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Ch 56: Supply, Demand & Market Equilibrium - MTEL Political Science/Political Philosophy

About This Chapter

Go over information you already know and also new details about supply, demand and market equilibrium. These topics are addressed in this chapter, which is designed to help you prepare for the MTEL Political Science/Political Philosophy exam.

MTEL Political Science/Political Philosophy: Supply, Demand & Market Equilibrium - Chapter Summary

Taking a look at the information in each lesson gives you a clear idea of what you'll see on the exam. The following topics will be addressed:

  • Market demand and supply schedules
  • Demand curve in microeconomics
  • Ceteris paribus in economics
  • Upward sloping and downward sloping demand curve
  • Calculating market equilibrium
  • Manipulating supply and demand
  • Causes of supply and demand changes in microeconomics

In order to effectively get ready for this exam, you need to remember important details from all of the lessons. Then, you should use the self-assessment quizzes to make sure you are retaining information.

MTEL Political Science/Political Philosophy: Supply, Demand & Market Equilibrium Chapter Objectives

Taking the MTEL Political Science/Political Philosophy exam is one requirement for acquiring a license to teach in Massachusetts. This exam will test you on a wide variety of topics. The information that is included in this chapter is part of the subarea 5 section of the exam. This subarea on geography and economics comprises 10% of the entire test.

The format of the questions on this exam is primarily multiple-choice, with two essay assignments that can cover any of topics discussed in the course. You will be asked to recall different economics-related material, which won't be difficult if you go through all of the lessons and quizzes in this chapter. Our instructors will help you pick up enough skills to do well on the MTEL exam.

14 Lessons in Chapter 56: Supply, Demand & Market Equilibrium - MTEL Political Science/Political Philosophy
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.

Market Demand Schedule

2. 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.

Market Supply Schedule

3. 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.

Understanding the Demand Curve in Microeconomics

4. 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

5. 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.

The Law of the Downward Sloping Demand Curve

6. The Law of the Downward Sloping Demand Curve

Discover the relationship between the quantity demanded and price of a good or service in a market. This lesson explains why the demand curve is downward sloping and what factors will lead to a shift in demand.

The Upward-Sloping Supply Curve

7. The Upward-Sloping Supply Curve

Discover the relationship between the quantity of a good or service that is produced and its price. This lesson explains the supply side of a market, including the factors that lead to a shift in supply.

Causes of Supply and Demand Changes in Microeconomics

8. 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

9. 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.

Identifying Shortages and Surpluses in Microeconomics

10. Identifying Shortages and Surpluses in Microeconomics

Supply shortages and surpluses are inefficient for business, but economics seeks to avoid them. In this lesson, find out how they happen, as well as how businesses work to avoid them.

Microeconomic Shifts in Supply and Demand Curves

11. 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.

Using Market Forces to Manipulate Supply and Demand

12. Using Market Forces to Manipulate Supply and Demand

While the forces of supply and demand are powerful, they are not immobile. This lesson explains how various market forces can cause the supply and demand curves to shift.

How to Calculate Market Equilibrium

13. 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.

How Changes in Supply and Demand Affect Market Equilibrium

14. 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.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
Not Taken
Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

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Other Chapters

Other chapters within the MTEL Political Science/Political Philosophy (48): Practice & Study Guide course

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