Ch 26: MEGA Social Science Multi-Content: Economics & Microeconomics

About This Chapter

Familiarize yourself with the information you need to know about economics and microeconomics for the MEGA Social Science Multi-Content test. In each lesson, find quizzes that allow you to practice answering multiple-choice questions.

MEGA Social Science Multi-Content: Economics & Microeconomics - Chapter Summary

Use this chapter to review the economics and microeconomics topics found on the MEGA Social Science Multi-Content test. Our knowledgeable instructors will focus on the most pertinent information regarding these subjects to make sure you are ready for exam day. The lessons in this chapter will cover information like:

  • Scarcity and utility in economics
  • The laws of supply and demand
  • Economic incentives
  • Opportunity cost
  • Traditional, market, mixed and command economic systems
  • Factors in pricing and pricing strategy
  • Market forces for manipulating supply and demand
  • Factors of production
  • Types of business organization

Take advantage of this resource in preparation for the MEGA Social Science Multi-Content test. This chapter will ensure that you have the information you need to answer economics and microeconomics questions on the exam. Follow the engaging video lessons to study this topic, and take quizzes to practice. You can complete this entire mobile-friendly chapter from any place you choose, on your laptop, smartphone, or tablet.

12 Lessons in Chapter 26: MEGA Social Science Multi-Content: Economics & Microeconomics
Test your knowledge with a 30-question chapter practice test
What is Economics? - Definition & Types

1. What is Economics? - Definition & Types

Few things affect the day-to-day lives of everyone more than the economy. In this lesson, you'll learn about economics, including some of its foundational topics and concepts. You'll also have a chance to take a quiz after the lesson.

Microeconomic Resources: Scarcity & Utility

2. Microeconomic Resources: Scarcity & Utility

For economics to work, we must assume that resources are scarce and that people will work to secure the greatest utility possible. This lesson explains both scarcity and utility and what they mean for people everywhere.

Law of Supply: Definition & Example

3. Law of Supply: Definition & Example

This lesson explains the law of supply. We will discuss the connection between the law of supply and pricing and cover several examples to further explain the law of supply in action.

What is the Law of Demand in Economics? - Definition & Example

4. What is the Law of Demand in Economics? - Definition & Example

Learn about one of the most fundamental laws in economics and how it is ingrained in your thinking and actions. Hear about some examples that reinforce this powerful law and a few rare exceptions.

Economic Incentives: Definition & Examples

5. Economic Incentives: Definition & Examples

What motivates people to work or start a business? In this lesson, you'll learn about economic incentives and related concepts, and be provided some examples along the way. You'll also have a chance to reinforce your knowledge with a short quiz.

How to Calculate Opportunity Cost

6. 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.

Economic Systems: Traditional, Market, Command & Mixed

7. Economic Systems: Traditional, Market, Command & Mixed

The following lesson describes the four types of economic systems that are responsible for all of the buying, selling, and production of goods. A short quiz will follow the lesson to check your understanding of the material.

What is a Market Economy? - Definition, Advantages, Disadvantages & Examples

8. What is a Market Economy? - Definition, Advantages, Disadvantages & Examples

We live in a market economy where our well-being and quality of life are largely determined by how well we interact in it. In this lesson, you'll learn about the market economy including its advantages and disadvantages. A short quiz follows.

Economic Factors of Pricing and Pricing Strategy

9. Economic Factors of Pricing and Pricing Strategy

Economic factors can alter companies' pricing strategies. Prices need to be flexible, especially in response to inflation and recessions. There are numerous strategies that can be employed to combat economic changes and lead to corporate sales and profits.

Using Market Forces to Manipulate Supply and Demand

10. Using Market Forces to Manipulate Supply and Demand

While the forces of supply and demand are powerful, they are not immobile. This lesson explains how various market forces can cause the supply and demand curves to shift.

Four Factors of Production: Land, Labor, Capital & Entrepreneurship

11. Four Factors of Production: Land, Labor, Capital & Entrepreneurship

In this lesson, you'll learn about the four main economic inputs, known as factors of production, needed to produce all goods and services in an economy: land, labor, capital, and entrepreneurship.

What Is a Business Organization? - Structure, Types & Examples

12. What Is a Business Organization? - Structure, Types & Examples

Want to start a business? One of the first steps is to pick its form. In this lesson, you'll learn about the primary ways businesses are organized with examples provided along the way.

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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Other Chapters

Other chapters within the MEGA Social Science Multi-Content: Practice & Study Guide course

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