Ch 59: Aggregate Demand & Supply - MTEL Political Science/Political Philosophy

About This Chapter

This chapter covers everything you'll need to know related to Aggregate Demand and Supply going into the MTEL Political Science/Political Philosophy exam. Easy-to-follow lessons guide you through the topics with an aim to help you study effectively and efficiently.

MTEL Political Science/Political Philosophy: Aggregate Demand and Supply - Chapter Summary

This chapter takes a look at several models, terms, and influences of supply and demand, with video lessons going over all the topics you'll want to be familiar with when taking the test, including:

  • The Keynesian model and the Classical model of the economy
  • Supply and demand curves as they apply to each model
  • Aggregate supply and aggregate demand
  • Shifts in labor supply and labor demands
  • Marginal propensity to consume
  • Government spending, GDP, and crowding out private investment

Using the timeline feature, you can jump to key points within the videos for easy review of specific parts of the lesson. And if you prefer to read the material, each lesson also comes with a transcript of the content. You'll also have the chance to check your understanding with a practice quiz at the end of every lesson.

MTEL Political Science/Political Philosophy: Aggregate Demand and Supply Chapter Objectives

The MTEL Political Science/Political Philosophy test was devised to measure your grasp of the subject for certification as a teacher in Massachusetts. You'll take the test on a computer and be allowed four hours to complete it. The exam is made up of 100 multiple-choice questions and two written-response items divided into six distinct subareas. This chapter will help you prepare for the fourth subarea, which focuses on geography, government, and economics, and counts for 10% of your overall exam score. You can use this chapter to make sure you're ready for the questions related to supply and demand that you'll come across within the economics portion of this subtest.

6 Lessons in Chapter 59: Aggregate Demand & Supply - MTEL Political Science/Political Philosophy
Test your knowledge with a 30-question chapter practice test
The Keynesian Model and the Classical Model of the Economy

1. The Keynesian Model and the Classical Model of the Economy

Economists use two basic models to describe economic growth. In this lesson, you'll find out more about each one of these models using real-world examples. So buckle up your seatbelts!

Supply and Demand Curves in the Classical Model and Keynesian Model

2. Supply and Demand Curves in the Classical Model and Keynesian Model

See how economists illustrate aggregate supply and aggregate demand in the long-term and short-term using the Classical and Keynesian models. This lesson emphasizes the differences in the shape of the aggregate supply curve using these two models.

Aggregate Supply and Aggregate Demand (AS-AD) Model

3. Aggregate Supply and Aggregate Demand (AS-AD) Model

Supply and demand models are useful for examining the behavior of one good or market, but what about looking at a whole economy? Luckily, the aggregate supply and aggregate demand model lets us do just that.

Understanding Shifts in Labor Supply and Labor Demand

4. Understanding Shifts in Labor Supply and Labor Demand

Find out what the labor supply is and what causes it to change or shift. Learn about labor demand and what causes firms and markets to increase or decrease their demand for labor.

Marginal Propensity to Consume: Definition and Formula of the MPC

5. Marginal Propensity to Consume: Definition and Formula of the MPC

MPC or MPS, what category is higher when you have extra money? In this lesson, learn about the marginal propensity to consume, one of the most important assumptions underlying fiscal and monetary policy.

Government Spending, GDP, and Crowding Out Private Investment

6. Government Spending, GDP, and Crowding Out Private Investment

When the government spends more than it earns, it has to borrow money, which has repercussions throughout the economy. In this lesson, learn how government spending can crowd out private investment in the market for loanable funds.

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

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