Pre-requisite(s): None

Course Description:
This course aims first to introduce students with the basic principles and the main building blocks of microeconomics. The students should appreciate the relevance of the course materials in real life, and learn to apply them in analysing some simple economic problems commonly encountered by individuals and firms. The major topics covered are: the market forces of demand and supply, and the associated concept of elasticity; the key role of price in the resource allocation; the efficiency of, and some possible problem with, the market mechanism; the various cost measures for firms; the different forms of market competition, and the impact on social welfare; and finally, the basic role of government in the economy.