This course aims to introduce to students knowledge in economics and their application to the business world. After this course, students are expected to familiarize the techniques in applying economic concepts and theories to make business decisions. In the macroeconomic part of this course, major economic indicators, such as real growth in gross domestic product, inflation rate, unemployment rate, interest rate, exchange rate, balance of payment, their correlations and implications to the business world will be discussed. Theories in international trade and the concept of comparative advantage and their real world application will also be reviewed. In the microeconomic part, the concepts of demand and supply, consumer behavior and consumer choice, production and costs, profit maximization and pricing strategies, various market structures and the corresponding production and pricing decisions, game theory and its business application will all be covered.

CILO-1: This course introduces students to the basic principles of economics and provides them with an economic framework to understand individuals’ choices, individual firm’s decision-making, the workings of individual markets, international trade, and the influence of government policies. CILO-2: Through clear introduction to theory and applying the concepts to today’s events, news, and research, it is hoped that the students can think like economists. CILO-3: The major issues to be discussed include (1) the consumer theory; (2) the producer theory; (3) the market structure; (4) market failure; (5) government macroeconomic policies; (6) macroeconomic issues such as unemployment, inflation, growth, and balance of payments; (7) international trade and business.