Economic issues and concepts – How economics work – Demand, supply and price – Elasticity – Markets in action – Consumer behaviour – Producers in the short run – Producers in the long run – Competitive markets – Monopoly – Imperfect competition – Economic Efficiency and public policy – Factor pricing and factor mobility –Labour markets – Capital and natural resources –Market failures and government intervention – Environmental policy – Taxation and public expenditure – What macroeconomics is all about – The measurement of National income and product – Shorrun versus long-run macroeconomics – The simplest short-run macro model – Adding government and trade to the simple macro model – Output and prices in the short run – Output and prices in the long run – The nature of money – Money output and prices – Monetary policy in Canada – Inflation – Unemployment – Budget deficts and surpluses – Economic growth – Challenges facing the developing – The gains from international trade – Trade policy – Exchange rates and the balance of payments.