This course is a general introduction to the theory of price in a market economy. Topics include basic economic concepts, the theory of demand, production and cost, the operation of firms in competitive, oligopolistic and monopolistic markets, costs and benefits of government intervention in market economy, and introduction to game theory and informational economics. Analytical approach is used whenever appropriate. Applications on practical business problems are emphasized. (Not for students who have taken ECON2011 or ECON3011.)