This course highlights the importance of business management and economics in the Chinese market. The course will be taught in two broad classifications, business management and economics. Business management aims to cover a broad range of issues, which highlights the need for management students to adopt new management practices in order to stay relevant in the China’s changing business environment. The topics include:

1) Business management fundamentals: practical problems in management, rationale behind business management, functions of business management, max weber’s theory in administration, theory behind human relations, and analysis of business environment and corporate targets.

2) Management science: Taylor’s rule in management3) Business management practices in the present and its development in future: problems

with the Chinese markets; changes in Chinese business environment and economic model

4) Managing and creating value for the company: management solution to deal with changes in business and economic landscape

On the other hand, economic aspects of this course covers the following topics:1) Economics principles: price mechanism in the market, consumer’s surplus and

producer’s surplus, elasticity’s concept, businesses’ output and price decision making.2) Microeconomics concepts and its application in management: profit maximization as the

goal for businesses, application of game theory concept in management decision, reasons behind collusion and collaboration, and ways to avoid price wars, business strategy in industrial organizations

3) Macroeconomics in china: transition from agriculture driven economy to service and production driven economy, problems accompanying economic growth, demographic changes and implications on the labor market