Ch 78: 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.

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Other Chapters

Other chapters within the CLEP Social Sciences and History: Study Guide & Test Prep course