About This Chapter
Overview of Microeconomics - Chapter Summary
In this helpful chapter, our instructors provide an overview of microeconomics. You'll review the definition of microeconomics and some of the key concepts and terminology associated with this field. The lessons also take a look at economic scarcity, the function of choice and economic factors of production. Once you complete these lessons, you should be able to complete the following objectives:
- Outline the different types of economic systems
- Explain the ways taxes and subsidies are used by the government
- Differentiate between price ceilings and price floors in microeconomics
- Identify the factors that affect the distribution of income and wealth
- Detail the roles of producers and consumers in a resource market
- Define the theories associated with profit maximization
We've made it easy to review these topics any time you'd like to study with these mobile-friendly, readily-accessible lessons and quizzes. If you'd like to go back or skip ahead to a specific section of a video lesson, use the video tabs feature in the Timeline. Our printable lesson transcripts make handy study guides you can use to review these topics offline.
1. What Is Microeconomics? - Definition & Topics
Learn about microeconomics and a few of the most popular topics that are typically studied in the field, such as supply and demand, opportunity cost, and different forms of competition that exist.
2. 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.
3. Factors of Production in Economics: Definition, Importance & Examples
In this lesson, you'll learn about factors of production in economics, including their definition, their importance, and some examples. You'll also have a chance to take a short quiz.
4. Types of Economic Systems: Traditional, Command, Market & Mixed
Just like there are different political systems, there are also vastly different economic systems. This lesson introduces the differences between traditional, command, market, and mixed economies.
5. How the Government Uses Taxes & Subsidies
This lesson will explain how the government uses tax revenue. It will also discuss the purpose of subsidies, as well as public services and infrastructure.
6. Price Ceilings and Price Floors in Microeconomics
Governments can restrict prices from going too low or too high through use of price ceilings. This lesson explains these concepts, as well as problems that can arise from their use.
7. Factors Affecting the Distribution of Wealth & Income
Distribution of wealth and income are important parts of any society, but often, they're distributed unequally. Governments step in with various policies to try and lessen this gap. Let's explore some of these concepts.
8. Roles of Consumers & Producers in a Resource Market
When you go to the store, you are a consumer. However, did you know that chances are you've been a producer as well? This lesson explains how roles are reversed in resource markets.
9. Profit Maximization: Definition, Equation & Theory
What is profit maximization? Why would we want to maximize our profits, rather than revenues or sales? In this lesson we'll discuss what profit maximization is, how to calculate it, and why it's important to understand the concept.
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