This study compares student perceptions, learning behaviours and success in online and face-to-face versions of a Principles of Microeconomics course. It follows a Scholarship of Teaching and Learning (SoTL) approach by using a cycle of empirical analysis, reflection and action to improve the learning experience for students. The online course design involves 58 interactive narrated online modules, interactive online quizzes and biweekly online meetings with the instructor via video and voice-over-IP technology. Findings indicate that schedule flexibility motivates students to choose the online course format. Students in both learning environments felt they had high-quality communication with the instructor, while online students indicated limited peer-to-peer communication. Online students report studying more at home than face-to-face students, but not enough to compensate for the time face-to-face students spend in class. Reflecting on the findings, the authors suggest actions to improve the online course experience. (Contains 3 tables.)