This standard course presents the basic principles of economic analysis and their application to contemporary economic problems and supports the further study of economics and related disciplines in the social sciences. The course is organized into three general sections: microeconomics, outlining basic theory of allocation by supply and demand in a market economy and relating this theory to contemporary issues; macroeconomics, surveying the theory of aggregate economics and illustrating the application of macroeconomic theory to public policy in the American economy; and international economics, introducing trade theory and international monetary theory and policy and application of economics to selected public policy issues (taxation and resource allocations, provision of public goods, etc). Cadets examine the implications of economics on national security and defense, and the use of economic analysis to improve decisions they will make as Army officers.
