Ha ha, excellent stuff. Econ 101 is Econ 101 because it is simplistic. It's like saying "Pi is 22/7. This is high-school mathematics, guys". The whole thing is

Ha ha, excellent stuff. Econ 101 is Econ 101 because it is simplistic. It's like saying "Pi is 22/7. This is high-school mathematics, guys". The whole thing is made simple so you can grasp some concepts. You learn the complexity when you progress through the classes. Realistically then, saying something is Econ 101 is saying that "looking at this without considering any of the subtleties of the situation, we have the following result".