As the Keaton household gets ready for the first day of the new school year, Alex reminds Jennifer of how incredibly successful he was at the high school she's about to enter, and preps Andrew on the most efficient kindergarten take-over tactics, before leaving for the Leland campus to participate in a psychology research project on overachievers.

Having responded to an ad soliciting paid subjects, Alex shows up for his first interview and is greeted by the author of the study, pretty senior Psychology major, Lauren Miller. They clash almost immediately over Alex's monetary demands and Lauren's increasingly heated allusions to the emotionally-bankrupt, materialistic attitudes of overachievers like him.

While Nick entertains the Keatons with a demonstration of the ""salesmanship"" he's using in his new job selling lightbulbs over the phone, an impatient Andrew waits for Alex to come home so they can watch a special edition of ""Wall Street Week"" together.

When Alex finally arrives, Andy is depressed to see that he has brought his new love, Lauren Miller. To make matters worse, Alex forgoes watching ""Wall Street Week"" in favor of spending time with Lauren, which only adds to Andy's frustration.

As Elyse wraps up a major project for her firm, she realizes that her busy architectural career is causing her to neglect her family, especially Andy. Although Elyse feels terrible about not devoting more time with Steven and the kids, she doesn't want to give up her rewarding position at the firm.

Just when she expects a breather, Elyse's boss dumps a prestigious project into her lap. Inspired by the challenge, she accepts the enormous job, despite initial misgivings. Later that afternoon, when a teacher calls to tell Elyse that no one has come to pick Andy up from school, ""Super Mom"" begins to feel like a failure, unable to juggle her private and professional demands.

Alex and Lauren face the first real test of their budding romance when one of Lauren's former loves comes for a visit and Alex finds himself feeling uncharacteristically insecure.

While turning a ""foolproof"" meal of frozen TV dinners into a complete disaster, Lauren gets a call from her handsome and brilliant ex-boyfriend, Eric Matthews, who announces that he's flying in from New York and wants to take her to dinner. Careful to avoid any possible misunderstanding, Lauren consults with Alex before accepting Eric's invitation, and is reassured that Alex doesn't mind at all.

When Mallory decides to run for student body president of Grant College, her family is surprised at her uncharacteristic interest in politics. She explains that ""it just sounded like a good idea"", and introduces Skippy as the manager of this rather unfocused campaign. Still her most ardent admirer, Skippy encourages the whole family to work on Mallory's behalf.

When Lauren is required to write a paper on the typical American family, she chooses the Keatons. Focusing first on Steven and Elyse, she asks about their history together and the growth of the family, prompting Elyse to reminisce about her pregnancy with Andy. Steven recalls what a thrill Andy's arrival was to everyone, especially Alex, who was delighted to finally have a brother.

The Christmas spirit has come to the Keaton house, where the family is busy baking Christmas cookies when Skippy stops by to ask a favor. He wants Alex to pinch-hit for him as Santa at the mall, and Alex agrees after hearing about the excellent hourly wage.

With Mallory and Jennifer along as his wall-paid elves, ""Santa"" Alex dispenses stock tips and financial advice to long lines of children. Besieged by kids with elaborate Christmas lists, Alex is surprised when he's approached by a sad-looking little girl who insists she doesn't want anything for Christmas and doesn't believe in Santa Claus. Her mother explains that seven-year-old Michelle is very depressed that her father, a traveling salesman who is struggling to make a living, won't be home for the holiday.

Alex becomes a deejay of his own college radio show with a program he calls "Syncopated Money", designed to "combine classic American music with an indepth analysis of the business scene". While on the air one day, Alex introduces a tune by "the late blues great, Eddie Dupre", only to discover that Dupre is alive when the legendary blues artist himself calls the station.

While Andy is inspired by his parents' old love letters to try his hand at writing one to a kindergarten sweetheart, Lauren finds herself less and less able to spend time with Alex. She is struggling with her psychology thesis and is becoming increasingly depressed by her lack of significant progress. She confesses to the Keatons that she sometimes has the urge to quit, but Steven and Elyse encourage her to hang in there and keep working on it, much to Alex's chagrin.

The day after she has broken yet another date with Alex to work on her thesis, Lauren complains to him that the project which once thrilled her has become incredibly boring. Having received a lukewarm response from her professor on what she has accomplished so far, Lauren finds the temptation to quit and spend more time with Alex too strong to resist. Alex happily assures her that she is making the right decision.

A family camping trip turns into a comedy of errors.

While the Keaton kids and Lauren argue about politics, Steven and Elyse decide it's time to get away from such serious concerns. They eagerly suggest that the whole family go on a camping trip, like they used to do. The kids don't share their parents' enthusiasm, however, and quickly come up with reasons why they can't go. As a result, little Andy is the only Keaton willing to go along with Steven and Elyse.

In an attempt to get Alex to open up emotionally, Lauren persuades him to join a therapy group.

Returning from a date, Alex and Lauren arrive at the Keaton home and finish a fight they began in the car. Lauren resents the fact that Alex has dragged her to a boring economics department function and accuses him of avoiding any conversation which becomes personal.

While Steven fights for his life in surgery, the family fights to remain optimistic about his condition.

When Steven's surgery extends beyond the expected five hours, tension in the waiting room increases. A nervous Alex, however, begins to express acute concern only for himself fearing that he has inherited a weak heart, he searches in vain for his pulse. Lauren soon makes Alex realize that he is fixated on his own health to block the anguish he really feels for his father. While the Keatons wait, they receive hope and encouragement from Mrs. Hobart and Mr. Meyers, whose spouses are also undergoing surgery.

Steven battles the physical and psychological aftershocks of his heart surgery.

As the hours drag on during Steven's quadruple bypass operation, the Keaton crew grows exhausted in the hospital waiting room. Awakened by Skippy's typically goofy entrance, they all snap to attention when Dr. Harrison appears. He assures them that the surgery has gone well, but Steven must still be observed closely for the next few hours.

Lauren gets more than she bargained for when she begins counseling Skippy and he falls in love with her.

When Jennifer arrives home with her learner's permit in hand and announces that she'd like Elyse to teach her how to drive, a somewhat miffed Steven begins to needle them both about ""women drivers"". With continuous prodding, however, Steven finally gets his way and takes over as Jennifer's driving instructor.

Alex's relationship with Lauren is tested when he becomes infatuated with a young music student.

While Lauren's out of town attending a psychology conference. Alex begins teaching a freshman seminar in economics at Leland College. As he begins his first lecture, he is interrupted by a late arrival, music major Marty Brodie, a rather scattered young woman.

Alex finds himself on an emotional rollercoaster when he's forced to choose between Lauren and Marty.

When Lauren returns from her psychology conference, she notices that Alex is acting distant and distracted. After an uncomfortable silence, Alex admits that he has become interested in another woman and needs time to sort out his feelings, a revelation that leaves Lauren angry and confused.

When Alex lands his dream job in New York, everyone's delighted for him, except Elyse.

As Steven helps Andy rehearse for his school play on dental hygiene, Alex bursts into the Keaton kitchen with a rousing chorus of ""New York, New York"", and the news that he's been hired by one of Wall Street's biggest investment firms. The family is thrilled, but Elyse is somewhat taken aback when she learns that Alex is expected to move immediately.

While everyone pitches in to help Alex get ready, Elyse becomes miffed over a family photo that he packed without her permission and a palpable tension begins to develop between them. In the course of packing, Alex battles wits with Jennifer, accepts fashion tips from Mallory, receives fatherly advice from Steven and shares some final moments with Nick, Skippy and Lauren. All the while, Elyse continues to withdraw from him.