About This Chapter
Economic Basics - Chapter Summary
In this chapter, our knowledgeable video instructors explain the market supply schedule and the market demand schedule. You'll be introduced to the ways in which changes in supply and demand affect market equilibrium. This chapter will also discuss real-world examples of opportunity cost.
You'll learn about the various types of economic systems, including socialism, communism, and mixed economies. As you progress through this chapter, you'll study monopolies & oligopolies. After you complete this chapter, you should be able to:
- Calculate market equilibrium
- Understand changes in market equilibrium caused by supply and demand
- Discuss competition between private businesses
- Explain economic scarcity and the function of choice
- Give examples of opportunity cost
- Differentiate between market and command economies
- Differentiate between capitalist, socialist, communist, and mixed economies
- Understand competition within markets
Our online video lessons on economic basics each include a professional, experienced instructor's brief, engaging video presentation. Each lesson also comes with a self-assessment quiz, so you can track how well you've learned the lesson, and a written transcript as an alternative way for you to access the information in the lesson. User-friendly video tools include tags that allow you to toggle back and forth between key points in this lesson and links embedded in key vocabulary words and phrases that take you to text lessons for even more in-depth information.
1. 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.
2. 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.
3. How to Calculate Market Equilibrium
Supply and demand is an important part of macroeconomics. In this lesson, you'll learn how to calculate the equilibrium price and quantity in a market at the intersection of the supply and demand curves.
4. 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.
5. 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.
6. 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.
7. Entrepreneurship & the Economy: Definition & Importance
Entrepreneurs fill a vitally important role in market economies. In this lesson, you'll learn about the importance of entrepreneurship, different types of entrepreneurs and how they add value to an economy.
8. Understanding Socialism, Communism, and Mixed Economies: Comparison & Analysis
Socialism and communism are alternative economic systems to capitalism. In this lesson, you'll learn some of the key concepts behind these economic systems. You'll also learn about mixed economic systems.
9. 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.
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