Principles of Economics

(Formerly Economics 1 and 2.) An introduction to the fundamentals of microeconomic and macroeconomic analysis. Topics covered in microeconomics include 1) how markets determine composition and pricing of outputs and inputs, and 2) the behavior of individual consumers and businesses in response to market forces. Topics covered in macroeconomics include 1) the determinants of economic growth, and 2) the effects of fiscal and monetary policy on unemployment, inflation, and capacity utilization. Economics 5 and 8 may not both be taken for credit.