Ch 55: Measuring the Economy - MTEL Political Science/Political Philosophy

About This Chapter

This chapter on Measuring the Economy is designed to help you succeed on the related portion of the MTEL Political Science/Political Philosophy exam. Each lesson provides you with a comprehensive yet time-efficient review of a key topic within the subject.

MTEL Political Science/Political Philosophy: Measuring the Economy - Chapter Summary

This chapter takes a close look at several key economic principles and functions, including all the information you'll need to do well on related questions within the exam. The video lessons cover the following topics:

  • The circular flow of economic activity
  • Gross domestic product
  • Using the income and expenditure approaches
  • Items excluded from national production
  • Investment vs. investments in economics

Our professional instructors are available for questions if you find yourself struggling with any given topic within the lessons. All the lessons include a practice quiz so you can test your progress and familiarize yourself with the kinds of questions you'll be answering on the exam.

MTEL Political Science/Political Philosophy: Measuring the Economy Chapter Objectives

The MTEL Political Science/Political Philosophy test measures your aptitude of the subject and is a condition for obtaining a license to teach in Massachusetts. The computer-based exam is made up of 100 multiple-choice questions and two open-response items that you'll be allowed four hours to complete. The questions are split into six different subtests, with the material covered in this chapter applying to the geography and economics subtest, which will comprise 10% of your exam score in total. A significant portion of the subtest includes questions related to the sort of economic knowledge you'll gain by reviewing with this chapter.

5 Lessons in Chapter 55: Measuring the Economy - MTEL Political Science/Political Philosophy
Test your knowledge with a 30-question chapter practice test
Circular Flow of Economic Activity: The Flow of Goods, Services & Resources

1. Circular Flow of Economic Activity: The Flow of Goods, Services & Resources

Learn about the simple model used to describe where money goes and what it is exchanged for in a market economy. The circular flow model of economic activity shows you the basic relationships between households, firms and the government.

Gross Domestic Product: Using the Income and Expenditure Approaches

2. Gross Domestic Product: Using the Income and Expenditure Approaches

In this lesson, you will learn how economists measure gross domestic product using two different methods - the income approach and the expenditure approach.

Gross Domestic Product: Definition and Components

3. Gross Domestic Product: Definition and Components

Learn how economists measure the total production of an economy using gross domestic product (GDP). This lesson also outlines the components that make up a GDP. How do we calculate the economic value of a nation?

Gross Domestic Product: Items Excluded from National Production

4. Gross Domestic Product: Items Excluded from National Production

In this lesson, you'll gain a better understanding of what the gross domestic product is by exploring things that are excluded from it. Why do we count some items in the GDP but not others?

Investment vs. Investments in Economics

5. Investment vs. Investments in Economics

Discover the important difference between investment in economics and investments that individuals make by saving out of their income. This lesson defines and outlines the basic components of gross private domestic investment.

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

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