Ch 38: MTEL Business: Basic Concepts of Microeconomics

About This Chapter

As you're preparing for the MTEL Business examination, use these lessons to increase your knowledge of microeconomics. This chapter highlights the basic concepts of the topic, and it includes short quizzes along with educational text and video lessons.

MTEL Business: Basic Concepts of Microeconomics - Chapter Summary

With its text and video lessons, this chapter will review the basic concepts of microeconomics. While some topics may be fresh in your memory, you could also accumulate new facts. The more you review, the better you could perform when answering related questions on the MTEL Business examination. The lessons emphasize monopoly markets, the possibilities model, microeconomic resources and marginal cost. Expand your knowledge of the Four Factors of Production and examine the early microeconomics theories of well-known philosophers and scholars. Your completion of this chapter could mean that you're able to:

  • Explain the history and timeline of economics
  • Discuss the circular flow model of economic activity
  • Understand scarcity and utility as they relate to microeconomic resources
  • Define and give examples of opportunity cost, marginal cost, marginal opportunity cost and diminishing marginal utility
  • Interpret a production possibilities model
  • Discuss the factors that contribute to the production possibilities curve
  • Learn about free markets and monopolistic competition

Prepare for the MTEL Business examination's questions on microeconomics by studying this chapter's text and video lessons. Begin by exploring all of the videos, which are short, animated and entertaining. Studying is made easy because you can watch these video lessons online when you have time in your schedule. Utilize a laptop or a tablet as well as wired technology. If you have questions about microeconomics, go to the Dashboard and use the ask-an-expert function. Multiple-choice quizzes ensure that you're comprehending the chapter's concepts.

MTEL Business: Basic Concepts of Microeconomics Chapter Objectives

Subarea III, Economics, is where you will find questions to determine your knowledge of the fundamentals of microeconomics on the MTEL Business exam. Opportunity costs, marginal costs and the circular flow of economic activity are just a few of the topics that are addressed on this section of the computer-administered examination, which includes seven subareas in all. The Economics subarea has 13-15 multiple-choice questions, and it's the equivalent of 11% of the test weighting. Altogether, you must give accurate answers to 100 multiple-choice questions and two open-response assignments.

10 Lessons in Chapter 38: MTEL Business: Basic Concepts of Microeconomics
Test your knowledge with a 30-question chapter practice test
What is Economics? - Definition & Types

1. What is Economics? - Definition & Types

Economics involves allocating resources to meet peoples' needs and desires for goods and services. Explore the definition and types of economics including microeconomics and macroeconomics and learn about growth vs. sustainability.

Circular Flow of Economic Activity: The Flow of Goods, Services & Resources

2. Circular Flow of Economic Activity: The Flow of Goods, Services & Resources

The circular flow model of economic activity is used to explain the relationship between businesses, households, and the government. Learn about the flow of goods and services in a market economy, the factors of production, and how the circular flow model of economic activity applies to real-world situations.

Microeconomic Resources: Scarcity & Utility

3. Microeconomic Resources: Scarcity & Utility

Microeconomics deals with the state of resources and the allocation of resources based on the decisions of individuals and firms. Learn about the purpose of microeconomics, and the concepts of scarcity and utility.

Opportunity Cost: Definition & Examples

4. Opportunity Cost: Definition & Examples

Opportunity cost is a concept in economics that helps in estimating the value of different choices. Learn about the definition of opportunity cost, benefits, value, and value of time, and why the cost of an opportunity is found in the value of the next best alternative not chosen.

Applying the Production Possibilities Model

5. Applying the Production Possibilities Model

The production possibility model illustrates scarcity and efficiency. Explore how opportunity costs affect the production possibility curve and discover why it is bowed outward on a graph.

Shifts in the Production Possibilities Curve

6. Shifts in the Production Possibilities Curve

The production possibilities frontier model illustrates for a nation's leaders what goods to produce, how to produce them, and for what markets. Explore how shifts in the economy lead to shifts in the production possibilities curve of a country using real-world examples.

Diminishing Marginal Utility: Definition, Principle & Examples

7. Diminishing Marginal Utility: Definition, Principle & Examples

Diminishing marginal utility is the economic principle that argues the more of a good thing a consumer has the less satisfaction they receive. Explore the principle of diminishing marginal utility and learn through examples like the implications of eating a slice of pizza.

Marginal Opportunity Cost: Definition & Formula

8. Marginal Opportunity Cost: Definition & Formula

Marginal opportunity cost is an economic term that analyzes the effect of producing additional units of a product on the costs of a business. Learn more about the definition and formula.

Marginal Cost: Definition, Equation & Formula

9. Marginal Cost: Definition, Equation & Formula

Marginal cost is the change in the cost of producing additional units, which is crucial to pricing. Learn the equation and application used to determine how much of a product should be produced to keep being economically viable.

Competition Within Free Markets: Types & Summary

10. Competition Within Free Markets: Types & Summary

In economics, market competition occurs when more than one business produces identical or similar goods and/or services and competes to sell their products to the same target group of consumers. Learn about the types of competition within free markets, and understand how competition differs in perfect, monopoly, monopolistic, and oligopoly markets.

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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More Exams
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