Ch 57: CLEP Social Sciences and History: Scarcity & Choice in Economics

About This Chapter

Learn about economic scarcity and choice through the fun video lessons in this chapter. Take self-assessment quizzes to test your knowledge of essential economics concepts.

CLEP Social Sciences and History: Scarcity and Choice in Economics - Chapter Summary and Learning Objectives

Get an overview of economics before diving in to a study of the function of choice and economic scarcity in this chapter. Our lessons are taught by subject experts who use engaging animations and fun graphics to bring key economics concepts to life. You'll study comparative advantage and specialization, see calculations for opportunity cost and study production possibilities through quick video lessons that break down these larger concepts into easily digestible chunks. After watching these videos, you'll know about:

  • Universal goals of economics
  • Gains from trade
  • Benefits of specialization
  • Real world applications of opportunity cost
  • Shifts on the production possibilities curve

Video Objective
Economics: Definition & Universal Goals Study the components of economics then take a look at universal economic goals such as equity, allocative efficiency and technical efficiency.
Economic Scarcity and the Function of Choice Examine scarce resources, needs and wants and common economic behavior.
Comparative Advantage, Specialization & Exchange See examples of comparative advantage and learn about absolute advantage in trade.
Opportunity Cost: Definition, Calculations & Examples Define this term and see real world examples. Learn how to calculate opportunity cost.
Production Possibilities: Definition, Model & Shifts Assess applications for the production possibilities model and see a definition.

5 Lessons in Chapter 57: CLEP Social Sciences and History: Scarcity & Choice in Economics
Test your knowledge with a 30-question chapter practice test
Economics: Definition & Universal Goals

1. Economics: Definition & Universal Goals

From rising prices to debates on pollution, there is plenty of evidence that there's simply not enough for everyone. Economics is the applied science that tackles this issue, and this lesson explains how.

Economic Scarcity and the Function of Choice

2. 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.

Comparative Advantage, Specialization & Exchange

3. Comparative Advantage, Specialization & Exchange

Companies and individuals are often faced with the question of, 'What should we do?' This lesson examines comparative advantage, a valuable economic concept that helps firms and people determine how to focus their efforts.

Opportunity Cost: Definition, Calculations & Examples

4. Opportunity Cost: Definition, Calculations & Examples

This lesson discusses opportunity costs, a central idea of economics. In addition to examining the general idea of opportunity costs, it also looks at the role of explicit and implicit costs to firms.

Production Possibilities: Definition, Model & Shifts

5. Production Possibilities: Definition, Model & Shifts

Economists talk a lot about opportunity costs, but sometimes it's most helpful just to visualize it all. The production possibility curve allows us to do just that, and this lesson explains how.

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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