- Course type: Self-paced
- Available Lessons: 86
- Average Lesson Length: 8 min
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Watch a preview:chapter 1 / lesson 1What is Economics? - Definition & Types
This course can be found in: GACE Test Prep
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Course SummaryRefer to this comprehensive study guide to review basic economics and microeconomics concepts. This course covers the material you'll need to know for the Georgia Assessments for the Certification of Educators (GACE) Economics Test I exam.
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Course Practice TestCheck your knowledge of this course with a 50-question practice test.
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- Detailed video explanations for wrong answers
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About This Course
This study guide is designed to address everything from basic economic terms to production practices in microeconomics. You'll study various economic systems and markets in addition to pricing, trade, types of business organizations and production costs and runs. After you have completed your review of this course, you should have a better understanding of the following:
- Economic and microeconomic term definitions
- Economic scarcity, opportunity cost and production possibilities curve
- Comparative and absolute advantage
- Supply and demand
- Pricing determination and control
- Government's role in the economy
- Types of corporations and business organizations
- Short- and long-run production decisions, costs and processes
About the Exam
The GACE Economics Test I exam is used by the state of Georgia to assess an educator's knowledge level regarding this subject. Test I is the first of a two-part exam that focuses on the basics of economics. It is a computer-based exam consisting of multiple-choice questions in two subareas: Fundamental Economic Concepts and Microeconomics. The Microeconomics subarea accounts for 80% of the exam and the fundamental concepts subarea 20%. Test takers have two hours to complete the GACE Economics Test I exam. There are two tiers of passing scores: 220-249 for the induction level and 250 and up for the professional level.
GACE Economics Test I Exam Preparation & Registration
You won't find a quicker or easier way to prepare for the GACE Economics Test I exam than by using this comprehensive study guide. Short lessons provide all the information you will need to know about economic models, production factors and possibilities, market equilibrium, pricing processes and government economic regulations. Each chapter in this course consists of easily accessible lessons that are available 24/7 from any device and that provide expert instruction for each topic. You can also choose to print lesson transcripts for offline reference if needed. Take self-assessment lesson quizzes and chapter exams to determine what you have learned and whether you need to further review any subject before taking the GACE Economics Test I exam.
To register for this or any GACE exam, you will need to create an account on the Georgia Professional Standards Commission website and click on the Reason for Testing link. You will be assigned a Georgia certification ID number. You will use this number to create an ETS GACE testing account. You can go online or call to complete the registration process through ETS GACE. Exam fees can be paid using a credit or debit card, by PayPal or e-check.
GACE is a registered trademark of the Georgia Professional Standards Commission, which is not affiliated with Study.com.
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