This course deals with the concept of a free market economy and how a model of economic freedom and limited government is related to political liberty and economic efficiency. Major topics include a study of economics of socialism and capitalism, the "invisible hand" in capitalism, the "fatal conceit" in socialism, the utopian models of laissez-faire capitalism and egalitarian Marxism, and the economic goals of growth, freedom, equity, full employment, price stability, and efficiency.

Prerequisites: (ECON1020 and ECON1030) or ECON1010