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Study.com Economics 101: Principles of Microeconomics Final Proctored Exam

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! — 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! Click here for exam support 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: Khan Academy: Introduction to Microeconomics 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: CrashCourse: Supply and Demand 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: EconplusDal: Market Structures 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: Khan Academy: Economics Practice Test Adhering to this study plan will allow you to be fully ready for the final proctored exam for Study.com