This revision and expansion of the 1966 edition of the student materials, ED 040 101, is comprised of student workbook and text for Unit I. As an introduction to economics, it is designed to provide a frame of reference for the study of contemporary economic problems. It is a careful study of such concepts as scarcity, wants, resources, and decision-making with respect to the various economic activities found in all economies, and how these activities are organized into economic systems. Economic concepts and their relationships to the other social sciences are stressed incorporating the basic strategy of problem-solving through inquiry. The seven chapter text includes general discussions by the principal author; twenty-eight readings, including some historical resources, others from foreign countries, and several by the author, are keyed to most of the chapters. The programmed student workbook contains seven programs, criterion tests, and twelve exercises. An extensive use of graphs is continued in the revision, but the unit test is not repeated. Unit II is described in SO 001 701. Other available related documents are: 1) the test editions of the Teacher's Materials for both Unit I and Unit II, ED 040 100; and, 2) the final report of the curriculum development project, ED 028 093. Addison Wesley Company will be publishing the future editions of the units. (SBE)