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Ch 60: CEOE Business Education: Fundamentals of Microeconomics

About This Chapter

Firm up your knowledge of microeconomics by watching the short videos in this chapter. Simplify your preparation for the CEOE Business Education exam with these lessons and quizzes.

CEOE Business Education: Fundamentals of Microeconomics - Chapter Summary

Revisit microeconomics with quick and engaging video lessons that help you get ready to take the CEOE Business Education exam. After watching these lessons, you'll be familiar with the following methods and concepts:

  • Economic scarcity
  • Calculations for opportunity cost
  • Applications for the production possibilities model
  • Shifts in the production possibilities curve
  • Comparative advantage
  • Gains from trade and absolute advantage in trade

Let our experts guide you through a comprehensive review of microeconomics. You can find video tags that refer you to main points in the videos and transcripts that provide an easy reference for key terms and definitions. When you get to the end of a video, take the corresponding quiz to clarify your understanding of the material.

Objectives of the CEOE Business Education: Fundamentals of Microeconomics Chapter

The CEOE Business Education exam is an assessment used to determine your knowledge of basic business principles in order to earn certification as a business teacher in Oklahoma. You'll be tested in five essential areas covering economics and finance, accounting, info systems, business management and marketing. Microeconomics is part of the economics and finance section, which makes up roughly 17% of the exam. The entire exam is made up of one constructed-response question and 80 selected-response questions.

8 Lessons in Chapter 60: CEOE Business Education: Fundamentals of Microeconomics
Test your knowledge with a 30-question chapter practice test
Economic Scarcity and the Function of Choice

1. Economic Scarcity and the Function of Choice

Discover the foundation of the social science of economics as we explore the basic economic problem of scarce resources and unlimited wants using key definitions that create a framework for understanding everyday behavior in a nation.

Opportunity Cost: Definition & Real World Examples

2. Opportunity Cost: Definition & Real World Examples

Learn the most important concept of economics through the use of real-world scenarios that highlight both the benefits and the costs of decisions. Opportunity cost is a simple yet powerful principle that reveals how to make the best economic decisions possible, and it explains why people make the choices they do.

How to Calculate Opportunity Cost

3. How to Calculate Opportunity Cost

Learn the formula that reveals the economic value in any major choice between two possibilities. Every choice involves tradeoffs, and opportunity cost shows you how to measure these tradeoffs.

Applying the Production Possibilities Model

4. Applying the Production Possibilities Model

Producers in the economy use a visual model, called the production possibilities curve, to make the most efficient production decisions and maximize output. Learn how this model reveals the tradeoffs of every production decision with the simplified example of an economy that produces only two goods.

Shifts in the Production Possibilities Curve

5. Shifts in the Production Possibilities Curve

In this lesson you will learn how changes inside an economy lead to changes in the production possibilities of a nation. See how different scenarios from everyday life lead to shifts in the production possibilities curve.

Comparative Advantage: Definition and Examples

6. Comparative Advantage: Definition and Examples

Understand the definition of comparative advantage, using two goods as an example. This key lesson incorporates the basic foundations of economics into one foundational theory explaining what goods and services that people,and nations, should produce and for whom they should produce it.

Gains From Trade and the Benefit of Specialization

7. Gains From Trade and the Benefit of Specialization

Explore one of the most widely accepted ideas in economics - the idea that nations benefit from specialization and exchange, reaping gains from trade.

Absolute Advantage in Trade: Definition and Examples

8. Absolute Advantage in Trade: Definition and Examples

In this lesson, you'll learn what absolute advantage is and how to easily identify it within examples of international trade. In addition, you'll learn the important difference between absolute advantage and comparative advantage.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
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Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

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Other Chapters

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