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ILEIID 2025 | International Journal of Research and Innovation in Social Science (IJRISS)
ISSN: 2454-6186 | DOI: 10.47772/IJRISS
Special Issue | Volume IX Issue XXII October 2025
Microcredential Learning of Economics - The Theory of Demand and
Supply
Hafisah Yaakob
1*
, Faridah Pardi
2
, Jamilah Mohd Mahyideen
3
, Nooraza Tukiran
4
, Nurhanani Aflizan
Mohd Rusli
5
Faculty of Business and Management, University Technology MARA Cawangan Negeri Sembilan
Kampus Seremban, Negeri Sembilan, MALAYSIA
*Corresponding Author
DOI: https://dx.doi.org/10.47772/IJRISS.2025.922ILEIID0040
Received: 26 September 2025; Accepted: 03 October 2025; Published: 22 October 2025
ABSTRACT
This paper addresses a critical and widespread skill gap: the lack of foundational economic literacy, particularly
concerning the principles of demand and supply. In response to the rapid pace of technological and market
change, we propose and report on the initial pilot implementation of a self-paced, online microcredential course
titled "Microcredential Learning of Economics - The Theory of Demand and Supply". The program is structured
into four learning activities that progressively build from foundational concepts to complex analytical thinking.
A mini pilot study with 20 participants, consisting of diploma students from various fields of study, yielded
strong empirical results, including a high completion rate (90%) and an average quiz score of 83.5%, validating
the module's effectiveness in achieving core conceptual and analytical learning outcomes. Upon successful
completion (achieving 80% or higher on the cumulative quiz score), learners earn a verifiable digital certificate.
This initiative serves as a strategic, certified investment in human capital, fostering a more economically literate
and adaptable professional community.
Keywords: Microcredential Learning, Economic Literacy, Demand and Supply, Foundational Economics,
Online Learning
INTRODUCTION
The modern economic knowledge landscape is generally characterised by its complexity and interconnectedness.
Hence, understanding its core principles has become more crucial than ever (World Economic Forum, 2023).
While academic programs in economics is generally comprehensive, many individuals, including students from
other disciplines and lifelong learners, lack a structured pathway to acquire this essential knowledge. This gap
often leads to a limited ability to understand and interpret economic news, public policy debates, and global
trends. In response, this concept paper proposes a microcredential program focused exclusively on the theoretical
foundations of demand and supply. Titled "Microcredential Learning of Economics – The Theory of Demand
and Supply," the module is designed to provide a targeted, efficient, and certified learning experience. By
focusing on fundamental theory rather than specific professional applications, the program aims to cultivate a
broad and enduring economic literacy that serves as a basis for further learning and informed citizenship.
A fundamental grasp of how markets operate is a prerequisite for informed public engagement and academic
success in various fields. However, a significant portion of the population lacks this basic economic literacy,
often due to the absence of dedicated, accessible instruction (OECD, 2022). This deficit is evident in the public's
misunderstanding of basic economic concepts such as the theory of demand and supply. While macro-level
economic trends (i.e. inflation and unemployment) are often discussed, the microeconomic forces that drive them
are seldom understood. This lack of foundational knowledge prevents individuals from critically evaluating
economic information and participating in meaningful policy discussions. Microcredentials have emerged as an
effective tool for delivering specialised knowledge in an accessible format (Ifenthaler & Schlemmer, 2021). The
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ILEIID 2025 | International Journal of Research and Innovation in Social Science (IJRISS)
ISSN: 2454-6186 | DOI: 10.47772/IJRISS
Special Issue | Volume IX Issue XXII October 2025
proposed microcredential directly addresses this problem by offering a dedicated pathway to master the core
principles of demand and supply, laying a solid foundation for broader economic understanding.
