Students will examine the allocation of scarce resources and the economic reasoning used by government agencies and by people as consumers, producers, savers, investors, workers, and voters. Key elements of the course include the study of scarcity, supply and demand, market structures, the role of government, national income determination, money and the role of financial institutions, economic stabilization, and trade. Students will examine the key economic philosophies and economists who have influenced the economies around the world in the past and present. Informational text and primary sources will play an instrumental part of the study of economics where it is appropriate.