- Course type: Self-paced
- Available Lessons: 102
- Average Lesson Length: 8 min
Eligible for Certificate:
Certificates show that you have completed the course. They do not provide credit.
Watch a preview:chapter 1 / lesson 1What is Economics? - Definition & Types
Course SummaryGet ready for the TECEP Microeconomics exam with this comprehensive and self-paced test prep course. The course's bite-sized video lessons and interactive self-assessments allow you to quickly review and remember all of the microeconomics topics that you'll need to know for the exam.
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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
About This Course
If you're planning on taking the TECEP Microeconomics exam, you can prepare yourself in a few short weeks by working through this engaging and effective test prep resource. This mobile-friendly course allows you to study on your own schedule and master the microeconomics topics that'll appear on the exam, such as supply and demand, labor markets, economic profit and much more.
We've included interactive lesson quizzes, chapter exams and a final assessment to make sure you retain the economic concepts you study. After completing the course, you'll be fully prepared to take the TECEP exam, which can lead to 3 transferable college credits.
Syllabus & Course Information
We've aligned this course with the microeconomics topics that you'll encounter on the TECEP Microeconomics exam. Our self-assessment quizzes are designed to reinforce key economic terms and concepts. You're encouraged to take the course's final exam to make sure you're ready for the test.
- Explain the role economics plays in the tradeoffs people and organizations make.
- Identify the relationship of trade, including comparative and absolute advantage, to the decisions made by domestic firms.
- Describe the importance of market forces as they determine market demand and supply versus individual demand and supply.
- Describe the role elasticity plays in determining demand and pricing decisions of the firm.
- Identify the differences between producer surplus and consumer surplus.
- Explain the role taxation plays in supply and demand.
- Define marginal utility, total utility, and diminishing utility.
- Identify the differences between private, common, and public goods.
- Describe the relationship between productivity and the different costs of production.
- Describe the various market structures, their characteristics, and the effects of each structure in relationship to the market.
- Identify the differences between economic and accounting profit.
- Explain discrimination in the labor market.
- Describe income inequality and poverty and the policies to reduce them.
- Define the theory of consumer choice and how consumers act to optimize their choices.
- Describe ideas in political economy and their use in social choice.
This course doesn't have any prerequisites. You can start studying microeconomics even if you haven't taken an economics course before.
The course's 11 chapters are further divided into 91 lessons that average around 8 minutes in length. Our expert instructor's concise and engaging teaching style helps you quickly take away important economics topics and study efficiently. Our instructors are also available to answer your questions. Following each lesson is a short self-assessment quiz to help you solidify your understanding of the material. Printable lesson transcripts are available to supplement your studying experience and you can easily navigate to specific lesson topics on your course Dashboard feature. The course also comes with a comprehensive final assessment to help you evaluate your readiness to take the TECEP exam.
TECEP Microeconomics Exam Information
The TECEP Microeconomics exam is worth 3 college credits that are accepted by Thomas Edison State University (TESU), as well as other institutions that accept TESU credit.
- Number of Questions: 100 questions
- Question Type: Multiple choice
- Time Limit: 2 hours
- Number of Credits: 3 credits
- Exam Cost: $114 for TESU students; $156 for non-TESU students
TECEP Microeconomics Exam Breakdown
|TECEP Exam Concept||Percent of the TECEP Exam||Approximate Number of Questions||Chapter Lessons|
|Basic Concepts in Economics||15%||15 questions||12 lessons|
|Supply and Demand||30%||30 questions||36 lessons|
|Economics of the Public Sector||10%||10 questions||9 lessons|
|Firm Behavior and the Organization of Industry||20%||20 questions||18 lessons|
|Economics of Labor Markets||15%||15 questions||9 lessons|
|Other Issues in Microeconomics||10%||10 questions||7 lessons|
Earn TECEP Credit
The TECEP Microeconomics exam is part of TESU's credit-by-exam-program. The program is designed to help students earn college credit through inexpensive exams, rather than semester-long courses. In other words, instead of investing more time and money into a semester-long microeconomics course, you can quickly prepare for the TECEP Microeconomics exam, pass the test and earn 3 credits. This credit can be accepted by TESU and other institutions. TESU encourages students to make sure that their institution accepts TECEP credit. You can find more information regarding registration and upcoming test dates on TESU's website.
Study Schedule for the TECEP Microeconomics exam
This course contains approximately 12 hours of instruction. You can work through the course at your own pace, but to give you an idea of how long it may take you to get ready for the exam, check out the table below.
|Study Frequency||When You'll Be Ready for the Exam|
|3 hours a day; 3 days a week||Just over 1 week|
|2 hours a day; 3 days a week||2 weeks|
|1 hour a day; 3 days a week||4 weeks|
The Thomas Edison State University Examination Program (TECEP) is a registered trademark of Thomas Edison State University, which is not affiliated with Study.com.
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