About This Chapter
CSET Business - Microeconomics: Chapter Summary
Microeconomics is the branch of economics that seeks to understand the economic decisions and activities of individual consumers and firms. We've developed a series of video lessons on microeconomics that can help prepare you for the California Subject Examinations for Teachers (CSET) Business Subtest II. Through these lessons, you'll learn about efficiency and productivity as well as economic structures and competition. Other topics covered in this chapter include the following:
- Factors of production
- Economic incentives
- Law of marginal diminishing return
- Market supply and demand schedules
- Upward sloping supply curves
- Law of the downward sloping demand curve
- Law of supply and demand
- How changes in supply and demand affect market equilibrium
CSET Business - Microeconomics Objectives
Fifteen of the 40 multiple-choice questions on the CSET Business Subtest II focus on economics, as does one of the test's two constructed-response questions. This subtest is the second of three parts of the CSET Business Single Subject Exam, which is the credentialing exam for high school business teachers seeking certification in California.
To see if your knowledge of microeconomics is up to par, you can begin by taking the self-assessment quizzes attached to each lesson in this chapter. Once you know where your skills lie, watch the videos, and then take the quizzes again to see if your proficiency in this area has improved.
1. Market Supply Schedule
Supply and demand play big roles in the economy. In this lesson, you'll discover what supply is, how we describe it, and how market supply schedules are created.
2. The Upward-Sloping Supply Curve
Discover the relationship between the quantity of a good or service that is produced and its price. This lesson explains the supply side of a market, including the factors that lead to a shift in supply.
3. Market Demand Schedule
Demand can often drive the cost up or down for a product or service. In this lesson, you'll discover what demand is, what it looks like, and how market demand schedules are created.
4. The Law of the Downward Sloping Demand Curve
Discover the relationship between the quantity demanded and price of a good or service in a market. This lesson explains why the demand curve is downward sloping and what factors will lead to a shift in demand.
5. How Changes in Supply and Demand Affect Market Equilibrium
Learn how the equilibrium of a market changes when supply and demand curves increase and decrease and how different shifts in the curves can affect price.
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Other chapters within the CSET Business Subtest II (176): Practice & Study Guide course
- CSET Business - Accounting Principles
- CSET Business - Principles of Finance
- CSET Business - Personal Finance
- CSET Business - Economic Concepts
- CSET Business - Macroeconomics: General Concepts
- CSET Business - Macroeconomics: Unemployment & Inflation
- CSET Business - Macroeconomics: Money, Federal Reserve System & Banking
- CSET Business - Macroeconomics: Fiscal and Monetary Policy
- CSET Business - International Economics
- CSET Business Subtest 2 Flashcards