Introduction:
To ensure a balanced understanding of economic theories, it is crucial to follow a well-structured study plan. This plan should cover various aspects of economics, including both micro and macroeconomic theories, while also incorporating different schools of thought. Here are some key steps to create a balanced study plan:

1. Identify the Core Concepts:
Begin by identifying the core concepts and theories that form the foundation of economics. This may include topics like supply and demand, elasticity, production and cost, market structures, and economic indicators. These fundamental concepts should be thoroughly understood before moving on to more complex theories.

2. Study Microeconomics:
Microeconomics focuses on individual economic agents such as consumers, producers, and markets. Ensure that your study plan covers key topics like consumer behavior, market equilibrium, market failures, and different market structures such as perfect competition, monopoly, oligopoly, and monopolistic competition. This will provide a comprehensive understanding of how individuals and firms make economic decisions.

3. Study Macroeconomics:
Macroeconomics deals with the broader aspects of the economy, including national income, inflation, unemployment, fiscal and monetary policies, and economic growth. Allocate sufficient time in your study plan to cover these topics and understand how different macroeconomic variables interact with each other. This will help you analyze the overall performance of an economy.

4. Explore Economic Schools of Thought:
To ensure a balanced understanding, it is important to explore different economic schools of thought. This may include classical economics, Keynesian economics, neoclassical economics, and other contemporary schools of thought. Each school of thought offers unique perspectives on economic issues, and studying them will provide a well-rounded understanding of economic theories.

5. Analyze Case Studies and Real-World Examples:
To apply economic theories in practical scenarios, analyze case studies and real-world examples. This will help you understand the real-life implications of economic theories and their relevance in different situations. Look for case studies related to various economic phenomena like market failures, economic policies, and global economic events.

6. Review and Practice:
Consistently review and practice the concepts you have learned. This can be done through solving practice questions, participating in discussions, and taking mock exams. Regular revision will reinforce your understanding of economic theories and ensure that you have a balanced grasp of the subject.

Conclusion:
By following a well-structured study plan that covers core concepts, microeconomics, macroeconomics, economic schools of thought, case studies, and regular revision, you can ensure a balanced understanding of economic theories. Remember to allocate time for self-reflection and critical thinking to develop a deeper understanding of the subject.