Honors Microeconomics


Thinkwell's Honors Microeconomics

Thinkwell's Honors Microeconomics is a college-level course taught by Professor Steven Tomlinson, one of America's most talented professors, and it's a fantastic way to learn about the complicated exchanges of goods and services that we deal with every day. Thinkwell's Honors Microeconomics follows a syllabus typically taught in a one-semester college level course.

Combined with Honors Macroeconomics , Honors Microeconomics completes a one-year curriculum. Our Honors Economics course is simply a combination of both Honors Microeconomics and Honors Macroeconomics.

The Printed Notes (optional) are the Microeconomics course notes from the Online Subscription printed in a color, on-the-go format. 

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Course Features

Video Lessons

131 engaging 5-20 minute lesson videos

Lesson Plan

Detailed, 31-week lesson plan and schedule
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Automatically graded practice and chapter tests
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Illustrated course notes
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What Parents Are Saying. . .
"Thinkwell Economics was a great course for my 10th grade son. Starting in August, I planned a schedule for him to complete the course by mid-April, so that he could review for the AP exams using Barron's guides and the previous years' questions on the College Board website. He listened to the lectures, took notes and did the homework on his own. I had intended to discuss the concepts with him and keep up with the course, but I wasn't able to do so after the first month. We were very pleased to just get his AP scores - 5's on both the Macroeconomics and Microeconomics tests. If your child is a strong, independent learner, Thinkwell Economics will prepare him well!”
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"Macroeconomics is a one-semester college-level course and taught by a college professor. She says that his explanations are very clear and his use of graphs and charts greatly aide her in understanding the new concepts. She also finds the notes extremely helpful to prepare for the tests. The daily lesson plans help her to stay organized and move through the material on schedule. Our plan is to use macro and micro as a combined one-year college-level course. She is finding the schedule to cover the material very demanding but, she has no doubt she can accomplish the course as the lectures and lessons plans are clearly laid out."
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Course Overview

What You Get

  • 12-month, online subscription to our complete Honors Microeconomics course
  • 31-week, day-by-day course lesson plan
  • 130+ course lessons with streaming videos
  • Illustrated notes
  • Automatically graded drill-and-practice exercises with step-by-step answer feedback
  • Chapter & Practice tests, a Midterm & Final Exam....and more!

How It Works

  • Purchase Thinkwell's Honors Microeconomics through our online store
  • Create an account username and password which will give you access to the online Honors Microeconomics course section
  • Activate your 12-month subscription when you're ready
  • Login to the course website to access the online course materials, including streaming video lessons, notes, exercises, tests and more
  • Access your course anytime, anywhere, from any device
  • Your work is automatically tracked and updated in real-time
  • Transcripts, grade reports, and certificates of completion are available at request
Thinkwell's Honors Microeconomics Author, Steven Tomlinson

Learn from award-winning economist and Ph.D. Steven Tomlinson

It's like having a world-class college professor right by your side.

  • Founding Master Teacher at the Acton School of Business for Entrepreneurship
  • Recipient of the Texas Excellence Teaching Award from the University of Texas Alumni Association
  • Adjunct Professor of Pastoral Ministry at the Seminary of the Southwest
Thinkwell's Honors Microeconomics Table of Contents
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1. Introduction to Economic Thinking

1.1 Basic Economics Ideas
1.1.1 Defining Economics
1.1.2 Understanding the Concept of Value
1.2 Using Graphs
1.2.1 Using Graphs to Understand Direct Relationships
1.2.2 Plotting a Linear Relationship between Two Variables
1.2.3 Changing the Intercept of a Linear Function
1.2.4 Understanding the Slope of a Linear Function
1.3 Advanced Graphical Concepts
1.3.1 Understanding Tangent Lines
1.3.2 Working with Three Variables on a Graph
1.4 Production Possibilities
1.4.1 Understanding the Concept of Production Possibilities Frontiers
1.4.2 Understanding How a Change in Technology or Resources Affects the PPF
1.4.3 Deriving an Algebraic Equation for the Production Possibilities Frontier
1.5 Comparative Advantage
1.5.1 Defining Comparative Advantage with the Production Possibilities Frontier
1.5.2 Understanding Why Specialization Increases Total Output
1.5.3 Analyzing International Trade Using Comparative Advantage
1.5.4 Outsourcing

