About This Chapter
MEGA Marketing: The Business Cycle - Chapter Summary
All of our lessons in this chapter are geared towards helping you discover and possibly review information about the business cycle. The following topics will be discussed in this chapter:
- Market demand and supply schedule
- Calculating market equilibrium
- Components of the business cycle
- The definition of opportunity costs
- Law of diminishing returns
- Economic scarcity
- Examples and definition of the substitution effect
- Relationship between changes in supply and demand and market equilibrium
You can utilize these engaging lessons to review material that will be covered on the MEGA Marketing exam. As you go through each lesson, take advantage of the quizzes to assess your knowledge in a quick manner.
MEGA Marketing: The Business Cycle Chapter Objectives
The MEGA Marketing exam is required for certification as a Missouri educator in this subject. You will find that the materials in this chapter are included on the core marketing principles section of the exam, which makes up 36% of the entire test. You will be asked to answer multiple-choice questions, where you will have to use your business knowledge and skills. Thanks to the tools and resources we have put together for you in this chapter, you can quickly get ready for this exam.
1. The Business Cycle: Economic Performance Over Time
Economic progression has peaks and troughs as the economy fluctuates between expansion and recession. Explore the intricacies of the business cycle and how it describes economic performance over time.
2. Market Supply Schedule
Supply is the amount, or quantity, of a product available for purchase on the market. Explore the relationship between the economy and supply using a real-world example of how to use a market supply schedule to track suppliers' quantity of bananas.
3. Market Demand Schedule
A market demand schedule is a table used to explain the correlation between the price consumers are willing to pay for something based on the demand for it. Learn about market demand and explore the relationship between demand and price tracked by market demand schedules.
4. The Law of the Downward Sloping Demand Curve
The downward sloping demand curve shows the relationship between the price of a product and the demand for it. Explore the factors that can lead to a demand shift, and the substitution effect.
5. The Upward-Sloping Supply Curve
The upward-sloping supply curve is a graph that shows the relationship between a product's price and the quantity supplied. Explore the factors that lead to a shift in the supply of a good or service and the nature of the supply market.
6. How to Calculate Market Equilibrium
Market equilibrium is accomplished when the supplier and the buyer agree on a price. Discover how shortages and surpluses affect market equilibrium, how to calculate market equilibrium, and how to illustrate it graphically.
7. How Changes in Supply and Demand Affect Market Equilibrium
Market equilibrium is affected by changes in supply and demand. Explore how supply and demand curves increase and decrease, how different shifts in the curves can affect price, and what happens when there are simultaneous changes in supply and demand.
8. Economic Scarcity and the Function of Choice
Learn how economic scarcity influences the way decisions are made about managing resources. Explore the basics of economics and discover how the scarcity of resources affects the function of choice, the implications of economic incentives, and how the term economy is defined.
9. Opportunity Cost: Definition & Examples
Opportunity cost is a concept in economics that helps in estimating the value of different choices. Learn about the definition of opportunity cost, benefits, value, and value of time, and why the cost of an opportunity is found in the value of the next best alternative not chosen.
10. How to Calculate Opportunity Cost
Opportunity cost is determined by calculating how much of one product can be produced based on the opportunity cost of producing something else. Learn how to calculate opportunity costs to make efficient economical choices using the production of wheat versus rice as an example.
11. Law of Diminishing Returns: Definition & Examples
The law of diminishing returns states that there is a point at which output begins to decrease as the input variable increases. Study the definition of the law of diminishing returns and examples of this concept.
12. The Substitution Effect in Macroeconomics: Definition & Example
Learn what the substitution effect is and how it may affect your life every time you go to the grocery store. See some everyday examples of the substitution effect at work.
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Other chapters within the MEGA Marketing: Practice & Study Guide course
- MEGA Marketing: Basic Concepts
- MEGA Marketing: Communication Methods & Functions
- MEGA Marketing: Environments & Strategies
- MEGA Marketing: Ethics & Public Relations
- MEGA Marketing: Market System Economics & Politics
- MEGA Marketing: Economic Growth & Indicators
- MEGA Marketing: Business Ownership
- MEGA Marketing: Business Plans
- MEGA Marketing: Functions of Management
- MEGA Marketing: Principles of Financial Management
- MEGA Marketing: Business Calculation Basics
- MEGA Marketing: Interpreting Data & Graphs
- MEGA Marketing: Graphing & Evaluating Equations & Functions
- MEGA Marketing: Quadratic Equations & Functions
- MEGA Marketing: Probability & Statistics for Business
- MEGA Marketing: Depreciation & Salvage Values
- MEGA Marketing: Interest & Purchases
- MEGA Marketing: Financial Analysis Calculations
- MEGA Marketing: Product Development & Retailing
- MEGA Marketing: Services Marketing
- MEGA Marketing: The Marketing Mix & Promotional Strategies
- MEGA Marketing: Consumer Protection Laws
- MEGA Marketing: Selling & Pricing Strategy
- MEGA Marketing: Channel Management
- MEGA Marketing: Segmentation & Product Marketing
- MEGA Marketing: Competitive Advantage
- MEGA Marketing: Consumer Decision Making
- MEGA Marketing: International Marketplace
- MEGA Marketing: Research & Data Applications
- MEGA Marketing: Computer Literacy
- MEGA Marketing: Careers in Marketing
- MEGA Marketing Flashcards