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This course studies key concepts in the areas of Microeconomics and Trade relevant for understanding issues in international affairs. Micro concepts include scarcity, efficiency, supply and demand, costs and benefits, incentives, market structure, market failures, and risk. Trade concepts include absolute and comparative advantage, gains from trade, the pattern of international trade, commercial policy, trade arrangements and trade systems. The course is more conceptual in nature and requires only basic math skills. Students taking the Essential Economics core will not be eligible to take most economic elective classes.