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Gavin Walton
- August 12, 2024
Welcome to the world of microeconomics. Here we will discuss the concept that matters in microeconomics today. If you are a student who signed up for study.com’s Economics 101: Principles of Microeconomics, you will be learning some valuable information. This subject is aimed at providing the framework of microeconomic theory; microeconomics is the branch of economics that deals with the choices made by individuals and firms with scarce resources. This course will take you through issues such as the demand and supply, habits that patrons develop, the type of market systems, and the effect of policies issued by the government.
But don’t worry, this isn’t dry, academic writing filled with big words that you can’t understand. This course is full of vibrant video tutorials and real-life situations, which explain such notions. Nevertheless, at the end of this course, you not only learn the theoretical aspect of microeconomics but also learn how it is applied in real life. Therefore, regardless of your reason whether it is to pass the last final proctored exam or to get a better understanding in the area of economics, this course has you sorted. Well, let’s take a closer look at what you can do exploring this class!
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A Glimpse into Study.com Economics 101 📖
Okay, let me break down the details of what Study.com Economics 101: Principles of Microeconomics from com has to offer. This course is evenly designed to take you through the highlights of this subject in microeconomics to do the needful and get it done. The topics vary from one another, and the main idea that unites them is the way different aspects of the economic lives of individuals are described.
First, it is necessary to familiarize ourselves with microeconomics; the first distinction that must be considered is supply and demand. These make up the core of the primitive concepts of markets and the price mechanism. Believe me, knowledge of these concepts is more important as they will be examined rather intensively during the final examination. You will also be made to understand equilibrium of demand and supply, this is the point at which demand equals supply.
Then, you would learn about consumer behavior and the process that is followed by individuals in order to make a decision regarding the purchase of a product. This covers items such as the concept of utility maximization and considerations affecting the buyer’s decisions. You will also get to the tooth and nail of various forms of market structures ranging from perfect competition to monopoly to discover how each of them affects price and output.
Last, the course will include the function of government in the economy. It acquaints you on the various types of regulations, the effects of taxes, and how policies formulated by the government affect markets. Added to that, this section is filled with examples, which help the reader understand the material better and in regards to which they can refer to real-life situations.
Key Topics Covered:
Supply and Demand
- How markets work
- Determination of prices
- Market equilibrium
Consumer Behavior
- Utility maximization
- Decision-making factors
- Individual demand curves
Market Structures
- Perfect competition
- Monopolies
- Oligopolies
- Monopolistic competition
Government’s Role
- Regulation types
- Impact of taxes
- Government policies and market outcomes
I believe by the end of this course you will be in good standing to handle the final proctored exam. By the end of a course, you’ll know the main economic concepts and here exactly what’s important to know to pass the test.
Ready to dive deeper? Alright, let us move to the weekly studying plan that will help you succeed!
Study.com Economics 101: Weekly Milestones to Achieve 📝
Below is a weekly schedule that you can follow to ensure that you are right on track and grasp the key points effectively.
Week 1: Introduction to Microeconomics
- Watch Lessons:
- What is Economics? – Definition & Types
- Microeconomics | Definition, Topics & Examples
- The Importance of Consumer Choice in Economics
- Tasks:
- Take notes on key definitions and concepts.
- Complete quizzes for each lesson.
- Extra Resources:
Week 2: Supply and Demand
- Watch Lessons:
- Market & Individual Demand Curves | Definition & Differences
- Supply Curve | Definition, Shifts & Examples
- Causes of Supply and Demand Changes in Microeconomics
- Tasks:
- Create graphs for supply and demand scenarios.
- Complete quizzes for each lesson.
- Extra Resources:
Week 3: Market Equilibrium and Consumer Behavior
- Watch Lessons:
- Market Equilibrium from a Microeconomics Perspective
- Identifying Shortages and Surpluses in Microeconomics
- Utility Maximization | Rules & Examples
- Tasks:
- Practice calculating equilibrium prices.
- Complete quizzes for each lesson.
- Extra Resources:
- Investopedia: Market Equilibrium
Week 4: Market Structures
- Watch Lessons:
- Perfect Competition in Economics & Adam Smith’s ‘Invisible Hand’
- Monopoly in Economics | Definition, Characteristics & Types
- Monopolistic Competition in Economics | Definition & Examples
- Tasks:
- Compare different market structures.
- Complete quizzes for each lesson.
- Extra Resources:
Week 5: Costs of Production
- Watch Lessons:
- Short-Run Production | Overview & Examples
- Fixed vs. Variable Costs | Definition & Examples
- The Law of Diminishing Marginal Returns
- Tasks:
- Work through cost calculation exercises.
