About This Chapter
MTTC Marketing: Economics Overview - Chapter Summary
Let us help you review the fundamentals of economics and how they relate to the teaching of marketing as you prepare for the MTTC Marketing Education exam. These videos cover the following topics to help you with these types of questions on exam day:
- Understanding the government's role in protecting the U.S. economy
- Analyzing the business cycle
- Looking at how the economy is impacted by fiscal and monetary policy
- Calculating the natural rate of unemployment and the consumer price index
- Seeing how microeconomic and macroeconomic principles factor into business decisions
- Explaining market demand and supply schedules
- Examining influences on market equilibrium
- Describing economic scarcity and opportunity cost
Our instructors are professionals who have created lessons and videos that prepare you for the exam in an entertaining manner. You'll be given a solid overview of the economic principles a marketing teacher should know.
Objectives of the MTTC Marketing: Economics Overview Chapter
Passing the MTTC Marketing Education exam is required of everyone seeking certification to teach marketing in Michigan. The information covered in the Economics Overview chapter is in the exam's subarea on marketing foundations, which accounts for 40% of the test's questions.
All the questions on the MTTC Marketing Education exam are multiple choice. The quizzes that follow each of our lessons are also multiple choice, giving you the opportunity to practice answering questions in this format. The quizzes also let you test your knowledge of the subject matter and review topics that require additional attention before taking the test.
1. Macroeconomic Issues in Business
Businesses ignore general economic issues, such as inflation, interest rates and unemployment, at their own peril. In this lesson, you'll learn about some key economic issues important for businesses to track. A short quiz follows.
2. How the Government Protects the U.S. Economy
The following lesson will cover the ways in which the government protects the U.S. economy and ensures stable economic growth. A short quiz will follow the lesson to check for your understanding.
3. The Business Cycle: Economic Performance Over Time
Learn the economic terms that describe economic performance over time and how indicators such as unemployment and inflation behave throughout these economic fluctuations.
4. How Fiscal Policy and Monetary Policy Affect the Economy
Governments often intervene in their economies in an attempt to maintain economic stability. In this lesson, you'll learn about fiscal and monetary policies, including what effect they can have on a national economy. A short quiz follows.
5. Growth Policy and Economic Productivity
What do savings accounts and promoting education have to do with helping the economy to grow? In this lesson, we will explore government policies that help promote higher long-run economic growth.
6. Natural Rate of Unemployment: Definition and Formula
Explore the natural level of employment through the eyes of the Classical School and Keynesian economics, including fiscal policies that may reduce it.
7. Consumer Price Index: Measuring the Cost of Living and Inflation
In this lesson, you'll learn what the Consumer Price Index is and how it measures changes in the level of prices in an economy. You'll also learn about the important economic concepts of inflation and deflation. Why do prices always seem to be going up?
8. Free Enterprise: Profit, Risk, Competition & Productivity
This lesson will discuss the concept of free enterprise as an economic system. It will also discuss the key motivating factors of free enterprise, their benefits, and their challenges. These factors include profit, risk, competition and productivity.
9. How Microeconomic Principles Affect Business Decisions
This lesson explains how microeconomic principles affect the decision-making processes of businesses. Examples will illustrate how these principles impact labor, productivity, the types of goods and services offered, supply and demand, economic utility, and pricing.
10. What are Economic Resources? - Definition, Types & Examples
If there are no resources, an economy cannot be sustained. In this lesson, you'll learn what economic resources are, the different types of economic resources, and why they are vitally important. A short quiz follows the lesson.
11. 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.
12. 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.
13. 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.
14. 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.
15. 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.
16. 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.
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Other chapters within the MTTC Marketing Education (036): Practice & Study Guide course
- MTTC Marketing: Marketing Principles
- MTTC Marketing: Researching, Collecting & Evaluating Data
- MTTC Marketing: Strategies & Segmentation
- MTTC Marketing: Product Management
- MTTC Marketing: Pricing Strategies
- MTTC Marketing: Distribution Channels
- MTTC Marketing: The Selling Process
- MTTC Marketing: Customer Service
- MTTC Marketing: Role & Impact of Promotion
- MTTC Marketing: Merchandising
- MTTC Marketing: The Marketing Plan
- MTTC Marketing: Financial Principles
- MTTC Marketing: Business Communication
- MTTC Marketing: International Business
- MTTC Marketing: Ethics & Social Responsibility
- MTTC Marketing: Human Resource Management
- MTTC Marketing: Human Relations & Leadership Skills
- MTTC Marketing: Information Management
- MTTC Marketing: Education Programs
- MTTC Marketing: Professional Development
- MTTC Marketing Education Flashcards