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Ch 53: Economic Concepts & Terminology - MTEL Political Science/Political Philosophy

About This Chapter

Utilize the lessons in this chapter as a resource for reviewing economic terms and concepts as you prepare for the MTEL Political Science/Political Philosophy exam.

Economic Concepts & Terminology - MTEL Political Science/Political Philosophy - Chapter Summary

Developing an understanding of economics is essential for comprehending our political system and teaching political science courses. In this chapter, you'll refresh your knowledge of:

  • Study of economics
  • Micro- and macroeconomics
  • Role of consumer choice in economics
  • How resources affect the economy
  • Methods for allocating resources
  • Usual pitfalls of logic in economics
  • Normative v. positive economics
  • Economic models and their uses
  • Important figures in economics
  • Free market capitalism
  • Socialist, communist, and mixed economies
  • Economic command system

The lessons in this chapter have been designed by professionals to help you most effectively learn and retain the information. There is a video in each lesson to illustrate the concepts being covered. You'll also find a transcript of the video for text-based learning. Take the self-assessment quiz at the end of each lesson to apply what you've learned. If you need to review a portion of the lesson, use the timeline below the video for easy navigation.

Economic Concepts & Terminology - MTEL Political Science/Political Philosophy Objectives

The MTEL Political Science/Political Philosophy exam is taken by educators in Massachusetts seeking certification to teach political science courses. Questions on the exam cover five content areas. The material reviewed in this chapter will prepare you for questions related to geography and economics, which account for 10% of the total score.

The MTEL Political Science/Political Philosophy exam is comprised of 100 multiple-choice questions and 2 open-response questions. The open-response questions account for 20% of the final score and could be related to any of the five content areas. You will need a minimum score of 240 to qualify for professional certification.

12 Lessons in Chapter 53: Economic Concepts & Terminology - MTEL Political Science/Political Philosophy
Test your knowledge with a 30-question chapter practice test
What is Economics? - Definition & Types

1. What is Economics? - Definition & Types

Few things affect the day-to-day lives of everyone more than the economy. In this lesson, you'll learn about economics, including some of its foundational topics and concepts. You'll also have a chance to take a quiz after the lesson.

Microeconomics vs. Macroeconomics

2. Microeconomics vs. Macroeconomics

In this lesson, we learn how economics touches every aspect of human life. Focusing on the central ideas of scarcity and utility, we see how economics plays out in its two largest fields, microeconomics and macroeconomics.

The Importance of Consumer Choice in Economics

3. The Importance of Consumer Choice in Economics

Nothing makes a business happier than when we buy something they sell - well, maybe when we buy two of what they sell! This lesson explains why smart companies and governments try to understand everything about you to sell you more.

Microeconomic Resources: Scarcity & Utility

4. Microeconomic Resources: Scarcity & Utility

For economics to work, we must assume that resources are scarce and that people will work to secure the greatest utility possible. This lesson explains both scarcity and utility and what they mean for people everywhere.

Understanding the Challenge of Resource Allocation

5. Understanding the Challenge of Resource Allocation

By now, you've probably figured out that all resources are scarce. But how do we allocate resources to make the most of that scarcity? This lesson explains how economists allocate resources, as well as three of the major philosophies influencing such choices.

Common Logic Pitfalls in Economics

6. Common Logic Pitfalls in Economics

Economics is a pretty straightforward subject, but it can be plagued with plenty of logical pitfalls. This lesson discusses swimsuits, mansions, and politicians to explain some of the most common logical fallacies.

Comparing Normative & Positive Economics

7. Comparing Normative & Positive Economics

In most sciences, you can largely ignore opinions. However, in economics, we call opinions normative statements and economists must pay attention to them. This lesson details the differences between normative statements and positive statements.

An Overview of Economic Models & Uses

8. An Overview of Economic Models & Uses

For this lesson on economic models, you won't need any plastic cement or craft knives. That said, a lot of very useful detail can still be captured and portrayed in economic models, as this lesson demonstrates.

Major Figures in the Development of the Field of Economics

9. Major Figures in the Development of the Field of Economics

Economics is a mature discipline, and many minds have shaped the field into what it is today. In this lesson, we'll focus on three economic superstars: Adam Smith, Karl Marx and John Maynard Keynes.

Capitalism and the Free Market: Definition & Limitations

10. Capitalism and the Free Market: Definition & Limitations

Capitalism is an economic system that has played a dominant part in building the world in which we currently live. In this lesson, you'll learn about some key concepts of capitalism, as well as its limitations.

Understanding Socialism, Communism, and Mixed Economies: Comparison & Analysis

11. Understanding Socialism, Communism, and Mixed Economies: Comparison & Analysis

Socialism and communism are alternative economic systems to capitalism. In this lesson, you'll learn some of the key concepts behind these economic systems. You'll also learn about mixed economic systems.

Understanding a Command System in Economics

12. Understanding a Command System in Economics

In this lesson, we'll discuss a command system: one of the often tried, but mostly failed, economic systems of the last century. Because it requires an individual or group to make decisions based on who makes what, there are important challenges of a command system.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
Not Taken
Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

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Other Chapters

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