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Ch 5: MEGA Marketing: The Business Cycle

About This Chapter

The MEGA Marketing exam covers a lot of business-related topics, including the business cycle. In order to be prepared for this test and do well on it, you can review the materials in this engaging, concise 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.

12 Lessons in Chapter 5: MEGA Marketing: The Business Cycle
Test your knowledge with a 30-question chapter practice test
The Business Cycle: Economic Performance Over Time

1. The Business Cycle: Economic Performance Over Time

Learn the economic terms that describe economic performance over time and how indicators such as unemployment and inflation behave throughout these economic fluctuations.

Market Supply Schedule

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.

Market Demand Schedule

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.

The Law of the Downward Sloping Demand Curve

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.

The Upward-Sloping Supply Curve

5. 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.

How to Calculate Market Equilibrium

6. 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.

How Changes in Supply and Demand Affect Market Equilibrium

7. 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.

Economic Scarcity and the Function of Choice

8. 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

9. 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

10. 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.

Law of Diminishing Returns: Definition & Examples

11. Law of Diminishing Returns: Definition & Examples

How does a farmer determine how much fertilizer to use? How many baristas are needed in a cafe? In this lesson, you will learn how the law of diminishing returns impacts expected output per unit of input.

The Substitution Effect in Macroeconomics: Definition & Example

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.

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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