About This Chapter
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.
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.
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.
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.
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.
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.
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.
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.
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?
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.
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.
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.
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.
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.
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?
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.
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Other chapters within the Pennsylvania Grades 4-8 - Social Studies Subject Concentration (5157): Practice & Study Guide course
- Early United States History Overview
- Causes & Impact of the Revolutionary War
- United States Constitution & Bill of Rights
- United States Territorial Expansion
- The Importance of Manifest Destiny
- Sectionalism & the Start of the Civil War
- End of the Civil War & Reconstruction
- Industrialization, Urbanization & Immigration
- The Progressive Era & Amendments
- World War I Summary
- United States in the 1920s
- The Great Depression & the New Deal
- World War II Summary
- Understanding the Cold War
- The Post-Cold War World
- The United States (1940s-1960s)
- The United States (1970s-1990s)
- Technology in the Late 20th Century
- History of Pennsylvania
- Early Civilizations Overview
- Classical Civilizations Overview
- Civilizations & Change
- Early Eastern Religions Overview
- Renaissance, Reformation & Enlightenment Periods
- Global Interactions (1200-1750)
- Revolutions & Imperialism (1750-1914)
- Terrorism & the United States
- United States Government: Foundations & Structure
- Branches of the U.S. Government
- United States Election Process
- Political Parties, Interest Groups, Bureaucracy & Media
- Rights, Responsibilities & Duties of U.S. Citizens
- American Political Systems & Ideologies
- The Federal Reserve System
- Personal Finance & Investments
- Geography, Maps & Waterways
- Physical Geography of Earth
- The Environment & Human Activity
- Human Geography & Migration
- Political Geography & Geographic Factors
- Pennsylvania Grades 4-8 - Social Studies Subject Concentration Flashcards