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Ch 27: Microeconomics Overview

About This Chapter

Build your confidence before you take an important exam by studying the overview of microeconomics provided in this chapter. Our video lessons are generally less than 10 minutes, written by professionals and accessible to you on any mobile device or computer 24/7.

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.

13 Lessons in Chapter 27: Microeconomics Overview
Test your knowledge with a 30-question chapter practice test
Economic Scarcity and the Function of Choice

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.

Opportunity Cost: Definition & Real World Examples

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.

How to Calculate Opportunity Cost

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.

Productivity: The Economy's Long-Run Growth Engine

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.

Division of Labor in Society: Definition, Theorists & Examples

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.

Economic Systems: Traditional, Market, Command & Mixed

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.

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

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.

How Changes in Supply and Demand Affect Market Equilibrium

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.

Economic Incentives: Definition & Examples

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.

Characteristics of the Price System in a Market Economy

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.

Competition Within Free Markets: Types & Summary

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.

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.

Introduction to Personal Finance

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.

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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