This course focuses on the basic principles concerning production, consumption, and distribution of goods and services in the United States and a comparison with those in other countries. Other concepts studied are: the rights and responsibilities of consumers and businesses, the interaction of supply, demand, and price as well as the role of financial institutions in a free enterprise system, types of business ownership and price as well as the role of financial institutions in a free enterprise system, types of business ownership and market structures, and basic concepts of consumer economics. In addition, students analyze the impact of a variety of factors including geography, the federal government, economic ideas from important philosophers and historic documents, societal values, scientific discoveries, and technological innovations on the national economy and economic policy.