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Ch 61: Basic Terms & Concepts in Economics

About This Chapter

Get a better understanding of the basic economics terms and concepts with these engaging text and video lessons. You can improve your knowledge of economic incentives, market vs. state-controlled economics, and more.

Basic Terms & Concepts in Economics - Chapter Summary

By working through these lessons, you can deepen your knowledge of the principals of economics. For instance, you'll compare the theories of Adam Smith and Karl Marx and learn the basic definitions of economic incentives. After reviewing the lessons, you should be ready to:

  • Define economics and list basic economic principles
  • Identify economic incentives and provide examples
  • Explain using private property as an incentive to conserve resources
  • Compare market vs. state-controlled economies
  • Discuss the theories of Adam Smith and Karl Marx

In addition to the video lessons, you have access to practice quizzes, text transcripts. and a chapter exam. The videos have a timeline feature, which allows you to go back to specific pieces of information quickly. Don't forget to check your progress through from your Dashboard.

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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