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Ch 41: TExES Core Subjects EC-6: Economic Principles

About This Chapter

The lessons in this chapter help you prepare for questions about economic principles on the Texas Examinations of Educator Standards (TExES) Core Subjects EC-6 test.

TExES Core Subjects EC-6: Economic Principles - Chapter Summary

Our instructors have put together this series of simple, informative lessons to help you review economic principles. They will assist you in answering questions on the TExES Core Subjects EC-6 test on such topics as:

  • Free enterprise economy
  • The global economy
  • Economic needs and wants and microeconomic resources
  • Socialism, communism and mixed economies
  • Production, work patterns, distribution patterns, and the role of consumers
  • Supply and demand and the role of producers and consumers
  • Measurement of the economic level of a society
  • Eras of economic activity

Lessons are short and focused, with video lessons averaging 5-10 minutes long. Each lesson is accompanied by a self-assessment quiz to see if you understood the material you just studied. For video lessons, a handy timeline tool allows you to go directly to any spot in the lesson for quick review. In addition, we offer a feature through which you can ask a question directly of the instructor.

12 Lessons in Chapter 41: TExES Core Subjects EC-6: Economic Principles
Free Enterprise Economy: Definition & Examples

1. Free Enterprise Economy: Definition & Examples

Our economic system has a major impact on how society functions. It determines how we feel and how we act. They say, 'Money makes the world go round.' Let's take a look at the free enterprise economy and see why that is.

The Global Economy: Advantages, Expansion & Impact

2. The Global Economy: Advantages, Expansion & Impact

This lesson will explain the concept of economic globalization. We will look at both its positive and negative effects while also highlighting the terms 'import,' 'export,' and 'capital flight.'

Economic Needs and Wants: Definition & Concept

3. Economic Needs and Wants: Definition & Concept

Everybody needs certain things, and everybody wants certain things. In this lesson, you'll learn about needs and wants from an economic perspective and explore different ethical considerations.

Microeconomic Resources: Scarcity & Utility

4. 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.

Understanding Socialism, Communism, and Mixed Economies: Comparison & Analysis

5. 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.

Factors of Production in Economics: Definition, Importance & Examples

6. Factors of Production in Economics: Definition, Importance & Examples

In this lesson, you'll learn about factors of production in economics, including their definition, their importance, and some examples. You'll also have a chance to take a short quiz.

Economic Activity: Pre-Industrial, Industrial & Post-Industrial

7. Economic Activity: Pre-Industrial, Industrial & Post-Industrial

This lesson will explore the eras of pre-industrialism, industrialism, and post-industrialism. In doing so, it will highlight subsistence-level living, cottage industries, and the service industry.

Distribution Patterns of Economic Activities

8. Distribution Patterns of Economic Activities

After watching this video, you should be able to describe what determines the distribution of economic activities, both historically and currently. A short quiz will follow.

Work Patterns & Economic Activities in Texas

9. Work Patterns & Economic Activities in Texas

This lesson will cover the growth of three traditional industries of Texas: cotton, ranching and oil. They dominated the Texas economy for many years but things are changing. Texas will need to look at a more diversified future with technology as a possible leader.

Roles of Consumers & Producers in a Resource Market

10. Roles of Consumers & Producers in a Resource Market

When you go to the store, you are a consumer. However, did you know that chances are you've been a producer as well? This lesson explains how roles are reversed in resource markets.

The Money Market, Supply & Demand

11. The Money Market, Supply & Demand

So much of the economy hinges on money. But this medium of exchange is actually a good, just like butter or books. This lesson explains money as a good, as well as how economists describe money.

How to Measure a Society's Economic Level

12. How to Measure a Society's Economic Level

There are several methods used to gauge the economic strength of a society. That economy may support its own citizens, or might be so big that changes ripple through the world. In this lesson, we'll discuss how this activity can be measured.

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Other Chapters

Other chapters within the TExES Core Subjects EC-6 (291): Practice & Study Guide course

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