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Ch 4: Holt McDougal Economics Chapter 1.4: The Economist's Toolbox

About This Chapter

The Economist's Toolbox chapter of this Holt McDougal Economics Companion Course helps students learn the essential lessons associated with the economist's toolbox. Each of these simple and fun video lessons is about five minutes long and is sequenced to align with the Economist's Toolbox textbook chapter.

How It Works:

  • Identify the lessons in the Holt McDougal Economist's Toolbox chapter with which you need help.
  • Find the corresponding video lessons with this companion course chapter.
  • Watch fun videos that cover the economist's toolbox topics you need to learn or review.
  • Complete the quizzes to test your understanding.
  • If you need additional help, rewatch the videos until you've mastered the material or submit a question for one of our instructors.

Students will learn:

  • How microeconomics and macroeconomics differ
  • Adam Smith's accomplishments
  • Major concepts from The Wealth of Nations
  • The differences between normative and positive economics
  • What a frequency table looks like
  • How to interpret bar graphs and pie charts
  • The significance of economic models
  • Definitions for descriptive and inferential statistics

Holt McDougal is a registered trademark of Houghton Mifflin Harcourt, which is not affiliated with Study.com.

8 Lessons in Chapter 4: Holt McDougal Economics Chapter 1.4: The Economist's Toolbox
Test your knowledge with a 30-question chapter practice test
Descriptive & Inferential Statistics: Definition, Differences & Examples

1. Descriptive & Inferential Statistics: Definition, Differences & Examples

Descriptive and inferential statistics each give different insights into the nature of the data gathered. One alone cannot give the whole picture. Together, they provide a powerful tool for both description and prediction.

An Overview of Economic Models & Uses

2. An Overview of Economic Models & Uses

For this lesson on economic models, you won't need any plastic cement or craft knives. That said, a lot of very useful detail can still be captured and portrayed in economic models, as this lesson demonstrates.

Understanding Bar Graphs and Pie Charts

3. Understanding Bar Graphs and Pie Charts

In this lesson, we will examine two of the most widely used types of graphs: bar graphs and pie charts. These two graphs can provide the reader with a comparison of the different data that is displayed.

What is a Frequency Table? - Definition & Examples

4. What is a Frequency Table? - Definition & Examples

In this lesson, learn what a frequency table is and view a few examples of situations in which frequency tables would be useful. Then, test your knowledge with a brief quiz.

Microeconomics vs. Macroeconomics

5. Microeconomics vs. Macroeconomics

In this lesson, we learn how economics touches every aspect of human life. Focusing on the central ideas of scarcity and utility, we see how economics plays out in its two largest fields, microeconomics and macroeconomics.

Comparing Normative & Positive Economics

6. Comparing Normative & Positive Economics

In most sciences, you can largely ignore opinions. However, in economics, we call opinions normative statements and economists must pay attention to them. This lesson details the differences between normative statements and positive statements.

Economist Adam Smith: Theory & Biography

7. Economist Adam Smith: Theory & Biography

Many modern economists consider Adam Smith the Father of Capitalism. In this lesson, you'll learn about his life, education, work, and accomplishments. After the lesson, you can test your knowledge with a short quiz.

Adam Smith's The Wealth of Nations: Summary & Concept

8. Adam Smith's The Wealth of Nations: Summary & Concept

In the same year Thomas Jefferson wrote the Declaration of Independence, Scottish philosopher and economist Adam Smith published a book called 'The Wealth of Nations.' Over 200 years later, Smith's work stands as the theoretical basis for capitalism.

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 Holt McDougal Economics - Concepts and Choices: Online Textbook Help course

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