This course provides an introduction to the basic ideas in economics. It will discuss how individuals and firms make their decisions and how to interact with each other. The operation of markets, including the competitive markets and monopolists markets, will also be discussed. The course will also explore the functioning of labor market, product market and other factor markets. The course will use real-world examples to illustrate the economic principles and their applications.

CILO-1: Describe the basic principle of demand and supply. CILO-2: Explain the market equilibrium. CILO-3: Explain the behavior of the consumers and the firms. CILO-4: Describe the market mechanism. CILO-5: Apply the principles in the daily life.