Ch 12: PLACE Marketing: Microeconomics

About This Chapter

If you need to boost your comprehension of microeconomics before taking the PLACE Marketing Education exam, watch this chapter's short video lessons. Our professional instructors cover demand and supply curves, production possibilities, economic scarcity and other major topics.

PLACE Marketing: Microeconomics - Chapter Summary

This chapter's lessons will guide you through key microeconomics concepts so that you'll be able to respond with confidence to related questions on the PLACE Marketing Education test. After using our video lessons, you'll be able to do the following:

  • Understand the differences between microeconomics and macroeconomics
  • Identify the components of GDP
  • Explain how the unemployment rate is measured
  • List causes of inflation
  • Characterize the demand and supply curves in microeconomics
  • Define market equilibrium
  • Describe the circular flow of economic activity
  • Understand economic scarcity and consumer choice
  • Calculate opportunity cost
  • Explain the production possibilities model and curve
  • Recognize how monopolies affect consumers

The videos typically last less than 10 minutes so that you can make reviewing these lessons a convenient, flexible process. Instructors break down concepts like GDP and opportunity cost using clear examples and graphs. The lessons, which are viewable on your mobile devices, also have self-assessment quizzes and video transcripts.

PLACE Marketing: Microeconomics Chapter Objectives

The purpose of the PLACE Marketing Education test is to assess candidates' knowledge of marketing concepts and functions. The exam is a licensing requirement for those who plan to teach marketing education in the Colorado public school system.

Like the PLACE test, our lesson quizzes are in a multiple-choice format so that you can practice responding to such questions. The microeconomics material discussed in this chapter corresponds with questions found within the business and marketing basic concepts section, which is one of three subject categories covered on the exam.

16 Lessons in Chapter 12: PLACE Marketing: Microeconomics
Microeconomics vs. Macroeconomics

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.

Gross Domestic Product: Definition and Components

2. Gross Domestic Product: Definition and Components

Learn how economists measure the total production of an economy using gross domestic product (GDP). This lesson also outlines the components that make up a GDP. How do we calculate the economic value of a nation?

Defining and Measuring the Unemployment Rate

3. Defining and Measuring the Unemployment Rate

You've probably heard about the unemployment rate, especially given how high it was in the 2008 recession. Find out how economists define unemployment, what the unemployment rate is, and how to calculate it in this lesson.

Inflation: Definition, Types, Causes & Effects

4. Inflation: Definition, Types, Causes & Effects

In this lesson we will take a look at inflation and its importance. We will discuss the types and causes of inflation, as well as look at the effects of inflation.

Understanding the Demand Curve in Microeconomics

5. 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.

The Supply Curve in Microeconomics

6. 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.

Market Equilibrium from a Microeconomics Perspective

7. 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.

Circular Flow of Economic Activity: The Flow of Goods, Services & Resources

8. Circular Flow of Economic Activity: The Flow of Goods, Services & Resources

Learn about the simple model used to describe where money goes and what it is exchanged for in a market economy. The circular flow model of economic activity shows you the basic relationships between households, firms and the government.

Microeconomic Resources: Scarcity & Utility

9. 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.

Economic Scarcity and the Function of Choice

10. 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.

The Importance of Consumer Choice in Economics

11. 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.

Opportunity Cost: Definition & Real World Examples

12. 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.

How to Calculate Opportunity Cost

13. 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.

Applying the Production Possibilities Model

14. 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.

Shifts in the Production Possibilities Curve

15. 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.

What is a Monopoly in Economics? - Definition & Impact on Consumers

16. What is a Monopoly in Economics? - Definition & Impact on Consumers

In this lesson, you will learn about monopolistic markets and what a monopoly means for producers and consumers. After this lesson, you will understand why the name of one of our all-time favorite board games really makes perfect sense.

Earning College Credit

Did you know… We have over 95 college courses that prepare you to earn credit by exam that is accepted by over 2,000 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.

Support