About This Chapter
OAE: Microeconomics & Marketing - Chapter Summary
The short video lessons in this chapter, about five minutes apiece, can help you learn more about microeconomics and marketing as you prepare for the OAE Marketing test. The lively lessons are designed to reacquaint you with the following concepts that may be found on the exam:
- Comparing microeconomics and macroeconomics
- Analyzing societal forms of distribution and exchange
- Defining economic systems and examining formal and substantive approaches
- Examining the demand and supply curve in microeconomics
- Understanding economic scarcity and the function of choice
- Defining and calculating opportunity cost
- Describing how to apply the production possibilities Model
You can watch the videos to review information you've already studied in your college courses, or you can take the opportunity to learn new and exciting information. Expert instructors offer engaging lessons on microeconomics and marketing, while showcasing entertaining visual effects that make the learning process fun.
OAE: Microeconomics & Marketing Chapter Objectives
The Ohio Assessments for Educators Marketing test is designed to gauge your comprehension of marketing to ensure you're ready to teach it in the classroom. The assessment is composed of all multiple-choice questions that are based on specific test competencies.
The topics covered in this microeconomics and marketing chapter are found in the economics, business and entrepreneurship portion of the assessment, which constitutes approximately 28% of the total test. In addition to watching the video lessons, you can access full video transcripts to review the materials and utilize timelines that allow you to jump to specific topics in the videos. Self-assessment quizzes are also available to help you gauge how well you understand the materials. If you have any questions about the chapter, instructors are always ready to assist.
1. Microeconomics vs. Macroeconomics
In this lesson, we learn how economics touches every aspect of human life. Focusing on the central ideas of scarcity and utility, we see how economics plays out in its two largest fields, microeconomics and macroeconomics.
2. Forms of Economic Distribution & Exchange within Society
This lesson will seek to explain the different forms of economic distribution found across the globe. It will highlight generalized and balanced reciprocity as well as redistribution and market exchange.
3. Economic Systems: Formal & Substantive Approaches
Today's lesson on the substantive versus formal approaches to economics is rather simple to grasp despite the way these names may sound. Learn about these terms and their origin and see some tangible examples of each.
4. 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.
5. 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.
6. 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.
7. 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.
8. 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.
9. The Importance of Consumer Choice in Economics
Nothing makes a business happier than when we buy something they sell - well, maybe when we buy two of what they sell! This lesson explains why smart companies and governments try to understand everything about you to sell you more.
10. 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.
11. 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.
12. 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.
13. 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.
Earning College Credit
Did you know… We have over 200 college courses that prepare you to earn credit by exam that is accepted by over 1,500 colleges and universities. You can test out of the first two years of college and save thousands off your degree. Anyone can earn credit-by-exam regardless of age or education level.
To learn more, visit our Earning Credit Page
Transferring credit to the school of your choice
Not sure what college you want to attend yet? Study.com has thousands of articles about every imaginable degree, area of study and career path that can help you find the school that's right for you.
Other chapters within the Ohio Assessments for Educators - Marketing (026): Practice & Study Guide course
- OAE: Principles of Marketing
- OAE: Market Research
- OAE: Marketing Strategy
- OAE: Market Segmentation
- OAE: Product Planning in Marketing
- OAE: Pricing Strategies in Marketing
- OAE: Marketing Channels & Distribution
- OAE: Marketing for Consumer Decision Making
- OAE: Sales Strategy in Marketing
- OAE: Marketing & Promotions
- OAE: Promotional Design in Marketing
- OAE: Merchandising & Inventory in Marketing
- OAE: Macroeconomics & Marketing
- OAE: Business Organization
- OAE: Entrepreneurship
- OAE: Finance & Credit
- OAE: Human Resources Management
- OAE: Human Resources & Staffing
- OAE: Business Law for Marketing
- OAE: Business Communication
- OAE: Business Math
- OAE: Business Technology
- OAE: Information Systems
- OAE: Management & Leadership
- OAE: Marketing Education
- OAE: Marketing Careers
- Ohio Assessments for Educators Marketing Flashcards