Introduction to Economics. The Economy and The Three Fundamental Questions. The Price System, Supply and Demand Analysis. The Determination of Demand Elasticity. The Theory of Utility. The Income Effect and the Substitution Effect. Market Equilibrium. Supply and Costs. The Supply Curves. General Equilibrium and the Efficiency of Perfect Competition. Imperfect Competition - Monopoly, Oligopoly and Monopolistic Competition. The Price of Labor. Interest, rent and Profits.