Ch 23: Foundations of Economics

About This Chapter

To study the foundations of economics, simply review this chapter's short and engaging video lessons. The chapter can be used for a variety of educational purposes, including independent learning, test preparation, homework help and tutoring.

Foundations of Economics - Chapter Summary

In this chapter, you'll review basic economics concepts through expertly taught video lessons. Work through the chapter at your own pace to refresh your knowledge of economic systems, supply and demand, the labor market, the U.S. economy, international trade, monopolies, oligopolies and much more. By the end of the chapter, you should be able to:

  • Compare types of economics and economic systems
  • Summarize the law of supply and the law of demand
  • Explain how market equilibrium is affected by supply and demand changes
  • Define the concepts of monopoly and oligopoly in economics
  • Describe the labor market
  • Outline the characteristics and fundamental principles of the U.S. economy
  • Determine how the government protects the U.S. economy and promotes economic interests
  • Assess the politics and economics of international trade

In addition to the lessons, the chapter comes equipped with printable transcripts, self-assessment quizzes and a comprehensive multiple-choice exam. Take advantage of these supplemental studying materials to reinforce your understanding of the information. The chapter can be accessed whenever you have free time to study, and our subject-matter experts are happy to answer questions about this economics lesson.

12 Lessons in Chapter 23: Foundations of Economics
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.

Economic Systems: Definition, Types & Examples

2. Economic Systems: Definition, Types & Examples

In this lesson, you'll learn about the three major forms of economic systems, including planned, market, and mixed market economies. You'll also explore the five factors of production and the roles they play in the exchange of products or services.

What is the Law of Demand in Economics? - Definition & Example

3. What is the Law of Demand in Economics? - Definition & Example

Learn about one of the most fundamental laws in economics and how it is ingrained in your thinking and actions. Hear about some examples that reinforce this powerful law and a few rare exceptions.

Law of Supply: Definition & Example

4. Law of Supply: Definition & Example

This lesson explains the law of supply. We will discuss the connection between the law of supply and pricing and cover several examples to further explain the law of supply in action.

How Changes in Supply and Demand Affect Market Equilibrium

5. How Changes in Supply and Demand Affect Market Equilibrium

Learn how the equilibrium of a market changes when supply and demand curves increase and decrease and how different shifts in the curves can affect price.

What is a Monopoly in Economics? - Definition & Impact on Consumers

6. What is a Monopoly in Economics? - Definition & Impact on Consumers

In this lesson, you will learn about monopolistic markets and what a monopoly means for producers and consumers. After this lesson, you will understand why the name of one of our all-time favorite board games really makes perfect sense.

What is an Oligopoly? - Definition & Impact on Consumers

7. What is an Oligopoly? - Definition & Impact on Consumers

In this lesson, we will discuss a market structure that is actually quite common in the United States, as well as most other industrialized countries: oligopolies. Oligopolies are the market structures that sit somewhere between a monopoly and perfect competition. In this lesson, we will find out how.

The Labor Market in Economics

8. The Labor Market in Economics

Every wonder why a CEO with a bachelor's degree makes more than a teacher with a master's degree? As this lesson explains, labor is just like any other good in an economic world and is subject to supply and demand.

Fundamental Principles & Characteristics of the U.S. Economy

9. Fundamental Principles & Characteristics of the U.S. Economy

The United States is a capitalist economy that rests on pillars, or basic principles. This lesson will explore five of those principles and show them at work in simple examples.

How the Government Protects the U.S. Economy

10. How the Government Protects the U.S. Economy

The following lesson will cover the ways in which the government protects the U.S. economy and ensures stable economic growth. A short quiz will follow the lesson to check for your understanding.

How the Government Promotes Economic Interests

11. How the Government Promotes Economic Interests

The following lesson will cover how the government promotes its economic interests through businesses, labor, and agriculture. There will be a short quiz following the lesson to check your understanding.

The Economics & Politics of International Trade

12. The Economics & Politics of International Trade

We will discuss the economics & politics of international trade through the definition of open trade and its benefits and drawbacks. In addition, the ideas of competitive advantage and political patience will be shown as key indicators of global success.

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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