Basic microeconomic concepts such as demand and supply, market structures, pricing and equilibrium. Conditions for market efficiency, and approaches to addressing market failures from externalities, asymmetric information and market power. Tensions between efficiency and equity. Macroeconomic concepts such as inflation, unemployment, trade, economic growth and development. Different perspectives on issues of monetary and fiscal policy. Emphasis on public policy issues and the logic behind the economic way of thinking. Open to all students.