About This Chapter
American Market Economy - Chapter Summary
This chapter on the American market economy can be used to review topics like property rights, financial and goods markets, competition in free markets, and price ceilings. Short and engaging videos, text lessons, and quizzes will help jar your memory of those concepts, plus ensure you are able to do the following:
- Discuss ways in which substitution and microeconomic shifts affect supply and demand
- Define scarcity and utility
- Understand how price elasticity is linked to supply and demand
- Outline the history of property rights
- Analyze profit, capital and competition in the U.S. economy
- Describe the economic factors of pricing strategies, pricing decisions, price ceilings, and price floors
- Illustrate the impact of competition on the quality and price of goods
- Detail profit sharing, gain sharing and employee stock ownership
The video lessons can be viewed 24/7 on any Internet-ready device. Utilize the written transcripts to get a closer look at important keywords. You can also print the transcripts and worksheets for offline study.
1. Substitution & Income Effects: Impacts on Supply & Demand
Have you ever changed your mind about buying something because they raised the price? Or maybe opted for an upgrade because you got a raise? This lesson explains the substitution and income effects, the terms economists use to describe those actions.
2. Microeconomic Shifts in Supply and Demand Curves
Learn about the important forces that can cause the demand and supply curve to shift. Discover how this affects equilibrium and the prices you pay for goods and services.
3. Microeconomic Resources: Scarcity & Utility
For economics to work, we must assume that resources are scarce and that people will work to secure the greatest utility possible. This lesson explains both scarcity and utility and what they mean for people everywhere.
4. Price Elasticity: Understanding Supply and Demand
Marketing managers need to understand the basics of supply and demand in order to develop the precise price for their product. Inelastic and elastic demand explains how sensitive consumers are to price and how much flexibility it allows the marketing team.
5. What Are Property Rights? - Definition, History & Examples
The definition of property rights sounds simple; however, there is a lot more to property rights than meets the eye. This lesson will provide definitions, some historical information, and examples to help you better understand this important topic.
6. Competition Within Free Markets: Types & Summary
We live in a free market economy, but that doesn't mean there is always free competition. In this lesson, you'll learn about perfectly competitive markets, monopolies, monopolistic markets and oligopolies.
7. Profit, Capital & Competition in the U.S. Economy
Businesses have three primary ways to raise capital, which are related to their ability to make profits. The competition a business faces will also affect its profits. This lesson will explore the relationship of capital, competition, and profits.
8. Economic Factors of Pricing and Pricing Strategy
Economic factors can alter companies' pricing strategies. Prices need to be flexible, especially in response to inflation and recessions. There are numerous strategies that can be employed to combat economic changes and lead to corporate sales and profits.
9. Pricing Decisions: Profit-Oriented, Sales & Status Quo
Companies need to determine the main objective of their pricing strategy. The different objectives can be based on profit, sales, competition or customers. The end result should be customer satisfaction.
10. Price Ceilings and Price Floors in Microeconomics
Governments can restrict prices from going too low or too high through use of price ceilings. This lesson explains these concepts, as well as problems that can arise from their use.
11. Impact of Competition on the Quality, Quantity & Price of Goods
In this lesson, we will learn about the impact of competition on the quality, quantity and price of goods. The relationship between competition and the production of goods is directly related and affects the price we pay as consumers.
12. Organizational Incentive Programs: Profit Sharing, Gain Sharing, and Employee Stock Ownership
One way to tie a company's success to employee success is to utilize incentive programs where employees profit when the company does. In this lesson, you'll learn about profit sharing, gain sharing and employee stock ownership.
13. Financial Markets & Goods Markets
Learn about two of the biggest markets in most economies; the financial and goods markets. Find out what financial markets are and the purpose they serve. Explore the stock market and bond market and see how they are different than the goods market.
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Other chapters within the CSET Social Science Subtest III (116): Practice & Study Guide course
- About the CSET Social Science Test
- Early Influences on American Government
- Constitutional Democracy in the United States
- Overview of American Law
- Principles of American Democracy
- Religion and Religious Diversity
- Principles of Civil Society
- The Three Branches of Government
- Supreme Court Cases
- Election Process
- Levels of Government in the U.S.
- Mass Media in the United States
- Political Systems
- Tension in American Democracy
- Economic Terms and Concepts
- Politics and Economics
- U.S. Labor Unions
- U.S. Labor Market
- Aggregate Economic Behavior
- Factors in International Trade
- California History
- Sources of Information in Social Science
- Historical Interpretations
- Social Science Research
- Social Science Perspectives
- CSET Social Science Subtest 3 Flashcards