Principles of economics and the way of economic thinking; the market process and price mechanism; market demand, market supply, elasticity and implications; factors affecting changes in supply and demand; effects of government policy on market competition and welfare; concept of public economics micro-instability, inequality and externality; theory of the firm and producer behavior in competitive and monopoly markets; analyses of short-and long-run cost and revenue; input market; the course emphasizes on the practical link between theory and current economic reality