- Complete quizzes for each lesson.
- Extra Resources:
- Tutor2u: Costs of Production
Week 6: Government and Market Failures
- Watch Lessons:
- Government Regulation | Overview, Types & Examples
- The Cost and Benefits of Regulation in Business
- Trade Barriers | Definition, Effects & Types
- Tasks:
- Discuss real-world examples of government intervention.
- Complete quizzes for each lesson.
- Extra Resources:
- Council on Foreign Relations: Trade Barriers
Week 7: Review and Practice Tests
- Tasks:
- Review notes and key concepts from previous weeks.
- Take practice quizzes and exams available on Study.com.
- Identify weak areas and revisit those lessons.
- Extra Resources:
- Quizlet: Economics 101 Flashcards
Week 8: Final Preparation
- Tasks:
- Go through the Study.com study guides and summaries.
- Take a full-length practice exam under timed conditions.
- Review any remaining weak spots.
- Extra Resources:
Adhering to this study plan will allow you to be fully ready for the final proctored exam for Study.com Economics 101: Principles of Microeconomics. We recommend frequent rest and intervals and a positive thinking process. You’ve got this!
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Best Free Resources to Enhance Your Economics 101 Study📂
Even though Study.com properly developed an e-learning commodity that allows students to learn separately, there are times when you require an additional push to comprehend something. Below we have compiled a list of free resources that are available on the internet to facilitate your studies.
YouTube Channels & Playlists
- Khan Academy:
- Extensive videos on microeconomic topics, including supply and demand, market structures, and more.
- CrashCourse Economics:
- Engaging and easy-to-understand videos on various economics topics.
- Detailed explanations on a wide range of economic concepts, perfect for deep dives into specific topics.
Online Articles & Guides
- In-depth articles and explanations of economic concepts, great for understanding complex topics like elasticity and market equilibrium.
- Tutor2u:
- Comprehensive notes and revision guides on microeconomics, including costs of production and government intervention.
Flashcards & Study Tools
- Search for “Economics 101” or specific topics to find flashcards and study sets that can help reinforce your learning.
- Another excellent source for flashcards and study aids, covering a wide range of microeconomic concepts.
Practice Questions & Tests
- Test your knowledge with practice questions and quizzes.
- ProProfs:
- A variety of quizzes on different microeconomic topics to help you prepare for exams.
Such resources should assist you in gaining better control of the content and afford more practice so that you are well-equipped for the tests. Ensure you try to use these tools to support your studies since there is a lot of information you can get for free..
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Vital Subjects to Study in Economics 101🔑
Microeconomics is a vast field, but there are a few ideas that it would be most beneficial to concentrate on to get the most out of the Study.com Economics 101: Principles of Microeconomics exam. When we attempt to reduce enormous amounts of information to the bare minimum, we inevitably end up with four basic topics, easy to comprehend.
- Supply and Demand
Understanding supply and demand is crucial for any economics student. Here’s a quick breakdown:
- Supply Curve: Represents the quantity of a good that producers are willing to sell at different prices.
- Demand Curve: Represents the quantity of a good that consumers are willing to buy at different prices.
- Market Equilibrium: The point where the supply and demand curves intersect, indicating the price at which the quantity supplied equals the quantity demanded.
Example:
- High Demand & Low Supply: Prices increase (e.g., limited edition sneakers).
- High Supply & Low Demand: Prices decrease (e.g., seasonal fruit in abundance).
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Concept
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Supply
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Demand
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|---|---|---|
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Increase
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Price Decreases, Quantity Increases
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Price Increases, Quantity Increases
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Decrease
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Price Increases, Quantity Decreases
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Price Decreases, Quantity Decreases
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- Elasticity
Elasticity measures how much the quantity demanded or supplied responds to changes in price. There are two main types:
- Price Elasticity of Demand (PED): How much the quantity demanded changes with a change in price.
- Elastic: Large change in quantity demanded (e.g., luxury goods).
- Inelastic: Small change in quantity demanded (e.g., essential goods).
Formula:
PED = (%Change in Quantity Demanded% Change in Price%) / Change in Price
Example:
- Elastic: A 10% increase in price leads to a 20% decrease in quantity demanded (PED > 1).
- Inelastic: A 10% increase in price leads to a 5% decrease in quantity demanded (PED < 1).
- Market Structures
Different market structures affect how firms operate and compete:
- Perfect Competition: Many firms, identical products, easy entry/exit (e.g., agricultural markets).
