An introduction to the terms, tools, and concepts basic to modern economic analysis. Specific topics addressed include: supply and demand analysis; consumption, production, and cost theories; externalities, public goods, and government response; national income accounting, productivity, and economic growth; labor markets and employment; economic fluctuations and monetary and fiscal policy; and finally international trade. Policy application is central to the discussion of all topics in the course. Students who need to take both Principles of Microeconomics and Principles of Macroeconomics may fill the requirement either by taking ECON 200 - Principles of Macroeconomics and ECON 201 - Principles of Microeconomics, or ECON 205. Students may not get credit for both ECON 200 - Principles of Macroeconomics and ECON 205 or ECON 201 - Principles of Microeconomics and ECON 205.