.
Open module →
M12

Economy 12 – A Vet’s Duties as Business Owner and Employer

Starting a business, income tax for a sole trader (real vs. flat-rate expenses) and for an s. r. o., VAT, health and social insurance contributions, employer’s duties from gross to net wage, fees and a calendar of key deadlines; case study: Dr. Marek’s first year.
Open module →
M13

Economy 13 – Management Decisions: From the Farm to the EU

Three levels of decision-making (farm, national, international), the cost of disease (losses + expenditure), expected value and the decision tree, partial budgeting, cost–benefit analysis at national level and international cooperation; case study: from the farm to the EU.
Open module →
CASE STUDY

Economics of a Veterinary Practice — Mini-Project

An applied assignment that ties the course together: model a veterinary practice's services, price list, operating costs, break-even point, and a measure to increase profitability.
Open case study →
Criteria for earning the micro-credential

How the course is assessed

Sali always says that economics can't be learned by heart — so to earn the micro-credential a participant must take part in the course in full, check their knowledge continuously and finally defend their own final project.

1

Active participation and involvement in discussions and problem solving

40 % of the total grade
2

Ongoing knowledge testing and practical assignments

30 % of the total grade
3

Final project — an economic analysis in practice

30 % of the total grade
ABCDEFX
91–100 % 81–90 % 71–80 % 61–70 % 51–60 % < 51 %

Assessment follows the A–FX grading scale in line with the Study Regulations of the educational programme. The level of education corresponds to level 6 of the Slovak Qualifications Framework (SQF) and the European Qualifications Framework (EQF).

Expected participant workload

How much time this story will take

The total workload of a participant in the educational programme is 125 hours, divided into four stages — from direct instruction to independent work with economic data.

10
hours — direct instruction
10
hours — analysis of learning sources
25
hours — work on case studies
80
hours — self-study
Course support

Methodological, material and study background

Staffing

Who is behind this story

Ing. Klaudia Ihnačáková

Lecturer and course guarantor

Author of the e-learning modules and guide through the Economy course.

Course lecturers

Internal and external experts

Drawn from experts with practice in economics, business and the financial market.

I'm a student

Sign in to your studies

Enter the access code you received after payment. The code is valid according to the type of access purchased (month / year).

Don't have an access code yet? Enrol via the programme page and the code will arrive by email after payment.

Welcome, student

Case Study

Economics of a Veterinary Practice

Mini-project · assignment and assessment criteria — available in English, French and Slovak.

University of Veterinary Medicine and Pharmacy in Košice
Department of Economics and Management
Mini-Project: Economics of a Veterinary Practice
Assignment and Assessment Criteria

1. Objective of the Assignment

The objective of this mini-project is to assess whether the student understands the fundamental economic principles of operating a veterinary practice: costs, pricing, the break-even point, and basic managerial decision-making.

2. Assignment Instructions (1–2 pages)

2.1 Description of the Model Veterinary Practice

Choose a type of veterinary practice (a small-animal clinic, a specialised clinic, or a large-animal practice). In a short text, describe:

  • the types of services provided,
  • the target client group,
  • the necessary equipment,
  • the main economic risks.

2.2 Price List of Services

Create a table with 5–10 services and their prices. Prices may be approximate but should be realistic.

2.3 Basic Operating Costs

Provide an estimated monthly cost overview:

  • material costs,
  • operating costs,
  • personnel costs,
  • other costs.

The goal is to demonstrate an understanding of the cost structure, not to provide exact figures.

2.4 Break-Even Point

Estimate the number of patients per month required for the practice to break even. A simple calculation is sufficient:

  • total monthly costs,
  • average revenue per patient,
  • number of patients needed to cover costs.

2.5 Measure to Increase Profitability

Propose one specific measure that could increase the profitability of the practice. Briefly explain its economic benefit.

3. Submission Requirements

  • length: 1–2 pages,
  • clear structure,
  • a table in the price-list section,
  • submission in PDF or DOCX format.

