Basic functions of the United States economy viewed as a whole; policies designed to affect its performance. Economic scarcity, supply and demand, the causes of unemployment and inflation, the nature of money and monetary policy, the impact of government taxation and spending, the federal debt, and international money matters. ECON 401A emphasizes applications to the international economy. ECON 401H is open to students in the Honors Program. No credit for students who have received credit for ECON 401A, ECON 401H, ECN 411, or equivalent.