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Econ101 Essentials: Class Notes

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2025/2026 Written for academic year
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Economics
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ECON101
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This document gives a detailed introduction to economics and it's basic concept for study and exam preparations.

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INTRODUCTION TO ECONOMICS: Key Concepts and Study Notes

AUTHOR: Gracy

TABLE OF CONTENT

1.Definition of Economics

2.Types of Economies

3.Demand and Supply

4.Market Structures

5.Inflation and Unemployment

6.Key Formulas and Examples

1. Definition of Economics

Economics is the study of how individuals, businesses, and governments make choices to
allocate scarce resources.

Microeconomics: Study of individuals and firms

Macroeconomics: Study of the economy as a whole

2. Types of Economies

Traditional Economy: Decisions based on customs and traditions

Command Economy: Government controls resources and production

Market Economy: Decisions made by individuals and businesses

Mixed Economy: Combination of market and government control

Example:

Nigeria has a mixed economy — mostly private businesses with some government
regulation.

3. Demand and Supply

Law of Demand: As price falls, quantity demanded rises

Law of Supply: As price rises, quantity supplied rises

Equilibrium Price: Price where quantity demanded equals quantity supplied

Example Problem:

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Subjects

  • economics
  • microeconomics
  • macroeconomics
  • demand and supply
  • market structure
  • inflation
  • unemployment
  • exam preparation
  • economics formulas
  • study guide

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