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TECEP Microeconomics: Study Guide & Test Prep

Course Summary

Get ready for the TECEP Microeconomics exam with this comprehensive and self-paced test prep course. The course's bite-sized video lessons and interactive self-assessments allow you to quickly review and remember all of the microeconomics topics that you'll need to know for the exam.
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11 chapters in TECEP Microeconomics: Study Guide & Test Prep

Ch 1. Basic Economic Concepts {{cp.topicAssetIdToProgress[292343].percentComplete}}% complete
Course Progress Best Score
Lesson 1 - What is Economics? - Definition & Types Score: {{cp.lessonAssetIdToProgress[12279].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[12279].bestScoreQuestions}}  Take Quiz Optional
Lesson 2 - What Is Microeconomics? - Definition & Topics Score: {{cp.lessonAssetIdToProgress[15808].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[15808].bestScoreQuestions}}  Take Quiz Optional
Lesson 3 - Marginal Analysis in Economics: Definition, Formula & Examples Score: {{cp.lessonAssetIdToProgress[15863].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[15863].bestScoreQuestions}}  Take Quiz Optional
Lesson 4 - Marginal Benefit in Economics: Definition & Example Score: {{cp.lessonAssetIdToProgress[15852].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[15852].bestScoreQuestions}}  Take Quiz Optional
Lesson 5 - Trade-Offs in Economics: Definition & Examples Score: {{cp.lessonAssetIdToProgress[15805].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[15805].bestScoreQuestions}}  Take Quiz Optional
Lesson 6 - Comparative Advantage: Definition and Examples Score: {{cp.lessonAssetIdToProgress[1919].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[1919].bestScoreQuestions}}  Take Quiz Optional
Lesson 7 - Gains from Trade: Definition & Example Score: {{cp.lessonAssetIdToProgress[7910].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[7910].bestScoreQuestions}}  Take Quiz Optional
Lesson 8 - Economic Interdependence: Definition, Causes & Effects Score: {{cp.lessonAssetIdToProgress[292345].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[292345].bestScoreQuestions}}  Take Quiz Optional
Lesson 9 - What is Positive Economics? - Definition, Methodology & Examples Score: {{cp.lessonAssetIdToProgress[15764].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[15764].bestScoreQuestions}}  Take Quiz Optional
Lesson 10 - Normative Economics: Definition & Examples Score: {{cp.lessonAssetIdToProgress[15802].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[15802].bestScoreQuestions}}  Take Quiz Optional
Lesson 11 - What Is the Economic Man? - Concept, Assumptions & Constraints Score: {{cp.lessonAssetIdToProgress[21535].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[21535].bestScoreQuestions}}  Take Quiz Optional
Lesson 12 - The Economist Thought Process: Policy Advisor & Scientist Score: {{cp.lessonAssetIdToProgress[292347].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[292347].bestScoreQuestions}}  Take Quiz Optional
Course Progress Best Score
Lesson 1 - The Market System in Economics: Definition, Characteristics & Advantages Score: {{cp.lessonAssetIdToProgress[15672].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[15672].bestScoreQuestions}}  Take Quiz Optional
Lesson 2 - Market Equilibrium from a Microeconomics Perspective Score: {{cp.lessonAssetIdToProgress[22955].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[22955].bestScoreQuestions}}  Take Quiz Optional
Lesson 3 - Microeconomic Shifts in Supply and Demand Curves Score: {{cp.lessonAssetIdToProgress[22957].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[22957].bestScoreQuestions}}  Take Quiz Optional
Lesson 4 - Causes of Supply and Demand Changes in Microeconomics Score: {{cp.lessonAssetIdToProgress[22954].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[22954].bestScoreQuestions}}  Take Quiz Optional
Lesson 5 - Using Market Forces to Manipulate Supply and Demand Score: {{cp.lessonAssetIdToProgress[22958].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[22958].bestScoreQuestions}}  Take Quiz Optional
