Ch 37: PLACE Business Education: Microeconomics Supply and Demand

About This Chapter

Get a more in-depth look at microeconomics in this chapter on supply and demand. The PLACE Business Education test could assess your understanding of the supply and demand topics covered in these videos.

PLACE Business Education: Microeconomics Supply and Demand - Chapter Summary

Don't be surprised by microeconomics supply and demand questions on the PLACE Business Education exam. Check out the videos in this lesson and you'll learn about:

  • Ceteris paribus in economics
  • Demand curves
  • Why supply and demand fluctuate
  • Market equilibrium and shifts
  • Price elasticity and cross price elasticity of demand
  • The role of competition in free markets
  • Market entry barriers

When you use our chapter to prepare for the PLACE Business Education exam, you're getting so much more than just videos taught by professional instructors. You're also getting text lessons and interactive quizzes that will guarantee you won't miss any crucial vocab terms or principles. Take full advantage of these extra materials, so you'll feel confident in this subject matter.

PLACE Business Education: Microeconomics Supply and Demand Chapter Objectives

Economics and Personal Finance is one of five subject areas on the PLACE Business Education test. Some of the questions in this area may include the topics covered in this chapter, like the basics of supply and demand and how businesses successfully compete in the marketplace.

Use the end-of-chapter exam to preview the types of questions that will appear in this section of the PLACE Business Education exam. All of the questions in the Economics and Personal Finance subarea are multiple choice.

9 Lessons in Chapter 37: PLACE Business Education: Microeconomics Supply and Demand
Test your knowledge with a 30-question chapter practice test
The Concept of Ceteris Paribus in Economics

1. The Concept of Ceteris Paribus in Economics

Learn what ceteris paribus means and why it is so important in economics. Find out how it helps us simplify and understand the relationship between different economic variables and forces. See some easy examples to help drive home its importance.

Understanding the Demand Curve in Microeconomics

2. 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.

Causes of Supply and Demand Changes in Microeconomics

3. Causes of Supply and Demand Changes in Microeconomics

Learn what causes movements along the supply and demand curves. See how market forces work to cause these movements and the important role that price plays in this.

Market Equilibrium from a Microeconomics Perspective

4. 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.

Microeconomic Shifts in Supply and Demand Curves

5. Microeconomic Shifts in Supply and Demand Curves

Learn about the important forces that can cause the demand and supply curve to shift. Discover how this affects equilibrium and the prices you pay for goods and services.

Price Elasticity of Demand in Microeconomics

6. Price Elasticity of Demand in Microeconomics

Discover the definition and formula for price elasticity of demand. See some real-world examples of how it is calculated, and find out what it means for demand of a good to be inelastic or elastic.

Cross Price Elasticity of Demand: Definition and Formula

7. Cross Price Elasticity of Demand: Definition and Formula

Learn what cross price elasticity of demand means. Find out why business owners and economists like to know cross price elasticity, and discover how to calculate it. See some everyday examples.

Competition Within Free Markets: Types & Summary

8. Competition Within Free Markets: Types & Summary

We live in a free market economy, but that doesn't mean there is always free competition. In this lesson, you'll learn about perfectly competitive markets, monopolies, monopolistic markets and oligopolies.

Barriers to Entry in Economics: Definition, Types & Examples

9. Barriers to Entry in Economics: Definition, Types & Examples

Economic barriers to entry are part of the reason some companies thrive and others fail. Learn what barriers to entry are and why they are so important to understand before entering a specific business or market. Read about some current-day examples.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
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Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
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