LITERATURE REVIEW
The Evolving Landscape of Education
The global workforce is experiencing rapid change, driven by technological advances and rising demand for
specialised skills (Deloitte, 2024). In this setting, traditional degrees, although valuable, are often complemented
by or even replaced with targeted, skills-focused credentials. Microcredentials have become a key part of this
shift, offering a flexible and verifiable method for individuals to gain and demonstrate specific competencies
(Guthrie, 2018). Research by Ifenthaler and Schlemmer (2021), for instance, confirms the effectiveness of digital
badges as a means of certifying learning outcomes. Additionally, online education delivery has undergone
significant improvements. Studies such as those by Kim and Bonk (2020) and Carney (2021) confirm that well-
designed online courses with interactive elements can efficiently improve a learner's understanding of complex
theoretical concepts, ensuring that the proposed programme's format is both credible and pedagogically effective.
The Gap in Foundational Economic Literacy
Despite the widespread availability of information, a significant gap in foundational economic literacy remains
significant across different populations. Reports from the OECD (2022) consistently highlight a lack of
understanding of basic economic concepts among society, a concern also discussed earlier by Salemi and
Siegfried (2009) in their study of economic education. This deficiency often hinders informed public
participation and success in related academic fields (Calamai & Santagata, 2020). The proposed microcredential
directly tackles this issue by providing a dedicated, accessible, and structured pathway for individuals to learn
the core principles of demand and supply. This approach is supported by previous research showing the long-
term benefits of economic understanding for both individuals and society (Chetty, Saez, & von Wachter, 2011).
The theoretical content of this microcredential is grounded in a robust and long-standing academic tradition. The
core principles of demand and supply are foundational concepts found in every major economics textbook. The
program’s curriculum, based on works from Mankiw's Principles of Microeconomics (2020) and Stiglitz and
Walsh's Principles of Microeconomics (2018); ensures academic excellence and quality. The program module
also draws from seminal theoretical work on market equilibrium, such as Arrow and Debreu’s (1954) existence
proof, to provide a deeper understanding of the theoretical underpinnings of market interactions. By focusing
exclusively on these core principles, the program guarantees a comprehensive and academically sound learning
experience.
METHODOLOGY
The proposed microcredential learning module is a self-paced, online program designed to be completed in
approximately 10 days, with an estimated time commitment of 2 hours for each learning activities. The program
will be delivered through the University’s Learning Management System (LMS) platform, namely the ‘UFuture’,
which provides a stable, well-organised, and controlled environment for learners. Acting as a central hub, the
LMS will seamlessly integrate all course materials and activities. The program's pedagogical approach will be
centred on conceptual mastery and analytical thinking. The program's pedagogical approach is centred on
conceptual mastery and analytical thinking. The learning program integrates video lectures with quick
knowledge checks and interactive games.
Content and Assessment
The learning experience for each activity is a blend of theoretical instruction and interactive application:
1. Lecturer's Teaching Video: An accompanying video lecture (approximately 15-20 minutes) guides learners
through the material.
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ILEIID 2025 | International Journal of Research and Innovation in Social Science (IJRISS)
ISSN: 2454-6186 | DOI: 10.47772/IJRISS
Special Issue | Volume IX Issue XXII October 2025
2. Interactive Games: Engaging games and simulations are integrated to provide a hands-on experience. For
example, a "Market Equilibrium Simulator" allows learners to digitally manipulate non-price factors
(e.g., consumer income or production costs) and visually observe the theoretical effects of their actions on
market dynamics.
3. Quick Knowledge Checks: Short, embedded questions serve as low-stakes checks to ensure
comprehension.
4. Quizzes: A multiple-choice quiz (10-15 questions) at the end of each learning activity assesses mastery of
the concepts.
5. Learner Surveys: An Entrance Survey is used to gauge the learner's pre-existing knowledge and set a
baseline, while the Exit Survey (Student Feedback Form) gathers valuable input on the course content and
delivery.
Credentialing Requirement: Learners will earn the verifiable digital certificate upon achieving 80% or higher
on the cumulative quiz score across the four activities.
