Introduces the basic theoretical framework for describing and explaining decision making in a market-oriented economy. Topics include consumer behaviour, the theory of markets, the theory of the firm, price and output determination, market equilibrium and the factors affecting the inefficient allocation of resources.

Presents an aggregated view of the economy. Theories of national income, growth, unemployment, interest rates and inflation, money and banking, international trade and finance and the impact of economic globalization will be introduced. Prerequisite: ECON 101