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Praxis Marketing Education - Economics: Chapter Summary
Do you understand how changes in supply and demand affect market equilibrium? Can you explain the difference between market and command economies? If not, you might want to brush up on your economics fundamentals ahead of the Praxis Marketing Education test. In addition to learning the answers to the questions above, you'll explore the following topics in economics:
- Market supply and demand schedules
- Calculating market equilibrium
- Economic scarcity and the function of choice
- Opportunity cost
- Free enterprise
- Socialism, communism and mixed economies
- Monopolies and oligopolies
- Competition within free markets
Praxis Marketing Education - Economics Objectives
A number of states use the Praxis Marketing Education test as part of the certification process for prospective secondary school marketing teachers. Approximately 14% of the 120 multiple-choice questions on this test focus on general business principles, including economics. You'll have two hours to complete this Praxis test, which is offered just four times a year.
You can use this series of video lessons on economics to prepare for the Praxis Marketing Education test. These lessons are led by professional educators with experience in economics. Each lesson includes a self-assessment quiz to help you gauge your economics knowledge, as well as familiarize you with the types of questions you'll encounter on the Praxis.
1. 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.
2. 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.
3. How to Calculate Market Equilibrium
Supply and demand is an important part of macroeconomics. 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.
4. 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.
5. 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.
6. 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.
7. Understanding Socialism, Communism, and Mixed Economies: Comparison & Analysis
Socialism and communism are alternative economic systems to capitalism. In this lesson, you'll learn some of the key concepts behind these economic systems. You'll also learn about mixed economic systems.
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.
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Other chapters within the Praxis Marketing Education (5561): Practice & Study Guide course
- Praxis Test: General Info
- Praxis Marketing: Professional Development
- Praxis Marketing: Finance
- Praxis Marketing: Types of Business Ownership
- Praxis Marketing: Business Law
- Praxis Marketing: Workers' Rights & Collective Bargaining
- Praxis Marketing: Business Communication
- Praxis Marketing: Management
- Praxis Marketing: Information Management
- Praxis Marketing: Research and Segmentation
- Praxis Marketing: Strategic Planning
- Praxis Marketing: Marketing Channels
- Praxis Marketing: Pricing
- Praxis Marketing: Product Management
- Praxis Marketing: Promotion
- Praxis Marketing: Selling