The learning experience is centralised on a dedicated microcredential page within the LMS. This interface,
depicted in Figure 1, provides a conducive learning environment. The main content area features a welcome
banner and a video player for all course lectures. On the left, a clear navigation pane lists each of the four
Learning Activities and the Entrance & Exit Survey. This structured layout ensures learners can easily track their
progress and access all materials in a manageable, intuitive way.
Figure 1: Microcredential Course Page within the LMS
Program Structure and Activities
The curriculum is divided into four learning activities as shown in Table 1.
Table 1. Microcredential Learning Activities and Core Objectives
Learning Activity
Core Content
Learning Objective
Learning Activities 1:
Conceptual
Foundations of
Demand
Definition of Demand,
Law of Demand, Shape
of demand curves
i. Define the term demand and explain its key
components
ii. Distinguish between individual demand and
market demand
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ILEIID 2025 | International Journal of Research and Innovation in Social Science (IJRISS)
ISSN: 2454-6186 | DOI: 10.47772/IJRISS
Special Issue | Volume IX Issue XXII October 2025
(individual & market
demand),
iii. Interpret demand schedules and draw basic
demand curves
iv. Explain the law of demand and the reasons
behind its downward slope.
Learning Activities 2:
Core Determinants
Influencing Market
Demand
Determinants of
demand, Difference
between change in
demand and change in
quantity demanded.
i. Identify and explain the non-price factors of
demand.
ii. Differentiate clearly between a change in demand
and a change in quantity demanded.
Learning Activities 3:
Fundamental Principles
of Supply
Definition of Supply,
Law of Supply, Shape
of supply curves
(Individual supply and
Market Supply)
i. Explain the concept of supply and describe the
relationship between price and quantity supplied as
stated in the Law of Supply.
ii.Interpret and construct supply schedules and
supply curves for both individual producers and the
overall market.
iii.Differentiate between individual supply and
market supply.
Learning Activities 4:
Key Determinants
Shaping Supply
Decisions
Determinants of
supply, Distinguish
between change in
supply and change in
quantity supplied.
i. Identify and explain the key determinants that
influence the supply of goods and services.
ii.Differentiate between a change in quantity
supplied and a change in supply, using accurate
economic terminology.
iii.Interpret and analyse supply schedules and
curves to explain how various factors impact
market outcomes.
Content and Assessment Strategy
The learning experience for each activity is a blend of theoretical instruction and interactive application.
1. Lecture Notes: Each activity begins with a PDF document providing a structured overview of the key
concepts, definitions, and principles to be covered.
2. Lecturer's Teaching Video: An accompanying video lecture (approximately 15-20 minutes) will guide
learners through the material.
3. External Sources: To provide alternative perspectives, links to relevant and reputable open-learning
platforms (e.g., YouTube videos) will be provided for each topic.
4. Interactive Games: Engaging games and simulations will be integrated to provide a hands-on experience.
These activities will allow learners to manipulate variables and visually observe the theoretical effects of
their actions on market dynamics.
5. Quick Knowledge Checks: Short, embedded questions within the lecture videos or notes will serve as low-
stakes checks to ensure comprehension before learners proceed to the next section.
6. Quizzes: A multiple-choice quiz (10-15 questions) at the end of each learning activity will assess mastery
of the concepts.
7. Student Feedback Form: At the conclusion of each activity, students are requested to fill out an online
feedback form to provide valuable input on the course content and delivery.
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ILEIID 2025 | International Journal of Research and Innovation in Social Science (IJRISS)
ISSN: 2454-6186 | DOI: 10.47772/IJRISS
Special Issue | Volume IX Issue XXII October 2025
RESULTS AND DISCUSSION
Initial Pilot Study Implementation
An initial pilot study was conducted with a cohort of N=20 participants (comprising undergraduate business
students and lifelong learners) to evaluate the program's operational success and learning output. Descriptive
analysis was performed on key performance indicators, including completion rate, average quiz performance,
and successful credentialing, as summarised in Table 2 below.