- Monopoly: One firm dominates, with high barriers to entry (e.g., utility companies).
- Monopolistic Competition: Many firms, differentiated products, and some barriers (e.g., restaurants).
- Oligopoly: Few firms, interdependent decisions (e.g., airline industry).
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Market Structure
|
Characteristics
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Examples
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|---|---|---|
|
Perfect Competition
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Many firms, identical products, price takers
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Agriculture
|
|
Monopoly
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Single firm, unique product, price maker
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Utility companies
|
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Monopolistic Competition
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Many firms, differentiated products, some pricing power
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Restaurants, Clothing
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Oligopoly
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Few firms, strategic interaction, potential collusion
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Airlines, Automotive
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- Government Regulation
Government regulations impact how businesses operate:
- Taxes and Subsidies: Affect prices and quantities of goods (e.g., cigarette taxes reduce smoking).
- Price Ceilings and Floors: Set maximum or minimum prices (e.g., rent control, minimum wage).
Example:
- Price Ceiling: Maximum price set below equilibrium (e.g., rent control), leading to shortages.
- Price Floor: Minimum price set above equilibrium (e.g., minimum wage), leading to surpluses.
By focusing on these key topics and understanding their real-world applications, you’ll be well-prepared for your exams. Use these tables and examples as quick references while studying to reinforce your knowledge.
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Your Top Questions on Economics 101 Answered ❓
As you go through Study.com’s Economics 101: Principles of Microeconomics, you might have some questions. Here are some frequently asked questions and their answers to help you out.
Q1: What strategies are appropriate to be used when preparing for the quizzes and the final exam??
A: Studying always requires the use of particular strategies to follow, and the most effective strategy is to have a plan. To do this, be sure to go through notes, watch the video lessons, and take quizzes with diligence. Explain that the learners can use the other external resources as mentioned earlier in order to practice more. Always try to ensure that you fully grasp the differences and similarities within the objects of focus and attempt to incorporate them in practical case studies.
Q2: To what extent important are the quizzes for the overall grade?
A: Quizzes can be deemed very important as they account for 100 out of 300 total points for the course. The scores, which you get in the various quizzes will be totaled up and then multiplied by the total number of points. Fear not these quizzes as these will help you in raising your overall class average.
Q3: What if I don’t pass a quiz on the first attempt?
A: Don’t worry! You have three attempts for each quiz. The highest score of your first three attempts will be recorded as your score for each quiz. Use this opportunity to improve your understanding and your score.
Q4: How can I prepare for the proctored final exam?
A: The final exam is cumulative, so it covers all the material from the course. Review all lessons, take practice quizzes, and use study guides provided by Study.com. Make sure you understand the key concepts and can apply them. Practicing with timed tests can also help you manage your time during the actual exam.
Q5: Are there any items allowed during the final exam?
A: Yes, you are allowed a non-graphing, scientific calculator, blank scratch paper, and a pen or pencil. Study.com will also provide access to the Desmos scientific calculator during the exam. Make sure you are familiar with how to use these tools effectively.
Q6: What topics should I focus on for the final exam?
A: Concentrate on the fundamental ideas of the subject like supply and demand, customer behavior, market types, and governmental intervention. These areas are consistently asked and it’s essential that one is coherent with them.
Q7: What would be your plan of action, if by any chance you were to fail the final examination?
A: In case you fail the final exam you can repeat it in case you wait for 3 days before taking the test. However, you qualify for a retake of the exam up to two times, so in between the attempts ensure you find time to study those areas that you found most difficult..
Q8: How can I manage my time effectively during the course?
A: Follow the week-by-week study plan provided. Set aside regular study times, take breaks to avoid burnout, and stay organized. Use calendars or planners to track your progress and ensure you stay on schedule.
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Your Success Path: Finishing Strong in Economics 101!📄
Congratulations on completing this comprehensive guide on how to excel in Study.com’s Principles of Microeconomics, an Economics 101 course. By now you should have a clear picture of what the course entails, how to prepare for the course, and other resources that may be useful in enhancing your learning. Just keep in mind that microeconomics is the study of individual and firm decision making and this course is your entry point to all these.
With the week-by-week plan in mind, use recommended outside sources to get help when needed and concentrate on the main topics identified here. Make sure to check the FAQs if you still have further queries to ask. If you apply yourself and study the material properly, then you will be ready for the quizzes and the final, proctored exam.
As a learner, the appropriate attitude should be a good mood of motivation, positivity among other things, and never be ashamed to seek help when you need it!
