About This Chapter
MTLE Business: Microeconomics & Macroeconomics - Chapter Summary
In this chapter is the comprehensive overview of microeconomics and macroeconomics you need to answer questions on the MTLE Business assessment. After reviewing the engaging video lessons, you will be ready to:
- Define economics, economic systems and economic policy
- Identify microeconomic resources and differentiate between comparative and absolute advantage
- Explain the demand and supply curve in microeconomics
- Discuss market equilibrium from a microeconomics perspective
- Share the meaning of opportunity cost and how to apply the production possibilities model
- Describe shifts in the production possibilities curve, the law of the downward sloping demand curve and the upward-sloping supply curve
- Calculate market equilibrium and define the Federal Reserve System
You can tailor the lessons to suit your studying needs by watching them in any sequence and as often as you'd prefer. A timeline is located below each video that allows you to use video tags to identify and skip to key topics without watching the lessons in their entirety.
MTLE Business: Microeconomics & Macroeconomics Chapter Objectives
Use this chapter to study for questions in the economics and international business subarea of the MTLE Business assessment's Subtest 2. There are two subtests on the assessment and each consists of three subareas. The lessons can prepare you for the subtest by strengthening your knowledge of microeconomics and macroeconomics, while self-assessment quizzes can test your comprehension. If you have any questions about lesson topics, submit them to experts who are eager to assist.
The MTLE assessment ensures educators have the business knowledge needed to teach Minnesota students in grades 5-12. Earning a passing score of 240 on each subtest helps secure the appropriate teacher licensure. Each subtest consists of 50 multiple-choice questions and can be taken in one sitting, or on separate dates.
1. What is Economics? - Definition & Types
Few things affect the day-to-day lives of everyone more than the economy. In this lesson, you'll learn about economics, including some of its foundational topics and concepts. You'll also have a chance to take a quiz after the lesson.
2. Economic Systems: Definition, Types & Examples
In this lesson, you'll learn about the three major forms of economic systems, including planned, market, and mixed market economies. You'll also explore the five factors of production and the roles they play in the exchange of products or services.
3. What is Economic Policy? - Definition & Examples
In this lesson, we will discuss the term economic policy. We'll then look at the functions of economic policy, as well as the goals government use when implementing policy.
4. 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.
5. Comparative vs. Absolute Advantage in Microeconomics
Ever wonder why economies don't just try to do everything themselves and instead rely on trade as such an important idea? This lesson on comparative vs. absolute advantages helps to explain why.
6. Understanding the Demand Curve in Microeconomics
Learn what the demand curve in microeconomics is. Find out the common components of the demand curve and how they are created. See what causes a movement along a demand curve and what causes a shift of the entire curve.
7. The Supply Curve in Microeconomics
Learn about the supply curve and its unique characteristics. Find out some of the common terms used when discussing the supply curve and the difference between a movement along a supply curve and a shift of the entire curve. See some examples of each.
8. Market Equilibrium from a Microeconomics Perspective
Learn about the definition of market equilibrium. Learn how to identify the equilibrium point on a supply and demand graph and discover what causes this point to change in our everyday lives.
9. 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.
10. Applying the Production Possibilities Model
Producers in the economy use a visual model, called the production possibilities curve, to make the most efficient production decisions and maximize output. Learn how this model reveals the tradeoffs of every production decision with the simplified example of an economy that produces only two goods.
11. Shifts in the Production Possibilities Curve
In this lesson you will learn how changes inside an economy lead to changes in the production possibilities of a nation. See how different scenarios from everyday life lead to shifts in the production possibilities curve.
12. 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.
13. 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.
14. How to Calculate Market Equilibrium
Supply and demand is an important part of macroeconomics. 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.
15. What is the Federal Reserve System?
Have you ever wondered why interest rates go up and down, seemingly at random? Of course you have! Discover what the Federal Reserve is, what its goals are and how those goals are achieved in this introductory lesson explaining the central bank of the United States.
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Other chapters within the MTLE Business: Practice & Study Guide course
- MTLE Business: Organizations & Management
- MTLE Business: Human Resources Management
- MTLE Business: Employment Laws
- MTLE Business: Group Skills & Behavior
- MTLE Business: Market Share & Financial Data
- MTLE Business: Commercial Transactions
- MTLE Business: Finance, Accounting & Information Analysis
- MTLE Business: Data Interpretation & Management
- MTLE Business: Taxation & Financial Calculations
- MTLE Business: Principles of Marketing
- MTLE Business: Product Development & Distribution
- MTLE Business: Court Systems & Government Regulations
- MTLE Business: International Business
- MTLE Business: Using Information Systems
- MTLE Business: Information Technology & Communications
- MTLE Business: Career Development
- MTLE Business: Content Comprehension for Students
- MTLE Business: Reading Instruction Strategies
- MTLE Business Flashcards