Lesson 6 - Derived vs. Inelastic Demand in Business Markets Score: {{cp.lessonAssetIdToProgress[51019].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[51019].bestScoreQuestions}}  Take Quiz Optional
Lesson 7 - Price Elasticity of Demand in Microeconomics Score: {{cp.lessonAssetIdToProgress[22961].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[22961].bestScoreQuestions}}  Take Quiz Optional
Lesson 8 - Cross Price Elasticity of Demand: Definition and Formula Score: {{cp.lessonAssetIdToProgress[22962].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[22962].bestScoreQuestions}}  Take Quiz Optional
Lesson 9 - Income Elasticity of Demand in Microeconomics Score: {{cp.lessonAssetIdToProgress[22963].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[22963].bestScoreQuestions}}  Take Quiz Optional
Lesson 10 - Price Elasticity of Supply in Microeconomics Score: {{cp.lessonAssetIdToProgress[22964].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[22964].bestScoreQuestions}}  Take Quiz Optional
Lesson 11 - Price Ceilings and Price Floors in Microeconomics Score: {{cp.lessonAssetIdToProgress[22959].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[22959].bestScoreQuestions}}  Take Quiz Optional
Lesson 12 - Controlling Supply: Government Intervention & Market Forces Score: {{cp.lessonAssetIdToProgress[22960].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[22960].bestScoreQuestions}}  Take Quiz Optional
Lesson 13 - Government's Non-Regulatory Influence on Business Score: {{cp.lessonAssetIdToProgress[27030].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[27030].bestScoreQuestions}}  Take Quiz Optional
Lesson 14 - How Fiscal Policy and Monetary Policy Affect the Economy Score: {{cp.lessonAssetIdToProgress[12283].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[12283].bestScoreQuestions}}  Take Quiz Optional
Lesson 15 - Governmental Regulation & Deregulation of the Economy Score: {{cp.lessonAssetIdToProgress[37364].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[37364].bestScoreQuestions}}  Take Quiz Optional
Course Progress Best Score
Lesson 1 - Who Is the Consumer in Microeconomics? Score: {{cp.lessonAssetIdToProgress[32911].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[32911].bestScoreQuestions}}  Take Quiz Optional
Lesson 2 - Roles of Consumers & Producers in a Resource Market Score: {{cp.lessonAssetIdToProgress[37356].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[37356].bestScoreQuestions}}  Take Quiz Optional
Lesson 3 - Consumer Surplus: Definition, Formula & Examples Score: {{cp.lessonAssetIdToProgress[15761].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[15761].bestScoreQuestions}}  Take Quiz Optional
Lesson 4 - Producer Surplus: Definition, Formula & Example Score: {{cp.lessonAssetIdToProgress[15730].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[15730].bestScoreQuestions}}  Take Quiz Optional
Lesson 5 - Resource Market: Definition & Overview Score: {{cp.lessonAssetIdToProgress[10237].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[10237].bestScoreQuestions}}  Take Quiz Optional
Lesson 6 - What Are Economies of Scale? - Definition & Impact on Fixed Costs Score: {{cp.lessonAssetIdToProgress[37345].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[37345].bestScoreQuestions}}  Take Quiz Optional
Lesson 7 - Understanding the Individual Demand Curve Score: {{cp.lessonAssetIdToProgress[32913].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[32913].bestScoreQuestions}}  Take Quiz Optional
Lesson 8 - Factors that Affect the Market Demand Curve Score: {{cp.lessonAssetIdToProgress[32914].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[32914].bestScoreQuestions}}  Take Quiz Optional
Lesson 9 - What is Marginal Utility? - Definition, Theory, Formula & Example Score: {{cp.lessonAssetIdToProgress[15734].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[15734].bestScoreQuestions}}  Take Quiz Optional
Lesson 10 - Diminishing Marginal Utility: Definition, Principle & Examples Score: {{cp.lessonAssetIdToProgress[15829].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[15829].bestScoreQuestions}}  Take Quiz Optional
