Economics 101

Also known as ECON101 - A phrase styled after the usual name of an introductory economics module at university or college. It's usually used by libertarians and conservatives to explain away the problems of capitalism, with the implication that their interlocutor "simply doesn't understand basic economics", even though a lot of said basic economics go on to be debunked in Economics 201.

Lib: "The minimum wage was introduced so that every employed person could afford food and rent, but ever since the Reagan administration, wages haven't been following the massive increases in productivity, as well as skyrocketing rent."

Cons: "Bruh, that's dumb - raising wages means people must get fired! Also, rent is increasing because more people want to rent! Supply and demand - it's just Economics 101."