ECO-201 provides a foundation in the principles of microeconomics, examining the role of economic systems in allocating scarce resources. Students explore key concepts such as supply and demand, market equilibrium, price elasticity, economic costs, and market structures.
Scarcity as the foundational economic problem
The course grounds microeconomics in the fundamental problem of allocating genuinely scarce resources, establishing why economic analysis exists in the first place — resources are limited, and choices about their allocation have real consequences.
From individual markets to firm behavior
ECO-201 moves from supply and demand fundamentals into how individual markets reach equilibrium, and then into how firms operate within different market structures, building a coherent picture of microeconomic behavior at multiple levels.
Key topics in ECO201
- Supply and demand fundamentals
- Market equilibrium
- Price elasticity
- Economic costs and production
- Market structures
- Resource allocation in economic systems
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Worked example: elasticity shaping pricing strategy
- Elastic demand: A price increase causes a large drop in quantity demanded
- Inelastic demand: A price increase causes only a small drop in quantity demanded
- Lesson: ECO-201 teaches that understanding a product's elasticity is essential before predicting how a price change will actually affect revenue
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Frequently asked questions
Supply and demand, pricing, and market structures are all, at their core, mechanisms for allocating resources that are genuinely limited relative to human wants, and understanding this foundational scarcity problem explains why these economic tools and concepts exist and matter in the first place, rather than treating them as abstract mathematical exercises. ECO-201 starts here because this framing gives students a coherent reason for why the rest of microeconomic theory is structured the way it is.
How supply, demand, and pricing actually play out in practice depends significantly on the market structure involved — a firm in a perfectly competitive market faces different pricing realities than a monopoly or an oligopoly — meaning the basic supply and demand model needs to be adapted to these different competitive contexts to accurately predict real market behavior. ECO-201 covers market structures because applying supply and demand concepts correctly requires understanding how competitive context shapes their real-world application.