The course enables students to understand the behavior of different economic agents in the economy and their interactions in the market. It introduces to students the patterns of different market structures and their associated impacts, enabling students to understand the role of the government and the degree of efficiency in different market structures. The course also enables students to apply basic economic theories and models to explain real world economic phenomena. The course covers the concepts of the demand, supply, their elasticity and market equilibrium. Consumer choices, production process, the costs of production and different market structures and their patterns will also be discussed in the classes.

CILO-1: Recognize how the economy operates and describe the major issues on the micro side. CILO-2: Indicate various behavior of consumers and illustrate how they maximize their utilities. CILO-3: Identify, predict and interpret the linkages between price, demand, supply and output in the economy. CILO-4: Develop critical business decisions on price and output choices. CILO-5: Formulate business analyses and provide recommendations.