Introduction to the economic problem and the study of economics; basics of supply and demand; introduction to concepts and models used to understand the economic behavior of households and firms, economic outcomes under various market structures, market failures, and international trade.

Introduction to the economic problem and the study of economics; basics of supply and demand; introduction to concepts and models used to understand the economic behavior of households and firms, economic outcomes under various market structures, market failures, and international trade.

A study of the fundamental principles of international economic relations. Subjects covered include the economic basis for international specialization and trade, the economic gains from trade, trade policies, economic blocs, and the international financial system.