Performance Indicator
Target/Benchmark (%)
Pilot Result
N / Mean (%)
I. Completion Rate
≥70%
90.00%
18
II. Average Cumulative Quiz Score
≥75%
83.50%
Mean Score
III. Credentialing Success (Achieving ≥80%
score)
≥70%
85.00%
17
Std. Deviation for Mean Score
N/A
6.2
N/A
Table 2. Pilot Program Performance Metrics (N=20)
Source: Author’s Computation
Note: Completion Rate and Credentialing Success are calculated based on the total enrolled sample (N=20). The
average cumulative quiz score is based on the 18 participants who completed the module.
Interpretation of Results
The data demonstrates a strong initial level of program effectiveness and learner engagement:
Completion Rate: The achieved completion rate of 90.0% (18 out of 20 enrolled participants) significantly
surpasses the target benchmark of 70%. This high retention rate indicates that the self-paced, 8-hour format and
online delivery were highly accessible and manageable for the diverse target audience.
Average Cumulative Quiz Score: The average score of 83.5% is well above the acceptable passing threshold
of 75%. With a relatively low standard deviation (6.2), this result suggests that the learning content and
assessment were effective and consistent in transferring the core theoretical knowledge of demand and supply
to the majority of learners.
Credentialing Success: A total of 17 participants successfully earned the microcredential, translating to 85% of
the overall enrolled cohort. This confirms the program's ability to efficiently meet its primary objective:
certifying foundational economic literacy at a high standard.
These metrics empirically validate the pilot's operational design and the quality of the learning content, fulfilling
the necessary conditions for scaling the program.
Qualitative Analysis
Qualitative data from the Exit Survey highlighted the pedagogical success of the Interactive Games. Learners
praised the "Match-Up Games" for providing the necessary interactive knowledge-testing experience. Overall,
89% of participants confirmed the course's academic objective. The 78% score in Analytical Skills suggests that,
while the outcome was largely met, content refinement is needed to better solidify the distinction between shifts
and movements along the curves.
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ILEIID 2025 | International Journal of Research and Innovation in Social Science (IJRISS)
ISSN: 2454-6186 | DOI: 10.47772/IJRISS
Special Issue | Volume IX Issue XXII October 2025
The pilot study results provide empirical evidence that the microcredential is a feasible and effective solution
for delivering foundational economic knowledge. The strong performance and positive feedback validate the
program's design, which leverages the quality assurance of a university-certified credential to address a
significant knowledge gap. The results suggest the module successfully achieves its core goal of cultivating
economic literacy and provides a crucial supplement to the academic toolkit. The next step will involve a second,
larger-scale pilot study to confirm these initial findings and further refine the assessment and content before
integrating the module into the university's standard offering.
CONCLUSION
The "Microcredential Learning of Economics - The Theory of Demand and Supply" is a critical and timely
educational initiative. It provides a direct and efficient solution to a pervasive knowledge gap, delivering
foundational economic knowledge that is immediately applicable to academic pursuits and social life. The
successful pilot implementation validates the module's relevance and success in achieving core conceptual and
analytical outcomes through its carefully designed curriculum and practical assessment methods. By offering
this specialised, certified program, the module empowers individuals to become more effective at interpreting
economic phenomena and contributes to a more economically literate society.
The next phase of this initiative is a full-scale pilot study to gather more extensive empirical data to validate the
program's effectiveness and prepare the microcredential for wider institutional deployment.
ACKNOWLEDGEMENTS
The authors wish to express their sincere appreciation to all colleagues at the Faculty of Business and
Management, University Technology MARA Cawangan Negeri Sembilan Kampus Seremban, family and
friends, whose greatest support has made this research paper possible.
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Special Issue | Volume IX Issue XXII October 2025
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