Ch 18: Microeconomics & Macroeconomics Overview

About This Chapter

This chapter is designed to help you better understand microeconomics and macroeconomics and ensure you're prepared for an upcoming test, assignment or class discussion. Boost your knowledge by reviewing engaging lessons and taking mini quizzes you can access from any computer or mobile device.

Microeconomics & Macroeconomics Overview - Chapter Summary

Enjoy entertaining lessons you can review at home or on-the-go to get a comprehensive overview of microeconomics and macroeconomics. Developed by experts in the field, lessons boost your knowledge of capital resources, opportunity cost, economic incentives and much more. Completing this chapter will ensure you're able to do the following in no time:

  • Differentiate between microeconomics and macroeconomics
  • Define capital resources and natural resources
  • Explain the challenges economists face when allocating resources
  • Discuss the scarcity and utility of microeconomic resources
  • Share the meaning of economics as it relates to the concept of scarcity
  • Provide the definition of opportunity cost
  • Detail how economic incentives influence scarce resources
  • List the short- and long-term costs of alternative uses for scarce resources

Access lessons in this chapter as videos or full transcripts. Review them in any sequence and revisit them when necessary to ensure you fully comprehend microeconomics and macroeconomics concepts. Expand your knowledge by submitting lesson topic questions using the Ask Our Experts feature in the Dashboard. Gauge your comprehension with short self-assessment quizzes and a practice chapter exam.

9 Lessons in Chapter 18: Microeconomics & Macroeconomics Overview
Test your knowledge with a 30-question chapter practice test
Microeconomics vs. Macroeconomics

1. Microeconomics vs. Macroeconomics

In this lesson, we learn how economics touches every aspect of human life. Focusing on the central ideas of scarcity and utility, we see how economics plays out in its two largest fields, microeconomics and macroeconomics.

What Are Capital Resources? - Definition & Examples

2. What Are Capital Resources? - Definition & Examples

The manufacturing process varies widely for businesses creating all types of goods, though all utilize resources. This lesson explains what capital resources are, how they are essential to the production of goods, and the difference between capital resources and raw materials.

What Are Natural Resources? - Definition & Types

3. What Are Natural Resources? - Definition & Types

Natural resources are materials provided by the Earth that humans can use to make more complex (human-made) products. In this lesson, you will learn some examples of natural resources and how to classify them.

Understanding the Challenge of Resource Allocation

4. Understanding the Challenge of Resource Allocation

By now, you've probably figured out that all resources are scarce. But how do we allocate resources to make the most of that scarcity? This lesson explains how economists allocate resources, as well as three of the major philosophies influencing such choices.

Microeconomic Resources: Scarcity & Utility

5. 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.

Economic Scarcity and the Function of Choice

6. 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

7. 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.

Economic Incentives: Definition & Examples

8. 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.

Influence of Economic Incentives Over Scarce Resources

9. Influence of Economic Incentives Over Scarce Resources

After reading this lesson, you'll learn that an economic incentive can create scarcity. You will also learn how incentives affect the use of scarce resources.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
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Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
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