Econ 101

Econ 101 introduces the basic principles of how individuals and societies allocate limited resources to satisfy wants and needs. It covers concepts like supply and demand, which determine prices; opportunity cost, the value of the next best alternative foregone; and incentives that influence behavior. The course explains how markets function, the role of competition, and the impact of policies on economic efficiency and growth. Essentially, it provides a foundation for understanding how economies operate, guiding decisions at personal, business, and government levels to promote prosperity and well-being.