- Course type: Self-paced
- Available Lessons: 234
- Average Lesson Length: 8 min
Eligible for Certificate:
Certificates show that you have completed the course. They do not provide credit.
Watch a preview:chapter 1 / lesson 1What is Economics? - Definition & Types
This course can be found in: GACE Test Prep
Thousands of practice questions, 90+ GACE study guides, and 6,000+ test prep video lessons
Course SummaryIf you're preparing for the GACE Economics exam, check out this handy study guide course. Our text and video lessons and quizzes cover the important topics you'll see on test day, such as fiscal policy, personal financing and economic scarcity, so you'll be prepared to get the best score possible.
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About this Course
Study for the GACE (Georgia Assessments for the Certification of Educators) Economics exams with the video lessons and quizzes included in this course. Experienced instructors will help you prepare for each of the content domains covered on Test I and Test II. Listed below are just some of the topics of discussion:
- Economic concepts and terminology
- Supply and demand curves
- Government's role in a market economy
- Types of business structures
- Methods for measuring economic growth
- Fiscal and monetary policy
- Foreign exchange, inflation, and supply and demand
- International trade balance
- Personal finance
About the Exam
The GACE Economics Test Is a computer-based exam used to assess the subject-area knowledge of applicants for teacher certification, grades 6-12. There are two subtests that can be taken separately or in the same testing session. In either case, two hours of testing time are allotted per test.
Test I and Test II each consist of 80 multiple-choice questions and are offered during three annual testing windows that last about a week. The GACE Economics exam is offered in February, April, and late May-early June.
Preparing & Registering for the GACE Economics Exam
This study guide contains plenty of resources to help you review material covered in your teacher education and economics programs. In addition to illustrated videos, you can watch as many times as you'd like, you'll find matching transcripts, multiple-choice quizzes, chapter tests, and a practice final exam, all of which are designed to help you study economics concepts covered on the actual GACE Economics test.
You can register for the exam by phone or online. If you choose the latter option, you'll need to first create an account on the Georgia Professional Standards Commission's website. After entering your name and contact information, you'll be issued a certification ID number which you must then use to create a separate account on the Educational Testing Service's website. From here, you can set up a testing appointment and submit payment information. This process must be completed at least two days prior to your desired test date.
Scoring the GACE Economics Exam
Scaled test scores on the GACE Economics exam range between 100 and 300 points. You'll need a minimum score of 220 to meet certification requirements in Georgia. Official test results are available around 15 days after the end of the testing window in which your exam date falls.
Test I: Fundamental Economic Concepts
Test questions covering fundamental economic concepts will require a familiarity with the relationship between economic scarcity and choice. You'll also need a solid understanding of opportunity cost and other key economics concepts, like marginal costs, marginal benefits, and the uses of the production possibilities curve. If you can also articulate the economic and social goals of market, command, and mixed economic systems, you should do well on these types of questions, which make up around 20% of Test I.
Test I: Microeconomics
The remaining 80% of questions appearing in Test I cover the circular flow model of economics and the determinants causing shifts in supply and demand curves. You should be able to use these mathematical models to identify surpluses and shortages, and calculate the price elasticity as well as the income elasticity of supply and demand. You'll also want to brush up on your understanding of how subsidies, tax structures, and government regulation affect the market. Other test questions require you to compare competition in monopolies, oligopolies, and perfectly competitive markets. An ability to assess these market structures' impact on equilibrium wages, labor supply and demand, costs, and profits is also required.
Test II: Macroeconomics
Test II questions will ask you to apply fundamental economic concepts to transactions occurring on a global scale. You'll need to be familiar with the components of gross domestic product as well as approaches to calculating GDP. Methods for measuring inflation and unemployment are also covered, as are factors causing shifts in the aggregate supply and aggregate demand curves.
Additional questions require an understanding of how the federal government uses contractionary and expansionary fiscal and monetary policies to help the U.S. economy meet its macroeconomic goals. You should also be aware of the Federal Reserve System's structure, the function of money, and methods for determining equilibrium in the money market. These types of questions comprise approximately 64% of Test II.
Test II: International Economics
Around 20% of Test II questions address such topics as absolute and comparative advantage, trade deficits, and trade surpluses. They also cover the costs and benefits of barriers to trade, the roles of trading blocs and international organizations - such as NAFTA and the World Bank - and the methods used to determine a country's balance of payments. You'll need to understand exchange rates, the causes of inflows and outflows of financial capital, and the impacts of currency appreciation and depreciation.
Test II: Personal Finance
These questions test your awareness of how education and training can impact an individual's earning potential. You'll also need to be familiar with the effects of federal policy on people's saving and spending choices. The roles of banks and financial institutions are covered here as well, along with the differences between stocks, bonds, and other financial investment options. You should be able to differentiate between interest rate types and understand the time value of money. Around 16% of Test II questions fall under this content domain.
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