Microeconomics is applied to all individuals in all spheres of business: (a) Consumer - the buyer and user of end products, (b) Producer - the one who makes / sells the product and (c) Government - the one who intervenes in the market place. This module aims to explain an individual’s choice under scarcity and its implications on the behaviour of prices and quantities in individual markets. It describes how individual persons, markets and institutions make their choices given finite resources and the impact they have on one another, shedding light on the interlocking relationships among various entities in the market place. The module enables students to apply basic micro-economic concepts to explain everyday phenomena in the market place. Topics covered include price and quantity determination, how firms make strategic choices and government intervention in the market place during market failure.