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An economic analysis of the interactions between households, businesses and the government regarding the allocation of goods, services and resources. Topics include the theory of consumer behavior, production and cost determination, and resource pricing.

An introduction to aggregate economic analysis; use of the aggregate demand/aggregate supply model for the determination of output, employment and prices; use of the production possibilities curve analysis to illustrate opportunity cost and to show gains from trade applying the concept of comparative advantage; structure and functions of the Federal Reserve System; and conduct of monetary policy.