The scope of this module covers the principles of microeconomics and macroeconomics. This module aims to have students understand the basic concepts of economics and apply the theories and concepts to current affairs. The first half of this module includes core principles of microeconomics such as scarcity, opportunity cost, supply and demand, price elasticity, equilibrium principles, cost theorem, and market structures. The emphasis is on the behaviour and decision making of individuals and firms. The second half of this module introduces macroeconomics – a macro perspective of the economy. The concepts include aggregate demand and supply, Gross Domestic Product (GDP), price level (inflation), employment, and the open economy. Policy interventions would be from the perspectives of central banks (monetary policy) and government (fiscal policy).