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Ch 58: Inflation & Unemployment - MTEL Political Science/Political Philosophy

About This Chapter

Use this chapter to learn about inflation and unemployment, how they're measured, and their impact on the economy. You may use these lessons to study for the MTEL Political Science/ Political Philosophy exam.

Inflation & Unemployment - MTEL Political Science/ Political Philosophy - Chapter Summary

In this chapter, inflation and unemployment will be explained to aid you in your studies for the MTEL Political Science/Political Philosophy exam. These lessons will detail the following:

  • Effects of inflation and measurement using the Consumer Price Index
  • Impact of inflation on suppliers and demanders
  • Measurement of the unemployment rate
  • Cyclical, structural, and frictional unemployment
  • Formula for the natural rate of unemployment
  • Expectations, unemployment, and the economy

As you are led through these brief video lessons by an expert instructor, be sure to take advantage of the full transcripts that highlight key terminology. If you have any questions, you may reach out to our specialists who will respond as they are able. Additionally, upon completion of each lesson, you may take a short self-assessment to ascertain how well you comprehend the information you've reviewed.

Inflation & Unemployment - MTEL Political Science/ Political Philosophy Chapter Objectives

The MTEL Political Science/ Political Philosophy exam serves as a step in the process of acquiring your license to teach related courses in Massachusetts. On the exam, which assesses your knowledge of political science and political philosophy, you will find 11-13 multiple-choice questions that focus on geography and economics. These questions make up about 10% of the test's total. Inflation and unemployment, the main subjects of this chapter, are two of the potential economics questions that may be found on the exam. A thorough comprehension of these topics, as can be gained from reviewing these lessons carefully, will sufficiently prepare you for any pertinent questions.

By utilizing the self-assessments at the end of each lesson and the cumulative chapter exam, you have the opportunity to practice answering economics questions in the same multiple-choice format as the MTEL Political Science/ Political Philosophy exam.

8 Lessons in Chapter 58: Inflation & Unemployment - MTEL Political Science/Political Philosophy
Test your knowledge with a 30-question chapter practice test
Inflation: Definition, Types, Causes & Effects

1. Inflation: Definition, Types, Causes & Effects

In this lesson we will take a look at inflation and its importance. We will discuss the types and causes of inflation, as well as look at the effects of inflation.

Consumer Price Index: Measuring the Cost of Living and Inflation

2. Consumer Price Index: Measuring the Cost of Living and Inflation

In this lesson, you'll learn what the Consumer Price Index is and how it measures changes in the level of prices in an economy. You'll also learn about the important economic concepts of inflation and deflation. Why do prices always seem to be going up?

Effects of Inflation on Suppliers and Demanders

3. Effects of Inflation on Suppliers and Demanders

In this lesson, you'll discover who benefits and who suffers from a sustained increase in prices within an economy. We'll cover the effects of expected and unexpected inflation on savers/creditors and borrowers/debtors.

Defining and Measuring the Unemployment Rate

4. Defining and Measuring the Unemployment Rate

You've probably heard about the unemployment rate, especially given how high it was in the 2008 recession. Find out how economists define unemployment, what the unemployment rate is, and how to calculate it in this lesson.

Why the Unemployment Rate Decreases and Increases

5. Why the Unemployment Rate Decreases and Increases

Policymakers, investors, and consumers watch the monthly unemployment rate with great interest. In this lesson, you'll learn what factors influence the unemployment rate and why the rate can change rapidly from month to month.

Three Types of Unemployment: Cyclical, Frictional & Structural

6. Three Types of Unemployment: Cyclical, Frictional & Structural

If you've ever lost your job after the holiday season, you've experienced at least one type of unemployment. In this lesson, explore the three types of unemployment including cyclical, frictional, and structural using real-world examples.

Natural Rate of Unemployment: Definition and Formula

7. Natural Rate of Unemployment: Definition and Formula

Explore the natural level of employment through the eyes of the Classical School and Keynesian economics, including fiscal policies that may reduce it.

Rational Expectations in the Economy and Unemployment

8. Rational Expectations in the Economy and Unemployment

This lesson provides an overview of the theory of rational expectations and then applies it to the labor market, fiscal policy and monetary policy. In the lesson, you'll learn more about expectations and outcomes in a world where people want to maximize profit.

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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