An in depth analysis of the operation of market forces in determining resource allocation in the private sector via the price system. Comprehensive theoretical models of the consumer, the producer, and market structure are developed. The student will become acquainted with the techniques whereby economists analyze, for purposes of public policy, such issues as environmental restrictions, public utility rate fixing and other price controls, commodity taxation, minimum wage laws, occupational licensing, and the economics of crime and punishment. Meets new General Education Social Science requirement or 2023 General Education Social Sciences