About This Chapter
Fundamental Economics Concepts - Chapter Summary
Brush up on your economics concepts and vocabulary with this extensive chapter. Look over information about the appreciation and depreciation of currency, the effect currency changes has on trade, and the inner workings of the global economy. There are several other fundamental concepts discussed in this chapter, including the following:
- The functions of choice and economic scarcity
- Characteristics of the goods markets and financial markets
- Examples of market power
- Factors that impact consumer buying decisions
- Types of consumer decisions
- Foreign labor and trade restrictions
- Factors that influence global market trade
- Natural resources compared to capital resources
If you are preparing for an assessment or certification test, fundamental economics concepts is probably just one topic among many that you will need to review. Fortunately, after you master this chapter, we offer other chapters that can help you get ready for your assessment. Your user dashboard monitors what you study, and it will even make recommendations on chapters you should consider reviewing. Furthermore, you can search for test prep chapters by looking up the actual name of your assessment.
As you get ready to sit down and study, realize that our materials have been designed specifically to give you a recap. We know that you have gone over this information before, but we recognize that you may be a little fuzzy on the particulars. To help you recall these fundamental economics concepts, we use videos and text-based lessons to touch on all the major topics and keywords. By reviewing our materials directly before your test, you will be more likely to remember the information.
1. 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.
2. How Currency Changes Affect Imports and Exports
Learn about how currency changes can affect imports and exports. Find out how this affects you. Discover what happens when a dollar is strong compared to other currencies and what happens when it is weak.
3. Currency Appreciation & Depreciation: Effects of Exchange Rate Changes
Find out how changes in the exchange rate can affect the economy and your own individual situation. Discover how these currency changes can increase and decrease your purchasing power and standard of living.
4. Financial Markets & Goods Markets
Learn about two of the biggest markets in most economies; the financial and goods markets. Find out what financial markets are and the purpose they serve. Explore the stock market and bond market and see how they are different than the goods market.
5. Market Power in Economics: Definition, Sources & Examples
This lesson aims to present market power in the economic sense. It will provide a definition, sources, and examples of how organizations can use economic power to their advantage, to maximize their profit potential.
6. Influences on Consumer Buying Decisions: Cultures, Values & More
External influences are all around us and play a large role in our buying decisions. Watch this video to see how cultures, values and other influences shape our purchases.
7. Consumer Decisions: Types, Overview
How consumers make decisions is a primary interest to all businesses. In this lesson, you'll learn about different types of consumer decision-making. You'll also have a chance to take a short quiz after the lesson.
8. The Global Economy: Advantages, Expansion & Impact
This lesson will explain the concept of economic globalization. We will look at both its positive and negative effects while also highlighting the terms 'import,' 'export,' and 'capital flight.'
9. Trade Restrictions and Foreign Labor
Discover why trade restrictions are sometimes used to combat cheap foreign labor. Learn about outsourcing, job protection, and infant industry strategies.
10. Forces that Affect Trade in Global Markets
The global marketplace is diverse. While diversity provides opportunity, it also provides challenges. In this lesson, you'll learn about the forces that affect trade in the global market. You'll also have a chance to take a short quiz after the lesson.
11. What are Human Resources in the Economy?
This lesson will identify what human resources are to an economy. We will look at what key factors are included in human resources, and how these elements are used in the production of goods and services.
12. What Are Natural Resources? - Definition & Types
Natural resources are materials provided by the Earth that humans can use to make more complex (human-made) products. In this lesson, you will learn some examples of natural resources and how to classify them.
13. What Are Capital Resources? - Definition & Examples
The manufacturing process varies widely for businesses creating all types of goods, though all utilize resources. This lesson explains what capital resources are, how they are essential to the production of goods, and the difference between capital resources and raw materials.
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