4. Assessment Table (20 points)

CriterionDescriptionPoints
Description of the practiceComplete, realistic and professional description of the practice type, services, target group, equipment, and economic risks.0–4
Price listClear table with 5–10 services; prices are realistic and appropriate for the practice type.0–4
Cost structureMaterial, operating, personnel, and other costs are included; estimates are logical and appropriate.0–4
Break-even pointClear and logical break-even estimate; includes costs, average revenue, and the required number of patients.0–4
Profitability measureSpecific, realistic measure with a clear explanation of its economic benefit.0–4

5. Optional Bonus Criteria

CriterionDescriptionPoints
Formal quality of the workClarity, structure, formatting, tables, and overall presentation.+0–1
Creativity and realismAbove-standard work, a realistic model of the practice, well-thought-out economic reasoning.+0–1
Note for students: the mini-project is a mandatory part of the course evaluation. Late submissions may be penalised according to the course rules.
Université de médecine vétérinaire et de pharmacie de Košice
Département d'économie et de gestion
Mini-projet : l'économie d'un cabinet vétérinaire
Consigne et critères d'évaluation

1. Objectif du travail

Ce mini-projet vise à vérifier si l'étudiant comprend les principes économiques fondamentaux du fonctionnement d'un cabinet vétérinaire : les coûts, la tarification, le seuil de rentabilité et les décisions de gestion de base.

2. Consignes (1 à 2 pages)

2.1 Description du cabinet vétérinaire modèle

Choisissez un type de cabinet vétérinaire (clinique pour animaux de compagnie, clinique spécialisée, ou cabinet pour animaux de rente). Décrivez brièvement :

  • les types de services proposés,
  • la clientèle cible,
  • l'équipement nécessaire,
  • les principaux risques économiques.

2.2 Liste des tarifs des services

Créez un tableau comportant 5 à 10 services et leurs tarifs. Les prix peuvent être approximatifs, mais doivent rester réalistes.

2.3 Coûts d'exploitation de base

Présentez une estimation des coûts mensuels :

  • coûts de matériel,
  • coûts d'exploitation,
  • coûts de personnel,
  • autres coûts.

L'objectif est de démontrer la compréhension de la structure des coûts, et non de fournir des chiffres exacts.

2.4 Seuil de rentabilité

Estimez le nombre de patients par mois nécessaire pour que le cabinet atteigne son seuil de rentabilité. Un calcul simple suffit :

  • coûts mensuels totaux,
  • recette moyenne par patient,
  • nombre de patients nécessaire pour couvrir les coûts.

2.5 Mesure destinée à accroître la rentabilité

Proposez une mesure concrète susceptible d'accroître la rentabilité du cabinet. Expliquez brièvement son intérêt économique.

3. Modalités de remise

  • longueur : 1 à 2 pages,
  • structure claire,
  • un tableau dans la partie « liste des tarifs »,
  • remise au format PDF ou DOCX.

4. Grille d'évaluation (20 points)

CritèreDescriptionPoints
Description du cabinetDescription complète, réaliste et professionnelle du type de cabinet, des services, de la clientèle cible, de l'équipement et des risques économiques.0–4
Liste des tarifsTableau clair comportant 5 à 10 services ; tarifs réalistes et adaptés au type de cabinet.0–4
Structure des coûtsCoûts de matériel, d'exploitation, de personnel et autres pris en compte ; estimations logiques et appropriées.0–4
Seuil de rentabilitéEstimation claire et logique du seuil de rentabilité ; coûts, recette moyenne et nombre de patients nécessaires indiqués.0–4
Mesure de rentabilitéMesure concrète et réaliste, avec une explication claire de son intérêt économique.0–4

