About This Chapter
Macroeconomics Overview - Chapter Summary
If you need to quickly review the basics of macroeconomics, then this chapter is for you. Consisting of short and entertaining lessons, it helps you study economic principles, as well as the effects of unemployment, inflation and deflation. When you're finished with the chapter, you should be equipped to:
- Describe the characteristics, components and fundamental principles of the U.S. economy
- Recognize the causes and effects of unemployment
- Compare types of inflation
- Differentiate between inflation and deflation
Following each lesson is a short quiz that reinforces important terms and concepts. You'll also be able to check your understanding of the chapter material by taking the chapter exam. If you have any questions, we invite you to use the Ask the Expert feature. The chapter is available to study 24/7, and it's accessible on any device that has an Internet connection.
1. 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.
2. Components of the U.S. Economy
What is the US economy and how does it work? Learn what parts make it up, and contribute towards the size of the economy. Test your new knowledge with a short quiz.
3. What is Unemployment? - Definition, Causes & Effects
What is unemployment? If you are currently out of work, you certainly know what this is. But the government has a specific way of looking at unemployment, and you might actually not be considered unemployed by its definition! Read on to learn why.
4. 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.
5. What is Deflation? - Definition, Causes & Effects
You may not realize it, but prices sometimes go down, and that's not always a good thing. In this lesson, you'll learn what deflation is, its causes, and its effects. A short quiz follows the lesson.
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Other chapters within the MTEL Middle Level Social Studies (Grades 5-8): Study Guide & Practice course
- Basic Social Studies Skills
- Literacy Strategies Across Content Areas
- World History (8000 BCE to 600 CE)
- World History (600 to 1600)
- World History (1600 to 1930)
- World History (1930 to Present)
- U.S. History (Pre-Columbian Period to 1791)
- U.S. History (1791 to 1877)
- U.S. History (1877 to 1929)
- U.S. History (1929 to Present)
- U.S. Culture After WWII
- U.S. Politics After WWII
- Minnesota History
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- Geographical Landforms & the Environment
- Human Geography Overview
- Basic Political Science Concepts
- Overview of the Types of Government
- American Democracy & Citizenship
- References & Research in Political Science
- Key Documents in the Creation of the U.S.
- Landmark Supreme Court Cases in the U.S.
- Election Process
- Overview of the U.S. Government
- Fundamentals of the Federal Judicial System
- U.S. Foreign & Defense Policy
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- MTEL Middle Level Social Studies (Grades 5-8) Flashcards