If you think you're falling behind in your studies, Varsity Tutors can connect you with microeconomics tutors who can give you an edge as you pursue your academic goals. Microeconomics can be defined as the economic behavior of individuals and small businesses, as well as how these decisions impact an individual's everyday life or business's health. You might also study how all of these small, individual decisions add up to affect the national or even global economy, a field generally called macroeconomics.
Microeconomics can be a very engaging course, but the sheer volume of topics covered can prove challenging for even dedicated students. We can match you with a microeconomics tutor in as little as 24 hours to help you make the most of the educational opportunities available to you. Keep reading to learn more about how we may be able to help you.
What topics can I study with microeconomics tutors?
Common microeconomic concepts include supply and demand, scarcity and choice, marginal utility, economies of scale, and market efficiency. Let's take a closer look at what each of these terms means, as well as how a private instructor might try explaining them to you.
1. Supply and Demand
Supply and demand are one of the most fundamental economic concepts. Generally speaking, as the cost of a good increases, firms are more willing to supply more of it. However, consumers are expected to purchase less of it as the price increases. The Law of Supply and Demand posits that the price will continue to fluctuate until such point as the amount of product supplied (at a given price point) is equal to the quantity that consumers are willing to buy (at that price point). Real companies cannot perfectly quantify demand, and some entities on both the supply and demand side have enough influence to alter the price based on their actions alone. Still, your instructor may lead with this concept (and its graphical representations) to help you start thinking critically about microeconomics.
2. Scarcity
In economics, scarcity is defined as a good or resource that is available only in a finite supply not large enough to satisfy the entirety of society. Scarcity generally drives up the cost of a commodity, while most individuals have finite finances and therefore cannot afford to buy everything they would theoretically like to. If you have ever decided against purchasing something because you couldn't afford it, you have firsthand experience with the scarcity of your own finances. Your instructor can draw on that example to help you understand this concept.
3. Marginal Utility
Marginal utility is a term describing how much "good" a consumer gets out of a financial decision. If you're hungry and you purchase a cheeseburger, you get a lot of value out of it because you're no longer hungry. If you get two cheeseburgers and decide that one would have been sufficient, the second burger isn't worth as much to you as the first one. Put another way, the second burger didn't provide the same marginal utility as the first. Your instructor may be able to provide additional examples to help you relate to this concept.
4. Economies of Scale
Economies of scale describe how companies can often lower their production costs per unit by producing more product. There are limits on this concept, as producing more may be impossible if it requires a scarce good or uneconomical if the excess needs to be sold in a distant market. Your instructor might use real-world examples to help you understand why certain products are considerably cheaper than comparable items in your favorite stores.
5. Market Efficiency
The Market Efficiency Hypothesis posits that the stock market always trades at fair value based on all information available, making it impossible for an expert trader to consistently "beat the market" without resorting to riskier investments. There are many variants to consider that often come down to rote memorization, so your instructor may help you come up with a mnemonic device to remember the particulars.
How can microeconomics tutors further my understanding of these concepts?
Your classroom instructor would like to spend time with you one-on-one to identify your goals and any learning obstacles preventing you from meeting them, but the realities of a classroom setting prevent them from doing so. In contrast, microeconomics tutoring sessions revolve around your needs. You are your instructor's only student during your tutoring sessions, ensuring that any questions you have are answered promptly. Furthermore, the personal rapport you establish with your instructor may make you more comfortable asking for help as needed. All of your work can also be reviewed quickly, allowing you to correct any mistakes while the material remains fresh in your mind.
Your microeconomics tutor can also design sessions around your preferred learning style for maximal efficiency. For example, a kinesthetic learner who learns best by doing might participate in interactive activities to understand how an individual makes purchase decisions. A visual student might get more out of infographics that make the same information easier to picture in their mind, while an auditory student might prefer a discussion-based format that lets them hear important concepts over and over again. No matter what works best for you, the only thing that matters is that you develop a superior understanding of microeconomics.
You are also in complete control over what you study during microeconomics tutoring sessions. If you understand supply and demand but have a harder time with defining scarcity, your instructor can concentrate on the latter topic until you are ready to move on. In contrast, your classroom instructor may need to keep going over supply and demand to the point that you're bored in class and mentally check out. Alternatively, the traditional classroom setting could leave you behind by introducing new concepts too quickly. In this scenario, your private instructor can slow things down and provide additional explanations and examples until you feel comfortable moving on.
You might also work on improving your broader study skills with your private instructor. For example, most microeconomics classes have large textbooks with small print that can be difficult to digest. If you could retain more of what you read, your instructor can show you active reading techniques such as note-taking to help you more effectively engage with the material. You can also jot down any questions you have so that you remember to ask them when the opportunity presents itself.
Similarly, microeconomics involves some mathematics. You need to be comfortable reading charts, interpreting data, and calculating a budget (among other things). If you haven't thought about mathematics since high school, your instructor can provide practice problems for you to complete until you are ready to go back to studying economic principles.
Some economics courses also require research papers or test essays, meaning your written communication skills will be put to the test. If you tense up a little at the prospect of writing an essay, your instructor can show you how to effectively outline your work so that you have a roadmap to follow. Your completed outline can also serve as a reference point if you forget what you wanted to say next, potentially saving you time as well.
What are the benefits of studying microeconomics?
Microeconomics is involved in a lot of potential career paths, including small business analyst, economist, entrepreneur, general manager, and marketing. If you decide against pursuing microeconomics as a career, you may still need to pass a standardized exam such as the College Level Examination Program (CLEP) in order to reach for your goals. If you deal with test anxiety, your instructor can teach you meditation techniques to help you calm your nerves while you take the exam.
Understanding microeconomics can also help you make better financial decisions in your own life. For instance, understanding marginal utility can help you figure out how much of something you truly need and eliminate some of the waste from your budget. Who doesn't want more money to spend?
What makes Varsity Tutors such a powerful educational resource?
If you tried to find a private microeconomics tutor on your own, you would need to figure out whether a given candidate had the academic knowledge you were looking for, understood how to share that information with students like you, and could accommodate your busy schedule. Who the heck has time to do that?
Instead, let us find you an expert instructor today. Not only can you trust that the instructor we refer to you really knows microeconomics, but you can also study on our proprietary Live Learning Platform instead of meeting your instructor in person. Let's face it, nobody likes sitting in traffic trying to get to a study session. Our mobile-friendly Platform leverages powerful features such as video chat functionality to make online sessions just as effective as personal meetups without the associated logistical headache.
You are also in complete control over when each session takes place, so what are you waiting for? Contact Varsity Tutors today to start working with knowledgeable microeconomics tutors who suit your needs!
