Definition of economics and its methodology. Topics include scarcity and the resulting macroeconomic problems; measures and fluctuation in the level of economic activity (size and components of GNP, full employment, growth); stabilization policies (inflation, unemployment); money, financial markets, and monetary policy in an open economy.
Study of scarcity and the resulting microeconomic problems; demand and supply analysis and applications; production and cost functions (elements of location theory); market structures, industry and firm conduct and performance; and factor demand analysis.
