The course is designed to provide students basic knowledge in applying economics concepts in managing firms in the business environment. It introduces essential economics concepts associated with the functioning of firms and markets. Through the understanding of the production costs, consumer demand, and market structures, students are able to analyse and formulate the supply decision of a firm. The course will also cover various managerial objectives and corporate behaviour in doing business. Students will learn about and understand the importance of competitive strategy and price strategy in business environment.