This course is an introduction to microeconomics which examines specific sectors within the entire economy. The two foundations of microeconomics are the concepts of demand and supply. These foundations can be applied to both the product markets and the resource markets. Microeconomics also studies the behaviours of individual firms and industries within the different market structures. The microeconomist often specializes in one particular sector of the economy, for example, the automotive industry or the health care industry. The microeconomist is often referred to as a 'consultant' for a particular industry or a particular sector of the economy. The relevance of the economy in today's world reinforces the importance of the study of economics as part of the student's overall business education.