Scope and method of economics -- Economic problem: scarcity and choice -- Structure of the U.S. economy: the private, public, and international sectors -- Demand, supply, and market equilibrium -- Price system, supply and demand, and elasticity -- Household behavior and consumer choice -- Behavior of profit-maximizing firms and the production process -- Short-run costs and output decisions -- Costs and output decisions in the long run -- Input demand: the labor and land markets -- Capital market and the investment decision -- General equilibrium and the efficiency of perfect competition -- Monopoly -- Monopolisitc competition and oligopoly -- Antitrust and regulation -- Externalities, public goods, imperfect information, and social choice -- Income distribution and poverty -- Public finance: the economics of taxation -- Economics of labor markets and labor unions -- Location of economic activity: urban and regional economics --Introduction to macroeconomics -- Measuring national output and national income -- Macroeconomic problems: unemployment and inflation -- Aggregate expenditure and equilibrium output -- Government and fiscal policy -- Supply of money and the Federal Reserve System -- Demand for money, the equilibrium interest rate, and monetary policy -- Money, the interest rate, and national income: analysis and policy -- Aggregate demand, aggregate supply, and inflation -- Labor market, unemployment, and inflation -- Budget deficit, stabilization policy, and other macroeconomic issues -- Household and firm behavior in the macroeconomy -- Further topics in marcoeconomic anaylsis -- Debates in macroeconomics: monetarism, new classical theory, and supply-side economics -- International trade, comparative advantage, and protectionism -- Open-economy macroeconomics: the balance of payments and exchange rates -- Economic growth in developing nations -- Alternative systems, the collapse of communism, and the road to economic reform