ECO 106 is a class that introduces students to the concept of microeconomics. It is the study of how individuals and firms make decisions to grow their company and profit from them as well as how to interact with the market. This class is the best place to start learning about small companies and their nature. Here are some of the main topics covered in this class:
1. Costs of production
The cost-of-production theory of value states that the price of an object or condition is determined by the sum of the cost of the resources that went into making it. The cost can comprise any of the factors of production: labor, capital, land. Technology can be viewed either as a form of fixed capital (ex: plant) or circulating capital(ex: intermediate goods). Main source: Wikipedia
Class ECO 106 delves deep into this theory and introduces students to a whole new concept of production cost and the various factors involved with it. Professors for this class use a variety of strategies to make this class more interesting and not bore students with continuous economic talks.
2. Market structure
The market structure can have several types of interacting market systems. Different forms of markets are a feature of capitalism, and advocates of socialism often criticize markets and aim to substitute markets with economic planning to varying degrees. Competition is the regulatory mechanism of the market system. Main source: Wikipedia
ECO 106 introduces students to such market structure and their behavior. Professors use various techniques so that it is easy and fun for students to learn in this class as it can have too much information and sometimes it gets difficult for students to grab everything at once.
3. Game theory
ECO 106 introduces students to a wide array of economic phenomena such as auctions, bargaining, etc. and explains in detail just how this phenomenon works. Game theory is a major method used in mathematical economics and business for modeling competing behaviors of interacting agents. The term “game” here implies the study of any strategic interaction between people. Main source: Wikipedia
4. Demand, supply, and equilibrium
Supply and demand is an economic model of price determination in a perfectly competitive market. ECO 106 brings students to realize that in a perfectly competitive market with no externalities, per unit taxes, or price controls, the unit price for a particular good is the price at which the quantity demanded by consumers equals the quantity supplied by producers. This price results in a stable economic equilibrium. Main source: Wikipedia
All in all, economy applies to everyone in some way. It is important for every business student to learn how an economy runs individual companies and firms and for this, ECO 106 is the one of the best classes to start with. Every professor in this class is highly qualified and always enrich your learning experience throughout the semester.