Ch 34: Economics, Taxation & GDP

About This Chapter

You can learn about economics, taxation and the GDP by watching or reading the lessons included in this chapter. Each lesson will cover the definitions and characteristics of different topics related to this subject.

Economics, Taxation & GDP - Chapter Summary

If you are currently studying up on economics in the United States, it's a good idea to make sure that you spend a good amount of time learning about issues related to taxation and the GDP. The text and video lessons included in this chapter will help you better understand the basics of these subjects.

Read or watch these lessons to learn the definitions and characters of these concepts and issues in relation to American economics. Each of our lesson instructors has extensive experience teaching these somewhat complex economic topics, and will go over all information point-by-point. Specific topics you will learn about are:

  • The definition and examples of economic policy
  • Economic growth
  • Economic scarcity
  • Opportunity cost
  • Different types of economic systems
  • The definition and factors of supply in economics
  • The definition and concept of demand in economics
  • Gross domestic product
  • Unemployment and taxation
  • The economy: government intervention, regulation and deregulation
  • Consumer choice and the consumer price index

Once you complete these lessons, you can answer the questions found in the chapter's practice quizzes and final exam to test your understanding of this chapter's topics. If you would like further clarification on certain points, the chapter offers you the function of contacting the instructors for help. Keep track of your learning progress by using the designated function on your personal Dashboard.

15 Lessons in Chapter 34: Economics, Taxation & GDP
Test your knowledge with a 30-question chapter practice test
What is Economic Policy? - Definition & Examples

1. What is Economic Policy? - Definition & Examples

In this lesson, we will discuss the term economic policy. We'll then look at the functions of economic policy, as well as the goals government use when implementing policy.

What is Economic Growth? - Definition, Theory & Impact

2. What is Economic Growth? - Definition, Theory & Impact

How do we measure and explain economic growth? This lesson will go through the various theories of economic growth which all try to explain how a country continues to increase production.

Economic Scarcity and the Function of Choice

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.

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.

Types of Economic Systems: Traditional, Command, Market & Mixed

5. Types of Economic Systems: Traditional, Command, Market & Mixed

Just like there are different political systems, there are also vastly different economic systems. This lesson introduces the differences between traditional, command, market, and mixed economies.

Supply in Economics: Definition & Factors

6. 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.

Demand in Economics: Definition & Concept

7. Demand in Economics: Definition & Concept

Have you ever found yourself buying more of an item when it goes on sale, or less of it when the price increases? In this lesson, you will be introduced to one of the main concepts in economics - demand.

Gross Domestic Product: Definition and Components

8. Gross Domestic Product: Definition and Components

Learn how economists measure the total production of an economy using gross domestic product (GDP). This lesson also outlines the components that make up a GDP. How do we calculate the economic value of a nation?

Defining and Measuring the Unemployment Rate

9. Defining and Measuring the Unemployment Rate

You've probably heard about the unemployment rate, especially given how high it was in the 2008 recession. Find out how economists define unemployment, what the unemployment rate is, and how to calculate it in this lesson.

Government Intervention in the Economy: Issues & Factors

10. 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.

Principles and Systems of Taxation

11. Principles and Systems of Taxation

In this lesson, you'll gain a better understanding of how our tax system works. Look into the different levels of taxation from the federal government to state and local governments.

Governmental Regulation & Deregulation of the Economy

12. Governmental Regulation & Deregulation of the Economy

Government regulations affect all aspects of the economy. However, some sectors are subject to specific regulations due to their importance. This lesson explores the purposes and methods of economic regulation and deregulation.

The Importance of Consumer Choice in Economics

13. 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.

Consumer Price Index: Measuring the Cost of Living and Inflation

14. Consumer Price Index: Measuring the Cost of Living and Inflation

In this lesson, you'll learn what the Consumer Price Index is and how it measures changes in the level of prices in an economy. You'll also learn about the important economic concepts of inflation and deflation. Why do prices always seem to be going up?

Gross Domestic Product: How to Calculate Real GDP

15. Gross Domestic Product: How to Calculate Real GDP

Learn how to adjust economic output for inflation using real GDP. This calculation enables economists to remove the effect of rising prices and more accurately compare economic output from multiple years.

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

Earning College Credit

Did you know… We have over 200 college courses that prepare you to earn credit by exam that is accepted by over 1,500 colleges and universities. You can test out of the first two years of college and save thousands off your degree. Anyone can earn credit-by-exam regardless of age or education level.

To learn more, visit our Earning Credit Page

Transferring credit to the school of your choice

Not sure what college you want to attend yet? Study.com has thousands of articles about every imaginable degree, area of study and career path that can help you find the school that's right for you.

Other Chapters

Other chapters within the Pennsylvania Grades 4-8 - Social Studies Subject Concentration (5157): Practice & Study Guide course

Support