- Course Type CLEP
- Subject History and Social Sciences
- Level Introductory
- Length 7 Modules
- Video Length 5h 13m
- Reading Pages 508
- Institution Modern States
ABOUT THIS COURSE
Principles of Microeconomics reviews the material typically taught in a one-semester introductory college-level microeconomics course. The course focuses on how free markets function and how resources are allocated efficiently, while also examining the decision-making behavior of individual consumers and firms. Learners will apply analytical techniques to both hypothetical and real-world situations, developing skills to analyze and evaluate economic choices.
This is a free, self-paced Modern States course with no prerequisites. It is aligned to the CLEP® Principles of Microeconomics exam and is designed to prepare you to succeed on the test and earn college credit at no cost.
Modern States originally developed this course in collaboration with Dr. Helena Glebocki of Fairfield University. In 2025, the course was reviewed and published with enhancements.
Course Overview
Principles of Microeconomics Course Overview - Modern States
| Module | Topic | Video Length | Total pages of required reading |
| Module 1: Basic Economic Concepts (8%–14%) 00:38:43 total video length 43 total reading pages |
1: Basic Economic Concepts | – | – |
| 1.1: Scarcity, Choice, and Opportunity Cost | 0:04:01 | 18 | |
| 1.2: Production Possibilities Curve | 0:09:10 | 18 | |
| 1.3: Comparative Advantage, Specialization, and Trade | 0:19:52 | 7 | |
| 1.4a: Economic Systems | 0:02:50 | – | |
| 1.4b: Marginal Analysis | 0:02:50 | – | |
| 1: Summary | – | – | |
| Module 2: Supply and Demand (15%–20%) 02:13:54 total video length 208 total reading pages |
2: Supply and Demand | – | – |
| 2.1a: Supply and Demand | 0:28:38 | 36 | |
| 2.1b: Supply and Demand | 0:29:55 | 36 | |
| 2.1c: Market Equilibrium and Price Controls | 0:04:49 | 36 | |
| 2.2a: Elasticity of Demand | 0:11:51 | 24 | |
| 2.2b: Elasticity of Supply | 0:21:05 | 24 | |
| 2.2c: Elasticity and Total Revenue | 0:16:18 | 24 | |
| 2.3: Consumer Surplus, Producer Surplus, and Market Efficiency | 0:10:20 | 4 | |
| 2.4: Tax Incidence and Deadweight Loss | 0:10:58 | 24 | |
| 2: Summary | – | – | |
| Module 3: Theory of Consumer Choice (5%–10%) 00:24:03 total video length 28 total reading pages |
3: Theory of Consumer Choice | – | – |
| 3.1: Theory of Consumer Choice and Deriving the Demand Curve | 0:24:03 | 28 | |
| 3: Summary | – | – | |
| Module 4: Production and Costs (10%–15%) 00:30:33 total video length 22 total reading pages |
4: Production and Costs | – | – |
| 4.1: Understanding Production Costs | 0:30:33 | 22 | |
| 4: Summary | – | – | |
| Module 5: Firm Behavior and Market Structure (23%–33%) 00:48:56 total video length 112 total reading pages |
5: Firm Behavior and Market Structure | – | – |
| 5.1: Profit | 0:06:51 | 28 | |
| 5.2: Perfect Competition | 0:16:19 | 26 | |
| 5.3: Monopoly | 0:07:40 | 20 | |
| 5.4: Oligopoly | 0:10:01 | 19 | |
| 5.5: Monopolistic Competition | 0:08:05 | 19 | |
| 5: Summary | – | – | |
| Module 6: Factor Markets (8%–14%) 00:17:58 total video length 11 total reading pages |
6: Factor Markets | – | – |
| 6.1: Factor Markets | 0:17:58 | 11 | |
| 6: Summary | – | – | |
| Module 7: Market Failure and the Role of Government (10%–16%) 00:19:33 total video length 84 total reading pages |
7: Market Failure and the Role of Government | – | – |
| 7.1: Externalities | 0:07:28 | 42 | |
| 7.2: Public Goods | 0:06:27 | 14 | |
| 7.3: Income Distribution | 0:05:38 | 28 | |
| 7: Summary | – | – | |
| Course Conclusion | – | – |
