Ch 61: HiSET: Scarcity, Choice & The Production Possibilities Curve

About This Chapter

Watch the short video lessons in this chapter to study some of the important economics topics you'll encounter on the Social Studies HiSET. Short lesson quizzes let you test your comprehension of the material.

HiSET: Scarcity, Choice & The Production Possibilities Curve - Chapter Summary

These engaging, bite-sized video lessons break down some of the important scarcity, choice and production possibilities topics you'll encounter in the economics questions on the Social Studies HiSET. Lesson topics include:

  • The function of choice in economic scarcity
  • Definition and examples of opportunity cost
  • Production possibility models
  • The concepts of comparative advantage, specialization and exchange

Use the video transcripts to track down key terms and use the lesson quizzes to practice using the economic concepts presented in this chapter. If you get hung up, reach out to our instructors for help.

Objectives of the HiSET: Scarcity, Choice & The Production Possibilities Curve Chapter

The HiSET is a high school equivalency exam that has five subtests, including social studies. There are about nine economics questions on the HiSET Social Studies test. This chapter covers some of the important economics concepts you're likely to run across. Of the other roughly 41 questions on the test, three are about geography, 19 are about history, and 19 are about civics and government. You will have 70 minutes to answer them all.

HiSET Social Studies questions are presented in multiple-choice format, as are the lesson quizzes in this chapter. Use them to practice answering HiSET-style questions before your test date.

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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Other Chapters

Other chapters within the HiSET Social Studies: Prep and Practice course