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The article shows the political economy role on the different stages of market economy development. Special attention is paid to political economy at Moscow State University in connection with 210-years of the Department of Political Economy. 21-st centuries' challenges to political economy are opened as well.

The article presents experience in teaching the introductory course "Economy as a System" at undergraduate level and identifies the key elements of an economic system such as private ownership, market, competition, capital and money. The authors recommend a systemic approach to teaching methods of the courses at the Faculty of Economics and prove that different schools of economic theory do not conflict, but complement each other. Profession of an economist becomes clear and attractive.