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Ch 3: Georgia Milestones: Consumer Behavior & Microeconomics

About This Chapter

Get ready for the Georgia Milestones Economics/ Business/ Free Enterprise EOC exam by reviewing consumer behavior and microeconomics with the lessons and quizzes in this chapter.

Georgia Milestones: Consumer Behavior & Microeconomics

This chapter will help you go over consumer behavior and microeconomics as you prepare to take the Georgia Milestones Economics/ Business/ Free Enterprise EOC exam. You can use our lessons to make sure you're familiar with:

  • The definition of a consumer in microeconomics
  • Utility maximization and assumptions about it
  • Individual demand, market demand and indifference curves
  • Normal and inferior goods
  • Substitution and the marginal rate of substitution

You can view our engaging video lessons to familiarize yourself with this subject. Each video features a timeline that allows you to go directly to the information you want to review, as well as a transcript that you can read.

10 Lessons in Chapter 3: Georgia Milestones: Consumer Behavior & Microeconomics
Test your knowledge with a 30-question chapter practice test
Who Is the Consumer in Microeconomics?

1. Who Is the Consumer in Microeconomics?

Who is the consumer in microeconomics? In this lesson, you will learn the definition of a consumer and the microeconomic assumption that explains their decision-making process.

Utility Maximization: Budget Constraints & Consumer Choice

2. Utility Maximization: Budget Constraints & Consumer Choice

Do you spend your money rationally, or just throw it up in the air? This lesson explains the processes that consumers go through to spend their money and why for some people throwing money in the air with abandon works best.

Understanding the Individual Demand Curve

3. Understanding the Individual Demand Curve

Want to see how economics affects the decisions you make on a daily basis? This lesson on the individual demand curve helps to explain why we fall for marked-down holiday candy.

Factors that Affect the Market Demand Curve

4. Factors that Affect the Market Demand Curve

Just like any other demand curve, there are a number of factors that can affect the market demand curve. This lesson introduces many of them and explains how difficult it can be in real life to actually measure equilibrium.

Substitution & Income Effects: Impacts on Supply & Demand

5. 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.

Normal & Inferior Goods in Microeconomics

6. Normal & Inferior Goods in Microeconomics

A consumer's income affects the types of products that they purchase. In this lesson, you will learn the definition of and differences between normal and inferior goods in microeconomics and how they affect consumer demand.

Indifference Curves: Use & Impact in Economics

7. Indifference Curves: Use & Impact in Economics

Like it or not, the demand of a given good is often influenced by the demand of other goods. Sometimes this is a good thing for the good in question, other times it's not. Indifference curves help economists figure out which is the case.

Marginal Rate of Substitution: Definition, Formula & Examples

8. Marginal Rate of Substitution: Definition, Formula & Examples

The marginal rate of substitution helps firms figure out just how much substitution of goods they can get away with until consumers have had enough. From toilet paper to beer, this has an effect on everything.

The Indifference Curve for Substitutes & Complements in Economics

9. The Indifference Curve for Substitutes & Complements in Economics

Goods in a given economy do not exist in a vacuum. In this lesson, we will look at how substitutes and complements affect the indifference curve, helping economists figure out how prices ripple through the economy.

Economics Assumptions about the Maximization of Utility

10. Economics Assumptions about the Maximization of Utility

What can we assume about producers wanting to maximize utility? For starters, we must assume that they want to maximize utility! This lesson explains why that is so important and how producers do it.

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

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