2. Understanding Markets

2.1 Demand
2.1.1 Understanding the Determinants of Demand
2.1.2 Understanding the Basics of a Demand Curve
2.1.3 Analyzing Shifts in the Demand Curve
2.1.4 Changing Other Demand Variables
2.1.5 Deriving a Market Demand Curve
2.2 Supply
2.2.1 Understanding the Determinants of Supply
2.2.2 Deriving a Supply Curve
2.2.3 Understanding a Change in Supply versus a Change in Quantity Supplied
2.2.4 Analyzing Changes in Other Supply Variables
2.2.5 Deriving a Market Supply Curve from Individual Supply Curves
2.3 Equilibrium
2.3.1 Determining a Competitive Equilibrium
2.3.2 Defining Comparative Statics
2.3.3 Classifying Comparative Statics
2.4 Elasticity
2.4.1 Defining Elasticity
2.4.2 Calculating Elasticity
2.4.3 Applying the Concept of Elasticity
2.4.4 Identifying the Determinants of Elasticity
2.4.5 Understanding the Relationship between Total Revenue and Elasticity
2.5 Interfering with Markets
2.5.1 Understanding How Price Controls Damage Markets
2.5.2 Understanding the Problem of Minimum Wages in Labor Markets
2.5.3 Understanding How an Excise Tax Affects Equilibrium
2.6 Agriculture Economics
2.6.1 Examining Problems in Agricultural Economics

3. Consumer Choice and Household Behavior

3.1 Utility Theory
3.1.1 Understanding Utility Theory
3.1.2 Finding Consumer Equilibrium
3.2 Budget Constraints and Indifference Curves
3.2.1 Constructing a Consumer's Budget Constraint
3.2.2 Understanding a Change in the Budget Constraint
3.2.3 Understanding Indifference Curves
3.3 Consumer Optimization
3.3.1 Locating the Consumer's Optimal Combination of Goods
3.3.2 Understanding the Effects of a Price Change on Consumer Choice
3.3.3 Deriving the Demand Curve

4. Production and Costs

4.1 The Basics of Production
4.1.1 Understanding Output, Inputs, and the Short Run
4.1.2 Explaining the Total Product Curve
4.1.3 Drawing Marginal Product Curves
4.1.4 Understanding Average Product
4.1.5 Relating Costs to Productivity
4.2 Variable Costs
4.2.1 Defining Variable Costs
4.2.2 Graphing Variable Costs
4.2.3 Graphing Variable Costs Using a Geometric Trick
4.3 Marginal Costs
4.3.1 Defining Marginal Costs
4.3.2 Deriving the Marginal Cost Curve
4.3.3 Understanding the Mathematical Relationship between Marginal Cost and Marginal Product
4.4 Average Costs
4.4.1 Defining Average Variable Costs
4.4.2 Understanding the Relationship between Average Variable Cost and Average Product of Labor
4.4.3 Understanding the Relationship between Marginal Cost and Average Variable Cost
4.5 Total Costs
4.5.1 Defining and Graphing Average Fixed Cost and Average Total Cost
4.5.2 Calculating Average Total Cost
4.5.3 Putting the Cost Curves Together
4.6 Long-Run Production and Costs
4.6.1 Defining the Long Run
4.6.2 Determining a Firm's Returns to Scale
4.6.3 Understanding Short-Run and Long-Run Average Cost Curves
4.6.4 Shifts in Cost Curves
4.7 Isocost/Isoquant Analysis
4.7.1 Constructing Isocost Lines
4.7.2 Understanding Isoquants
4.7.3 Finding the Cost-Minimizing Combination of Capital and Labor

5. Perfect Competition

5.1 The Basic Assumptions of Competitive Markets
5.1.1 Calculating Total Revenue
5.1.2 Understanding the Role of Price
5.1.3 Understanding Market Structures
5.1.4 Finding Economic and Accounting Profit
5.2 Calculating Profit and Loss
5.2.1 Finding the Firm's Profit-Maximizing Output Level
5.2.2 Proving the Profit-Maximizing Rule
5.2.3 Calculating Profit
5.2.4 Calculating Loss
5.2.5 Finding the Firm's Shut-Down Point
5.3 Market Supply
5.3.1 Deriving the Short-Run Market Supply Curve
5.3.2 Relating the Individual Firm to the Market
5.3.3 Examining Shifts in the Short-Run Market Supply Curve
5.3.4 Deriving the Long-Run Market Supply Curve
5.4 Competitive Firms' Responses to Price Changes
5.4.1 Examining the Firm's Long-Run and Short-Run Adjustments to a Price Increase

6. Other Market Models

6.1 Monopolies
6.1.1 Defining Monopoly Power
6.1.2 Defining Marginal Revenue for a Firm with Market Power
6.1.3 Determining the Monopolist's Profit-Maximizing Output and Price
6.1.4 Calculating a Monopolist's Profit and Loss
6.1.5 Graphing the Relationship between Marginal Revenue and Elasticity
6.2 The Social Cost of Monopoly
6.2.1 Determining the Social Cost of Monopoly
6.2.2 Calculating Deadweight Loss
6.2.3 Understanding Monopoly Regulation
6.3 Oligopoly
6.3.1 Introducing Oligopoly and the Prisoner's Dilemma
6.3.2 Understanding a Cartel As a Prisoner's Dilemma
6.3.3 Understanding the Kinked-Demand Curve Model
6.4 Monopolistic Competition
6.4.1 Defining Monopolistic Competition
6.4.2 Understanding Pricing and Output under Monopolistic Competition
6.4.3 Understanding Monopolistic Competition As a Prisoner's Dilemma