5. Critères bonus facultatifs

CritèreDescriptionPoints
Qualité formelle du travailClarté, structure, mise en forme, tableaux et présentation générale.+0–1
Créativité et réalismeTravail au-dessus de la moyenne, modèle de cabinet réaliste, raisonnement économique bien construit.+0–1
Note aux étudiants : ce mini-projet est une composante obligatoire de l'évaluation du cours. Toute remise tardive pourra être pénalisée conformément au règlement du cours.
Univerzita veterinárskeho lekárstva a farmácie v Košiciach
Katedra ekonomiky a manažmentu
Mini-projekt: Ekonomika veterinárnej ambulancie
Zadanie a hodnotiace kritériá

1. Cieľ úlohy

Cieľom mini-projektu je preveriť, či študent rozumie základným ekonomickým princípom fungovania veterinárnej praxe: nákladom, cenám, bodu zlomu a základným manažérskym rozhodnutiam.

2. Zadanie (v rozsahu 1–2 strán)

2.1 Popis modelovej ambulancie

Vyberte si typ ambulancie (malá prax pre spoločenské zvieratá, špecializovaná prax, alebo ambulancia pre hospodárske zvieratá). V krátkom texte uveďte:

  • typ poskytovaných služieb,
  • cieľovú skupinu klientov,
  • potrebné vybavenie,
  • hlavné ekonomické riziká.

2.2 Cenník výkonov

Vytvorte tabuľku s 5 – 10 výkonmi a ich cenami. Ceny môžu byť orientačné, mali by však byť realistické.

2.3 Základné prevádzkové náklady

Uveďte orientačný odhad mesačných nákladov:

  • materiálové náklady,
  • prevádzkové náklady,
  • personálne náklady,
  • ostatné náklady.

Cieľom je preukázať pochopenie nákladovej štruktúry, nie uviesť presné čísla.

2.4 Bod zlomu (break-even point)

Odhadnite, pri koľkých pacientoch mesačne sa ambulancia dostane na nulu. Stačí jednoduchý výpočet:

  • celkové mesačné náklady,
  • priemerný príjem z jedného pacienta,
  • počet pacientov potrebný na pokrytie nákladov.

2.5 Opatrenie na zvýšenie ziskovosti

Navrhnite jedno konkrétne opatrenie, ktoré by ambulancii pomohlo zvýšiť zisk. Stručne vysvetlite jeho ekonomický prínos.

3. Forma odovzdania

  • rozsah: 1 – 2 strany,
  • prehľadné členenie,
  • tabuľka pri cenníku,
  • odovzdanie vo formáte PDF alebo DOCX.

4. Hodnotiaca tabuľka (20 bodov)

KritériumPopis hodnoteniaBody
Popis ambulancieÚplný, realistický a odborný popis typu ambulancie, služieb, cieľovej skupiny, vybavenia a ekonomických rizík.0–4
Cenník výkonovPrehľadná tabuľka s 5 – 10 výkonmi; ceny sú realistické a zodpovedajú typu ambulancie.0–4
Nákladová štruktúraUvedené materiálové, prevádzkové, personálne a ostatné náklady; odhady sú logické a primerané.0–4
Bod zlomuJasný a logický odhad bodu zlomu; uvedené náklady, priemerný príjem a počet pacientov potrebný na pokrytie nákladov.0–4
Opatrenie na zvýšenie ziskovostiKonkrétne, realistické opatrenie s jasným odôvodnením ekonomického prínosu.0–4

5. Voliteľné bonusové kritériá

KritériumPopisBody
Formálna úroveň spracovaniaPrehľadnosť, štylistika, tabuľky, logická štruktúra textu.+0–1
Kreativita a realizmusNadštandardné spracovanie, realistický model ambulancie, premyslené ekonomické úvahy.+0–1
Poznámka pre študentov: mini-projekt je povinnou súčasťou hodnotenia predmetu. Odovzdanie po termíne môže byť penalizované podľa pravidiel predmetu.
Application

Apply for study

Start studying within 24 hours · No commitment

🔒 We do not share your data. We reply within 24 hours.