The theoretical and institutional framework of modern national economics. Theories underlying government policies for business cycles; levels of total economic activity; unemployment, inflation, and the balance of payments. Also included is an analysis of policies for economic growth and development, the money supply, and the federal budget. An overview of the international economy, including comparative economic systems.
The theory of consumer behavior, including supply and demand; theory of the firm, the factors of production and the role of individual markets; government regulation of business, and an overview of American and international financial institutions.