Economics 101: Principles of Microeconomics

Course Objective

The course objective is to introduce and teach you microeconomic concepts, including supply and demand, resource allocation, consumer behavior, market structures, and government impact.

Grading Policy

Your grade for this course will be calculated out of 300 points. The minimum score required to pass and earn real college credit for this course is 210 points, or an overall course grade of 70%. The table below shows the assignments you must complete and how they'll be incorporated into the overall grade.

Quizzes

Quizzes are meant to test your comprehension of each lesson as you progress through the course. Here's a breakdown of how you will be graded on quizzes and how they'll factor into your final score:

• You will have 3 attempts to take each quiz for a score.
• The highest score of your first 3 attempts will be recorded as your score for each quiz.
• When you've completed the course, the highest scores from your first 3 attempts at each quiz will be averaged together and weighed against the total possible points for quizzes. For instance, if your average quiz score is 85%, you'll receive 85 out of 100 possible points for quizzes.
• After your initial 3 attempts, you can take a quiz for practice as many times as you'd like.
• You will need to pass each quiz with a score of at least 80% to earn course progress for the lesson. However, it is not necessary to earn 80% within the first three quiz attempts.

Proctored Final Exam

The proctored final exam is a cumulative test designed to ensure that you've mastered the material in the course.

• You'll earn points equivalent to the percentage grade you receive on your proctored final. (So if you earn 90% on the final, that's 180 points toward your final grade.)
• If you're unsatisfied with your score on the exam, you'll be eligible to retake the exam after a 3-day waiting period.
• You can only retake the exam twice, so be sure to use your study guide and fully prepare yourself before you take the exam again.

Items Allowed on Study.com Proctored Exam for Economics 101:

• A non-graphing, scientific calculator
• Blank scratch paper
• Pen or pencil

Items NOT Allowed on Study.com Proctored Exam for Economics 101:

• Graphing calculators
• Office programs, web browsers, or any programs other than Software Secure (including Study.com lessons)
• Textbooks (digital or physical)
• Mobile phones, headphones, speakers, TVs, radios
• Notebooks or notes

Course Outcomes

Upon completion of this course, you will be able to:

• Describe fundamental economic theories, models and concepts like economic scarcity and resource allocation
• Understand how price elasticity and income elasticity impact demand, and survey the forms of government intervention used to influence supply
• Recognize the significance of consumer choice in economics, and examine theories explaining consumer preference and decision making
• Assess the impact of budget lines, normal and superior goods, the rate of transformation, and other factors on supply and demand
• Consider how an assessment of fixed, variable, and total costs is used to make short-run production decisions; differentiate these costs from those associated with long-run production
• Differentiate between economic and accounting costs and understand how implicit, explicit, opportunity and sunk costs tie into cost-benefit analysis and decision making
• Identify conditions for perfect market competition, as well as the conditions of monopolies and oligopolies; discover how these market structures affect producers and consumers, and pinpoint the characteristics of a command system
• Understand how game theory and the Nash equilibrium relate to economics
• Discuss the roles of producers and consumers in marketplaces designed to exchange labor, capital, and natural resources; understand the methods for measuring the labor market
• Examine barriers to trade and consider their impact on demand
• Describe U.S. tax structure, investigate the effects of value-added, progressive, and flat tax types. Study rulings on key anti-trust legislation and assess the effect of anti-trust legislation, government deregulation and regulation on the economy

Prerequisites

There are no prerequisites for this course.

Course Format

Economics 101 consists of short video lessons that are organized into topical chapters. Each video is approximately 5-10 minutes in length and comes with a quick quiz to help you measure your learning. The course is completely self-paced. Watch lessons on your schedule whenever and wherever you want.

At the end of each chapter, you can complete a chapter test to see if you're ready to move on or have some material to review. Once you've completed the entire course, take the practice test and use the study tools in the course to prepare for the proctored final exam. You may take the proctored final exam whenever you are ready.

How Credit Recommendations Work

This course has been evaluated and recommended by both ACE and NCCRS for 3 semester hours in the lower division baccalaureate degree category. To apply for transfer credit, follow these steps:

• If you already have a school in mind, check with the registrar to see if the school will grant credit for courses recommended by either ACE or NCCRS.
• Complete Economics 101 by watching video lessons and taking short quizzes.
• Take the Economics 101 final exam directly on the Study.com site.
• Request a transcript to be sent to the accredited school of your choice!
• Check out this page for more information on Study.com's credit-recommended courses.

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