Upon successful completion of the course, students will be able to: understand that markets have two sides (demand side and supply side); evaluate how market adjustments eliminate shortages and surpluses; define the four major determinants of price elasticity of demand; review the basic concepts used to build a specific theory of the demand for and supply of labor; explain six factors that contribute to income inequality and their innate abilities and attributes, work and leisure, education and other training, risk taking, luck, and wage discrimination; and evaluate the theories of public choice and assess how it helps explain the behavior of politicians, especially near or at election time.