A descriptive analysis of the structure and functioning of the American economy. Emphasis on basic economic institutions and factors that determine national income and employment levels. Consideration given to the macroeconomic topics of national income, unemployment, inflation and monetary and fiscal policies. Prerequisites: None.

Microeconomic analysis including the theory of consumer choice, price determination, resource allocation and income distribution. Includes non-competitive market structures such as monopoly and oligopoly; and the effects of government regulation. Prerequisites: None.