About This Chapter
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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