Development of the fundamental tools of price and distribution theory; analysis of commodity and factor price determination under competitive and noncompetitive market conditions from the standpoint of the household and the firm; and introduction to welfare economics.Formerly 21:220:323. Prerequisites: Introduction to Economics, Micro (21:220:101) and College Algebra for Science Business (21:640:109). Introduction to Economics, Macro (21:220:102) and Applied Calculus (21:640:119) or Calculus I (21:640:135) highly recommended.