- Course type: Self-paced
- Available Lessons: 132
- Average Lesson Length: 8 min
Eligible for Credit: Yes
Earn transferable credit by taking this course for credit.
Watch a preview:chapter 1 / lesson 1What is Economics? - Definition & Types
Course SummaryEconomics 101: Principles of Microeconomics has been evaluated and recommended for 3 semester hours and may be transferred to over 2,000 colleges and universities. You'll receive expert instruction, and the course can be completed at any time. Finish the course to apply for transfer credit and jumpstart your degree!
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Course Practice TestCheck your knowledge of this course with a 50-question practice test.
- Comprehensive test covering all topics
- Detailed video explanations for wrong answers
The course objective is to introduce and teach you microeconomic concepts, including supply and demand, resource allocation, consumer behavior, market structures, and government impact.
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.
|Proctored Final Exam||200|
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
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
There are no prerequisites for this course.
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.
|Introduction to Microeconomics||Get acquainted with economic theories and models. Explore concepts like economic scarcity and resource allocation. Learn the differences between normative and positive economics as well as comparative and absolute advantages.|
|Supply and Demand in Microeconomics||Examine the uses of supply and demand curves to identify economic surpluses and shortages. Learn how market equilibrium is affected by price ceilings and price floors. Find out why price elasticity and income elasticity impact demand, and survey the forms of government intervention used to influence supply.|
|Consumer Behavior & Microeconomics||Recognize the significance of consumer choice in economics, and peruse theories explaining consumer preference and decision making. Identify the relationship between individual and market demand curves. Assess the influences of budget lines, normal and superior goods, the rate of transformation and other factors on supply and demand.|
|Producers in Microeconomics||Consider how an assessment of fixed, variable and total costs is used to make sort-run production decisions. Differentiate these costs from those associated with long-run production. Study concepts like economies of scale and the law of diminishing marginal returns.|
|Business Structures & Barriers to Entry||Differentiate between various types of business structures, including sole proprietorships, LLCs and corporations. Explore the types of economic barriers that make it difficult for businesses to enter the marketplace. Learn about mergers and acquisitions, corporate tax structure and wholly owned subsidiaries.|
|Accounting & Economic Costs||Compare and contrast economic costs and accounting. Understand the purpose and components of cost accounting, as well as several types of accounting costs. Calculate economic profit and explain the theory behind profit maximization.|
|Market Structures in Economics||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 characteristics of a command system. Survey the gross domestic product (GDP) of the world's major economic powers. Learn how game theory and the Nash equilibrium relate to economics.|
|Scarce Economic Resource Markets||Explore the roles of producers and consumers in marketplaces designed to exchange labor, capital and natural resources. Take a closer look at methods for measuring the labor market. Consider the uses of financial markets to allocate capital, and find out how land and other natural resources are analyzed.|
|Business Technology, Research & Development||Define the characteristics of business technology and understand how it relates to business success. Determine how IT systems help business efficiency and evaluate research and development methods.|
|Government Issues in Microeconomics||Examine barriers to trade and consider their impact on demand. Get an overview of U.S. tax structure, Investigate the effects of value-added, progressive and flat tax types. Study rulings on key anti-trust legislation. Assess the effect of government deregulation and regulation on the economy.|
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What to Expect For the Exam
This Study.com course has been evaluated and recommended for college credit. Once you've completed this course, you can take the proctored final exam and potentially earn credit. Follow the steps below to take the exam.
Before taking the exam, all of the following requirements must be met:
|A College Accelerator Study.com membership.|
|Completed the entire Economics 101: Principles of Microeconomics course and achieved 100% Course Progress.|
|Not attempted to take this exam within the last three days.|
|Have available proctored exams in this month of membership.|
|Complete the exam readiness quiz.|
Please complete all of the pre-requirements in the Pre-Exam Checklist in order to take the exam.
Exam Process Details
1. Register For Exam
Registering for the exam is simple. First, be sure you meet the system requirements. Next, you'll need to agree to the academic integrity policy. Then just confirm your name and the exam name, and you're ready to go!
2. Download Software Secure
You'll receive an unique access code. Please write this down — you'll need it to take the exam. Then download Software Secure and follow the installation instructions.
3. Take Exam
The exam contains 50 - 100 multiple choice questions. You will have two hours to complete the exam, so don't start until you're sure you can complete the entire thing. And remember to pace yourself!
4. Get Exam Results
We will send you an email with your official exam results within 1 to 2 weeks. If you would like to raise your grade after receiving your exam results, you can retake quizzes with fewer than 3 attempts. You will then need to retake the final exam.
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