Economics 101

Economics 101 is an introductory course that provides a basic

understanding of economic principles and concepts. It covers the study of
how societies allocate resources to satisfy their unlimited wants and needs.
The course introduces students to micro and macroeconomic theories,
which are the two main branches of economics. Microeconomics is
concerned with individual decision-making, such as how consumers and
firms make choices and interact in markets. Macroeconomics is concerned
with the study of the economy as a whole, including the determination of
overall output, employment, and inflation.

In Economics 101, students learn about the fundamental economic

concepts, such as supply and demand, elasticity, market structure, and the
role of government in the economy. They also learn about the factors that
affect economic growth, such as technology, human capital, and
institutions. The course introduces students to different economic systems,
such as capitalism, socialism, and communism, and the advantages and
disadvantages of each system. Additionally, students are taught about
international trade and how it affects different countries.

Overall, Economics 101 is an essential course for understanding how the

economy works and the factors that influence it. It provides a foundation for
more advanced courses in economics and related fields. The principles and
concepts learned in this course can be applied to everyday life, such as
making purchasing decisions, understanding how taxes affect personal
finances, and evaluating economic policies proposed by governments.
Therefore, Economics 101 is a valuable course that can benefit students in
various fields and professions.