Ch 64: Microeconomics Concepts & Laws

About This Chapter

This chapter contains video lessons on microeconomics concepts and laws, and you can examine them at any time. Time-saving videos and self-assessment quizzes can assist you as you prepare for a test or work to stay ahead in your studies.

Microeconomics Concepts & Laws - Chapter Summary

In this chapter, you'll find video lessons on microeconomics concepts and laws. You'll study subjects such as economic systems, the law of supply and the four factors of production at your convenience. In addition to computers, you can study on a smartphone or tablet. After finishing the lessons, you should be able to:

  • Outline the different economic systems
  • Identify the four factors of production
  • Define the law of supply
  • Provide a definition and example of the law of demand in economics
  • Summarize competition within free markets

This self-paced learning resource allows you to achieve your educational goals on your own time, day or night. To help you study wisely, each lesson includes a multiple-choice quiz so you can assess your understanding. Use the video tabs feature in the Timeline to go back and review any of the subjects as needed.

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

Earning College Credit

Did you know… We have over 200 college courses that prepare you to earn credit by exam that is accepted by over 1,500 colleges and universities. You can test out of the first two years of college and save thousands off your degree. Anyone can earn credit-by-exam regardless of age or education level.

To learn more, visit our Earning Credit Page

Transferring credit to the school of your choice

Not sure what college you want to attend yet? has thousands of articles about every imaginable degree, area of study and career path that can help you find the school that's right for you.

Other Chapters

Other chapters within the NES Social Science (303): Practice & Study Guide course