Lesson 11 - The Law of Diminishing Marginal Returns Score: {{cp.lessonAssetIdToProgress[37338].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[37338].bestScoreQuestions}}  Take Quiz Optional
Lesson 12 - Economics Assumptions about the Maximization of Utility Score: {{cp.lessonAssetIdToProgress[32923].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[32923].bestScoreQuestions}}  Take Quiz Optional
Course Progress Best Score
Lesson 1 - Types of Public Policy in the United States Score: {{cp.lessonAssetIdToProgress[20912].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[20912].bestScoreQuestions}}  Take Quiz Optional
Lesson 2 - Positive Externality: Definition & Examples Score: {{cp.lessonAssetIdToProgress[15757].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[15757].bestScoreQuestions}}  Take Quiz Optional
Lesson 3 - Negative Externality: Definition & Example Score: {{cp.lessonAssetIdToProgress[15692].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[15692].bestScoreQuestions}}  Take Quiz Optional
Lesson 4 - Public Policies & Externalities in Microeconomics Score: {{cp.lessonAssetIdToProgress[292361].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[292361].bestScoreQuestions}}  Take Quiz Optional
Lesson 5 - What Is Market Failure? - Definition & Types Score: {{cp.lessonAssetIdToProgress[140400].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[140400].bestScoreQuestions}}  Take Quiz Optional
Lesson 6 - Public Good in Economics: Definition, Theory & Examples Score: {{cp.lessonAssetIdToProgress[15872].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[15872].bestScoreQuestions}}  Take Quiz Optional
Lesson 7 - Delivery of Public Goods Score: {{cp.lessonAssetIdToProgress[140404].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[140404].bestScoreQuestions}}  Take Quiz Optional
Lesson 8 - Common Goods in Microeconomics: Definition, Comparison & Examples Score: {{cp.lessonAssetIdToProgress[292363].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[292363].bestScoreQuestions}}  Take Quiz Optional
Lesson 9 - Private Good: Definition & Examples Score: {{cp.lessonAssetIdToProgress[15845].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[15845].bestScoreQuestions}}  Take Quiz Optional
Course Progress Best Score
Lesson 1 - Purpose & Components of Cost Accounting Score: {{cp.lessonAssetIdToProgress[80506].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[80506].bestScoreQuestions}}  Take Quiz Optional
Lesson 2 - Short-Run Costs vs. Long-Run Costs in Economics Score: {{cp.lessonAssetIdToProgress[37344].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[37344].bestScoreQuestions}}  Take Quiz Optional
Lesson 3 - Identifying Fixed Costs & Variable Costs for Producers Score: {{cp.lessonAssetIdToProgress[37337].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[37337].bestScoreQuestions}}  Take Quiz Optional
Lesson 4 - Implicit Costs: Definition & Examples Score: {{cp.lessonAssetIdToProgress[15717].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[15717].bestScoreQuestions}}  Take Quiz Optional
Lesson 5 - Sunk Costs: Definition & Examples Score: {{cp.lessonAssetIdToProgress[15725].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[15725].bestScoreQuestions}}  Take Quiz Optional
Lesson 6 - Opportunity Cost: Definition & Real World Examples Score: {{cp.lessonAssetIdToProgress[1913].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[1913].bestScoreQuestions}}  Take Quiz Optional
Lesson 7 - Transactions Costs in Economics: Definition, Theory & Examples Score: {{cp.lessonAssetIdToProgress[15759].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[15759].bestScoreQuestions}}  Take Quiz Optional
Lesson 8 - How Marginal Costs Differ from Average & Total Costs Score: {{cp.lessonAssetIdToProgress[37341].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[37341].bestScoreQuestions}}  Take Quiz Optional
Course Progress Best Score
Lesson 1 - Competitive Market: Definition, Characteristics & Examples Score: {{cp.lessonAssetIdToProgress[15760].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[15760].bestScoreQuestions}}  Take Quiz Optional
Lesson 2 - Perfect Competition in Economics & Adam Smith's 'Invisible Hand' Score: {{cp.lessonAssetIdToProgress[37347].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[37347].bestScoreQuestions}}  Take Quiz Optional
