A one-semester introduction to the principles of economics and their applications to the leading economic problems of society. Analysis of the theories of consumer behavior, resource allocation, externalities, production and pricing policies of firms. An analysis of the determination of national income, employment and price levels, with discussion of consumption, investment, inflation, government fiscal and monetary policies, international trade, and their relevance to business and industry. The tools and techniques of economic analysis are used to analyze and solve business and industrial decision-making problems. An introduction to statistical estimation in mathematically formulated economic relationships, including the discussion of auto correlation, heteroskedasticity, dummy variables, functional forms, and distribution lags.
Computer use is emphasized.