About This Chapter
MTEL History: Demand, Supply and Market Equilibrium - Chapter Summary
The lessons in this chapter cover all the details of demand, supply and market equilibrium to help you prepare for the MTEL History Exam. The videos address the issues you will be tested on, including:
- Market demand and market supply schedules
- The downward-sloping demand and upward-sloping supply curves
- Calculating market equilibrium
- Changes in supply and demand, and their effect on market equilibrium
Our instructors guide you through each concept and term so you will be familiar and comfortable with this content when you see it on the test. The videos and quizzes provide diverse presentations of the material to make sure it is clear and accessible.
Objectives of the MTEL History: Demand, Supply and Market Equilibrium Chapter
The MTEL History Exam evaluates your full range of knowledge and information about all aspects of history. You will need a passing grade on the exam to be licensed as a teacher in Massachusetts. When you reach the Geography, Government and Economics portion of the test, which accounts for 25% of the score, you'll see questions that have to do with demand, supply and market equilibrium. You can gain experience with this type of question by taking the self-assessment quizzes that accompany the videos.
The test consists of multiple-choice and open-response items in a computer-based-test (CBT) format. For the multiple-choice questions, you will read a passage followed by questions. For the open-response questions you will be asked to write an essay demonstrating your breadth and depth of knowledge in various areas of history.
1. Market Demand Schedule
Demand can often drive the cost up or down for a product or service. In this lesson, you'll discover what demand is, what it looks like, and how market demand schedules are created.
2. Market Supply Schedule
Supply and demand play big roles in the economy. In this lesson, you'll discover what supply is, how we describe it, and how market supply schedules are created.
3. The Law of the Downward Sloping Demand Curve
Discover the relationship between the quantity demanded and price of a good or service in a market. This lesson explains why the demand curve is downward sloping and what factors will lead to a shift in demand.
4. The Upward-Sloping Supply Curve
Discover the relationship between the quantity of a good or service that is produced and its price. This lesson explains the supply side of a market, including the factors that lead to a shift in supply.
5. How to Calculate Market Equilibrium
Supply and demand is an important part of microeconomics. In this lesson, you'll learn how to calculate the equilibrium price and quantity in a market at the intersection of the supply and demand curves.
6. 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.
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Other chapters within the Geography, Government & Economics: Homework Help Resource course
- Environment & Population
- American Government Overview
- Important Documents & Speeches in US History
- Constitutional Democracy Overview
- Political Ideologies & Philosophy
- American Political Culture, Opinion & Behavior
- Understanding Civil Liberties in the U.S.
- Understanding Civil Rights in the U.S.
- Interest Groups & American Democracy
- Federal Bureaucracy in the U.S.
- The American Presidency
- The American Congress
- Federal Judicial System Overview
- Economics Overview
- Scarcity, Choice & Production
- Aggregate Demand & Supply
- Economic Measurement
- Federal Government & the American Economy
- Inflation Measurement & Adjustment