AN INTRODUCTION TO ECONOMICS AND THE ECONOMY -- The nature and method of economics; the economizing problem; individual markets -- supply and demand; the market system; the US economy -- private and public sectors; the United States in the global economy -- NATIONAL INCOME, EMPLOYMENT AND FISCAL POLICY -- Measuring domestic output, national income and the price level; introduction to economic growth, unemployment and inflation; building the aggregate expenditures model; aggregate expenditures -- the multiplier, net exports and government; aggregate demand and aggregate supply; fiscal policy -- MONEY, BANKING AND MONETARY POLICY -- Money and banking; how banks and thrifts create money; monetary policy -- LONG-RUN PERSPECTIVES AND MACROECONOMIC DEBATES -- Extending the analysis of aggregate supply; economic growth and the new economy; deficits, surpluses and the public debt; disputes over macro theory and policy -- MICROECONOMICS OF PRODUCT MARKETS -- Demand and supply -- elasticity and government-set prices; consumer behaviour and utility maximization; the costs of production; pure competition; pure monopoly; monopolistic competiton and oligopoly; technology, R & D and efficiency -- MICROECONOMICS OF RESOURCE MARKETS -- The demand for resources; wage determination; rent, interest and profits -- MICROECONOMICS OF GOVERNMENT -- Government and market failure; public choice theory and the economics of taxation -- MICROECONOMIC ISSUES AND POLICIES -- Antitrust, regulation and industrial policy; agriculture -- economics and policy; income inequality and poverty; labour market issues -- unionism, discrimination, immigration; the economics of health care -- INTERNATIONAL ECONOMICS AND THE WORLD ECONOMY -- International trade; exchange rates, balance of payments and trade deficits; the developing economies -- TRANSITION ECONOMIES : RUSSIA AND CHINA [see URL below].