Ch 69: Aggregate Demand & Supply - ORELA Middle Grades Social Science

About This Chapter

If you are looking for refresher lessons about aggregate demand and supply for the ORELA Middle Grades Social Science exam, then you've come to the right site! The brief and engaging video lessons and quizzes in this chapter will help you get the practice you need to pass your test.

Aggregate Demand & Supply: ORELA Middle Grades Social Science - Chapter Summary

View a 5-10 minute video about the causes of shifts in labor supply and demand. Answer short multiple-choice quiz questions about the definition of aggregate supply in the economy, and economic output in the long and short run. By the time you've reached the end of this chapter, you will have refreshed your memory of the following:

  • The Keynesian Model
  • Supply and demand curves
  • Explanation of the aggregate supply and aggregate demand
  • Shifts in labor supply and labor demand
  • Definition of marginal propensity to consume
  • Government spending
  • Definition of aggregate supply in the economy
  • Short run
  • Effects of sticky wages
  • Unfavorable and favorable supply shocks

One of the best things about the lessons in this chapter is that you can work at your own pace. Don't worry about tracking your progress, because we track it for you. After you've taken a quiz, you can take it again or move on to the next lesson. Also, there are written transcripts for every lesson.

Aggregate Demand & Supply - ORELA Middle Grades Social Science Objectives

On the Economics section of the ORELA Middle Grades Social Science exam, you could see questions that ask you to reveal your knowledge of the foundation and principles of supply and demand. This chapter will prepare you to answer those questions. The Economics section represents 12% of the complete 150 multiple-choice question exam. All questions will be answered on a computer.

10 Lessons in Chapter 69: Aggregate Demand & Supply - ORELA Middle Grades Social Science
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.

Aggregate Supply in the Economy: Definition and Determinants

7. Aggregate Supply in the Economy: Definition and Determinants

Learn about one of the fundamental components of economics. Find out what aggregate supply is and seven of the most common areas that influence it in today's economy.

Aggregate Supply in the Short Run

8. Aggregate Supply in the Short Run

Learn about aggregate supply in the short run (SRAS) and what that really means. Find out how the overall price of goods affects quantity supplied in the short run and other key determinants that can increase and decrease aggregate supply in this time period.

Sticky Wages and Prices: Effect on Equilibrium

9. Sticky Wages and Prices: Effect on Equilibrium

With the help of real-world examples, this lesson explains Keynes' important observation that wages and prices often don't adjust quickly to changes in economic conditions

Favorable Supply Shocks & Unfavorable Supply Shocks

10. Favorable Supply Shocks & Unfavorable Supply Shocks

In this lesson you'll learn the definitions, causes and effects of the two types of supply shocks in the economy by looking at a fictitious economy as an example.

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.
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