Lesson 3 - What is a Monopoly in Economics? - Definition & Impact on Consumers Score: {{cp.lessonAssetIdToProgress[37348].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[37348].bestScoreQuestions}}  Take Quiz Optional
Lesson 4 - Understanding Monopolistic Competition in Economics Score: {{cp.lessonAssetIdToProgress[37349].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[37349].bestScoreQuestions}}  Take Quiz Optional
Lesson 5 - Characteristics of Monopolistic Competition Score: {{cp.lessonAssetIdToProgress[140396].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[140396].bestScoreQuestions}}  Take Quiz Optional
Lesson 6 - What is an Oligopoly? - Definition & Impact on Consumers Score: {{cp.lessonAssetIdToProgress[37350].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[37350].bestScoreQuestions}}  Take Quiz Optional
Course Progress Best Score
Lesson 1 - The Labor Market in Economics Score: {{cp.lessonAssetIdToProgress[37357].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[37357].bestScoreQuestions}}  Take Quiz Optional
Lesson 2 - Understanding Shifts in Labor Supply and Labor Demand Score: {{cp.lessonAssetIdToProgress[2410].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[2410].bestScoreQuestions}}  Take Quiz Optional
Lesson 3 - Productivity: The Economy's Long-Run Growth Engine Score: {{cp.lessonAssetIdToProgress[1976].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[1976].bestScoreQuestions}}  Take Quiz Optional
Lesson 4 - Investment in Human Capital and Productivity Score: {{cp.lessonAssetIdToProgress[1977].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[1977].bestScoreQuestions}}  Take Quiz Optional
Lesson 5 - What Is Discrimination? - Definition & Examples Score: {{cp.lessonAssetIdToProgress[7930].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[7930].bestScoreQuestions}}  Take Quiz Optional
Lesson 6 - Equal Pay Act: Definition and Effects Score: {{cp.lessonAssetIdToProgress[15585].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[15585].bestScoreQuestions}}  Take Quiz Optional
Lesson 7 - Employment Discrimination: Definition and Laws Score: {{cp.lessonAssetIdToProgress[10865].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[10865].bestScoreQuestions}}  Take Quiz Optional
Lesson 8 - Income Distribution and Inequality in the US Score: {{cp.lessonAssetIdToProgress[58711].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[58711].bestScoreQuestions}}  Take Quiz Optional
Lesson 9 - Poverty & Public Policy Score: {{cp.lessonAssetIdToProgress[292373].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[292373].bestScoreQuestions}}  Take Quiz Optional
Course Progress Best Score
Lesson 1 - Consumer Preferences & Choice in Economics Score: {{cp.lessonAssetIdToProgress[32917].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[32917].bestScoreQuestions}}  Take Quiz Optional
Lesson 2 - Consumer Theories in Economics: Decision Making, Incentives & Preferences Score: {{cp.lessonAssetIdToProgress[32918].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[32918].bestScoreQuestions}}  Take Quiz Optional
Lesson 3 - Adverse Selection in Economics: Definition & Examples Score: {{cp.lessonAssetIdToProgress[15707].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[15707].bestScoreQuestions}}  Take Quiz Optional
Lesson 4 - Adverse Selection vs. Moral Hazard Score: {{cp.lessonAssetIdToProgress[54330].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[54330].bestScoreQuestions}}  Take Quiz Optional
Lesson 5 - Principal-Agent Problem in Economics: Definition & Examples Score: {{cp.lessonAssetIdToProgress[15677].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[15677].bestScoreQuestions}}  Take Quiz Optional
Lesson 6 - Behavioral Economics: Definition & Applications Score: {{cp.lessonAssetIdToProgress[252403].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[252403].bestScoreQuestions}}  Take Quiz Optional
Lesson 7 - Political Economy: International, Local and Definition Score: {{cp.lessonAssetIdToProgress[40813].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[40813].bestScoreQuestions}}  Take Quiz Optional

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