About This Chapter
Basic Economics - Chapter Summary
The short lessons in this chapter will help you to build on what you already know about basic economics. Take a look at the fundamental concept of supply, examine economics as a social science, and analyze the four basic functions of money.
Learn to differentiate between money, wealth and income and discover the meaning of the demand curve for money. Familiarize yourself with other lesson topics, such as:
- Definition and example of the law of demand in economics
- Meaning and factors of supply in economics
- Function of choice and economic scarcity
- Definition and types of money
- Interest rates and the economy's demand for money
- Types, definition and examples of economic resources
- Market economy: understanding the role of government
- Issues and factors related to governmental intervention in the economy
- International trade: economics and politics
- Globalization and the American economy
This chapter uses video lessons that are hosted by Study.com instructors, and each lasts 5-10 minutes in general. We include a video transcript with each lesson, and we provide a timeline tool for you to use to quickly locate any portion of the video that you want to replay.
1. What is the Law of Demand in Economics? - Definition & Example
Learn about one of the most fundamental laws in economics and how it is ingrained in your thinking and actions. Hear about some examples that reinforce this powerful law and a few rare exceptions.
2. Supply in Economics: Definition & Factors
You will be introduced to one of the main concepts in economics: supply. Have you ever considered how a producer determines how much of a product to supply? Learn what factors change the supply and how suppliers react to changes in market price.
3. Economic Scarcity and the Function of Choice
Discover the foundation of the social science of economics as we explore the basic economic problem of scarce resources and unlimited wants using key definitions that create a framework for understanding everyday behavior in a nation.
4. What is Money? - Definition and Types
In this lesson, you'll learn what money is and its four basic functions. You'll also take a look at how it benefits society and explore the different types of money.
5. Money Demand and Interest Rates: Economics of Demand
Learn about the differences between money, wealth and income and explore the factors that determine the demand for money in an economy. Take a look at the demand curve for money as well.
6. What are Economic Resources? - Definition, Types & Examples
If there are no resources, an economy cannot be sustained. In this lesson, you'll learn what economic resources are, the different types of economic resources, and why they are vitally important. A short quiz follows the lesson.
7. The Role of Government in a Market Economy
In this lesson, you'll examine the role of government in a market economy. You'll learn what kinds of activities may require government interaction, such as those related to consumer and property rights.
8. Government Intervention in the Economy: Issues & Factors
In this lesson, you'll consider the question of when it's worthwhile for the government to take action related to the economy. We'll use concrete examples to help you understand these hotly debated issues.
9. The Economics & Politics of International Trade
We will discuss the economics & politics of international trade through the definition of open trade and its benefits and drawbacks. In addition, the ideas of competitive advantage and political patience will be shown as key indicators of global success.
10. Effect of Globalization on the U.S. Economy
Globalization is a concept that comes with positive and negative views and perspectives. In this lesson we will discuss globalization and some of the effects it has on the U.S. economy.
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