An introductory course in the development and use of economic tools for analysis of public policy issues. The course begins with an introduction to the central problem of organizing an economy and allocating resources, emphasizing an overview of the market system in a private enterprise economy. Demand and supply analysis and the elements of long-run competitive equilibrium are developed. This is followed by an analysis of the foundations of consumer behavior which determine market supply and demand. The course concludes with an examination of cases in which the competitive paradigm does not hold (monopoly, oligopoly), and a consideration of the problem of multi-market equilibrium in a private enterprise economy. In addition to serving as an introduction to economic analysis, the course is also intended to provide the necessary methodological basis for students who go on to take courses in intermediate economic analysis.
