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Ch 38: WEST Business & Marketing Education: Basic Principles of Microeconomics

About This Chapter

Use this chapter as you build your knowledge about the principles of microeconomics. Use the video lessons to boost your knowledge on this topic as you get your brain in shape to take the WEST Business and Marketing Education exam.

WEST Business & Marketing Education: Basic Principles of Microeconomics - Chapter Summary

Calculate which topics you need to get reacquainted with as you look over the lesson titles in this chapter on microeconomics. Make sure you are ready to supply the right answers on the WEST Business and Marketing Education exam by watching the video lessons to learn more about the following:

  • How choice affects economic scarcity
  • Opportunity cost calculations
  • The applications and shifts in the production possibilities model
  • Absolute advantage vs. comparative advantage
  • The pros and cons of specialization

Since the lessons are short and entertaining, you could easily watch all of them in a row or break up your studying and watch a few at a time. After viewing the lessons, test your understanding by answering the questions on the chapter exam or individual lesson quizzes.

WEST Business & Marketing Education: Basic Principles of Microeconomics Chapter Objectives

The WEST Business and Marketing Education exam has five domain sections to verify the extent of knowledge a Washington educator possesses concerning accounting, marketing, business management, economics, and information technology. Within a 2.5 hour timeframe, test-takers will apply their skills to answering around 110 selected-response style questions. Exam questions related to the topics in this chapter can be found within the economics and international business section; this section makes up 17% of the test questions.

8 Lessons in Chapter 38: WEST Business & Marketing Education: Basic Principles of Microeconomics
Test your knowledge with a 30-question chapter practice test
Economic Scarcity and the Function of Choice

1. 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.

Opportunity Cost: Definition & Real World Examples

2. 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

3. 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

4. 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

5. 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.

Comparative Advantage: Definition and Examples

6. Comparative Advantage: Definition and Examples

Understand the definition of comparative advantage, using two goods as an example. This key lesson incorporates the basic foundations of economics into one foundational theory explaining what goods and services that people,and nations, should produce and for whom they should produce it.

Gains From Trade and the Benefit of Specialization

7. Gains From Trade and the Benefit of Specialization

Explore one of the most widely accepted ideas in economics - the idea that nations benefit from specialization and exchange, reaping gains from trade.

Absolute Advantage in Trade: Definition and Examples

8. Absolute Advantage in Trade: Definition and Examples

In this lesson, you'll learn what absolute advantage is and how to easily identify it within examples of international trade. In addition, you'll learn the important difference between absolute advantage and comparative advantage.

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 WEST Business & Marketing Education (038): Practice & Study Guide course

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