About This Chapter
Microeconomics Overview - Chapter Summary
Our professional instructors created this engaging chapter on microeconomics to assist you in your study and review. Here you'll watch short videos on economic scarcity and the function of choice, opportunity cost and how it's calculated, productivity and the division of labor in society. After finishing this chapter, you should be prepared to complete these objectives:
- Differentiate between different economic systems
- Identify the four factors of production
- Explain how market equilibrium is affected by changes in supply and demand
- Define economic incentives with examples
- Give the characteristics of the price system in a market economy
- Summarize competition within free markets
- Discuss the types and structure of a business organization
- Outline personal finance and its details
This self-paced chapter allows you to move as quickly or as slowly as you need as you work to achieve your goals. Each video features video tabs for easy navigation and is accompanied by a multiple-choice self-assessment quiz. You can reach out to an expert through the Dashboard with any questions that come up along the way.
1. 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.
2. 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.
3. 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.
4. Productivity: The Economy's Long-Run Growth Engine
Using real-world examples, you'll learn more about what productivity is and four things that determine it within a nation - physical capital, technology, human capital, and natural resources.
5. Division of Labor in Society: Definition, Theorists & Examples
Division of labor is the separation of a work process into a number of tasks, with each task performed by a separate person or group. Learn more about the definition and history of this concept and test your knowledge with a quiz.
6. 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.
7. 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.
8. 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.
9. 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.
10. Characteristics of the Price System in a Market Economy
Where do prices come from? In this lesson we will learn where prices come from by examining the four principles of pricing; 1) prices are neutral, 2) prices are market driven, 3) prices are flexible, and 4) prices are efficient.
11. Competition Within Free Markets: Types & Summary
We live in a free market economy, but that doesn't mean there is always free competition. In this lesson, you'll learn about perfectly competitive markets, monopolies, monopolistic markets and oligopolies.
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.
13. Introduction to Personal Finance
While not all of us aspire to careers as accountants, a lack of interest in or understanding of basic financial concepts could cost you money. In this lesson, we'll examine four concepts associated with personal finance that will help you keep track of your money and may even help you build wealth.
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Other chapters within the MTEL Middle Level Social Studies (Grades 5-8): Study Guide & Practice course
- Basic Social Studies Skills
- Literacy Strategies Across Content Areas
- World History (8000 BCE to 600 CE)
- World History (600 to 1600)
- World History (1600 to 1930)
- World History (1930 to Present)
- U.S. History (Pre-Columbian Period to 1791)
- U.S. History (1791 to 1877)
- U.S. History (1877 to 1929)
- U.S. History (1929 to Present)
- U.S. Culture After WWII
- U.S. Politics After WWII
- Minnesota History
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- Human Geography Overview
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- Overview of the Types of Government
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- References & Research in Political Science
- Key Documents in the Creation of the U.S.
- Landmark Supreme Court Cases in the U.S.
- Election Process
- Overview of the U.S. Government
- Fundamentals of the Federal Judicial System
- U.S. Foreign & Defense Policy
- Macroeconomics Overview
- Economic and Fiscal Policy Overview
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