7. Resource Markets

7.1 The Derived Demand for Labor
7.1.1 Deriving the Factor Demand Curve
7.1.2 Deriving the Least-Cost Rule
7.1.3 Analyzing the Labor Market
7.2 Monopsony
7.2.1 Understanding Labor Market Power and Marginal Factor Cost
7.3 Capital Markets
7.3.1 Analyzing Capital Markets

8. Market Failures

8.1 Overview of Market Failures
8.1.1 Understanding Market Failures
8.2 Public Goods and Public Choice
8.2.1 Defining Public Goods
8.2.2 Analyzing the Tax System
8.2.3 Understanding Public Choice
8.3 Uncertainty
8.3.1 Understanding Expected Value, Risk, and Uncertainty
8.3.2 Understanding Asymmetric Information as an Economic Problem
8.3.3 Understanding Moral Hazards in Markets
8.4 Externalities
8.4.1 Defining Externalities
8.4.2 Explaining How to Internalize External Costs
8.4.3 Explaining How to Internalize External Benefits
8.5 Solutions to Externalities
8.5.1 Finding a Market Solution to External Costs
8.5.2 Finding a Negotiated Settlement to an External Cost
8.5.3 Applying the Coase Theorem

9. International Trade

9.1 The Basics of Open Economies
9.1.1 Determining the Difference between a Closed Economy and an Open Economy
9.1.2 Understanding Exports in an Open Economy
9.1.3 Analyzing a Change in Equilibrium in an Open Economy

10. Evaluating Market Outcomes

10.1 Normative Economics
10.1.1 Measuring the Benefits of Consumption
10.1.2 Using the Demand Curve As a Measure of Benefit
10.2 Calculating Total Economic Value
10.2.1 Quantifying Social Benefit
10.2.2 Quantifying Social Cost
10.2.3 Determining Total Social Cost
10.2.4 Understanding Economic Value
10.3 Consumer and Producer Surplus
10.3.1 Understanding Producer and Consumer Surpluses
10.3.2 Calculating Total Economic Value
10.4 Market Interference and Economic Value
10.4.1 Understanding the Effects of Price Controls
10.4.2 Understanding How Price Controls Destroy Economic Value
10.4.3 Evaluating the Effects of an Excise Tax
10.4.4 Assessing the Effect of an Excise Tax on Economic Value
10.4.5 Understanding How a Tax Can Create Deadweight Loss
10.5 International Trade and Economic Value
10.5.1 Evaluating the Gains from International Trade
10.5.2 Understanding the Effects of Tariffs on Consumer and Producer Surpluses
Frequently Asked Questions for Thinkwell's Honors Microeconomics

How do Thinkwell courses work?

Your student watches a 5-10 minute online video lesson, completes the automatically graded exercises for the topic with instant correct-answer feedback, then moves on to the next lesson! The courses are self-paced, or you can use the daily lesson plans. Just like a textbook, you can choose where to start and end, or follow the entire course.

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It starts when you're ready. You can have instant access to your online subscription when you purchase online, or you can purchase now and start later.

Is Honors Microeconomics a college course?

Yes, Thinkwell's Honors Microeconomics is a college course and is also taught in high school. The main difference between college Microeconomics and high school Microeconomics is the depth of topic coverage and the pace.

Is Thinkwell's Honors Microeconomics appropriate for my accelerated student?

Yes, especially for college-bound students.

Does my student get school credit for Thinkwell's Honors Microeconomics?

No, only schools are accredited and Thinkwell is not a school, though many accredited schools use Thinkwell.

Does Thinkwell's Honors Microeconomics meet state standards?

Some states set standards for what topics should be taught in a particular course. Thinkwell does not have a course version for each state. Instead, the course is built to national standards to be inclusive of all states. Websites such as www.achieve.org can help you determine your state's standards.

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You can purchase extra time in one-month, three-month, and six-month increments.

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The courses are designed and licensed to accommodate one student per username and password; additional students need to purchase online access. This allows parents to keep track of each student's progress and grades.

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The pace of your course is up to you, but most students will schedule one semester.

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How are grades calculated?

The course grade is calculated this way: Chapter Tests 33.3%, Midterm: 33.3%, Final: 33.3%.

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As a homeschool parent, you decide the level of performance you want your student to achieve; the course does not limit access to topics based on performance on prior topics.

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You can contact techsupport@thinkwell.com to request a file with your student's grades.

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If you discover that you should be in a different course, contact techsupport@thinkwell.com within one week of purchase and we will move you to the appropriate course.

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Yes, but completing the exercises online provides immediate correct answer feedback and automatic scoring, so we recommend answering the exercises online.

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The exercises are multiple choice and they are graded automatically with correct answer solutions.

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