Ch 47: Praxis Middle School Social Studies: Microeconomics

About This Chapter

Get a better handle on microeconomics before you go in for the Praxis Middle School Social Studies test. Watch our video lessons on this topic and then measure your understanding by answering questions on our quizzes and chapter exam.

Praxis Middle School Social Studies: Microeconomics - Chapter Summary

The topic of microeconomics is filled with financial terminology, but our instructors have designed lessons to help you refresh your memory about these terms. You can be more confident concerning the economics questions on the Praxis Middle School Social Studies test by taking the time to look at the concepts in each lesson. By the end of the chapter you will be able to:

  • Define microeconomics
  • Explain economics and universal goals
  • Understand economic scarcity and the function of choice
  • Describe types of economic systems, including traditional, command, market, and mixed
  • Detail the effects of monopolies in economics
  • Identify and give examples of a factor market
  • Outline personal distribution of income

You'll notice that all the major terminology has been bolded in our transcripts, and in the videos our instructors also elaborate on each term with handy visual aids and animations. Our videos are brief so you can master the material one concept at a time as you re-familiarize yourself with microeconomics. You can view the videos in order or pick the topics you want to look over.

7 Lessons in Chapter 47: Praxis Middle School Social Studies: Microeconomics
Test your knowledge with a 30-question chapter practice test
Economics: Definition & Universal Goals

1. Economics: Definition & Universal Goals

From rising prices to debates on pollution, there is plenty of evidence that there's simply not enough for everyone. Economics is the applied science that tackles this issue, and this lesson explains how.

What Is Microeconomics? - Definition & Topics

2. 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.

Economic Scarcity and the Function of Choice

3. 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.

Types of Economic Systems: Traditional, Command, Market & Mixed

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.

Understanding Monopolistic Competition in Economics

5. Understanding Monopolistic Competition in Economics

In this lesson, we'll learn about monopolistic competition. This type of competition can be found in a free market where products are differentiated, but not so differentiated that any single firm has the power to influence market prices.

Factor Market: Definition & Examples

6. Factor Market: Definition & Examples

We all know most finished products began with a bunch of different pieces. But did you know there is an actual market for those products and services needed to complete that finished product? Learn all about that market in this lesson.

Factor & Personal Distribution of Income

7. Factor & Personal Distribution of Income

This lesson will introduce you to the ways economists measure the distribution of income in a country. The distribution of personal income among individuals and factor income among groups in the economy will be explored.

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.
Not Taken

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