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Ch 70: Measuring the Economy - ORELA Middle Grades Social Science

About This Chapter

This Measuring the Economy chapter can help you recall economic concepts you've studied previously. A thorough comprehension of related topics will help you when you take the ORELA Middle Grades Social Science exam.

Measuring the Economy: ORELA Middle Grades Social Science - Chapter Summary

To help prepare you for the ORELA Middle Grades Social Science test, this chapter will focus on the economy and the various components involved in its measurement. Subjects reviewed include the following:

  • The circular flow of services, resources, and goods in the economy
  • Gross Domestic Product as a method of economic measurement and how it contributes to economic growth
  • Items that are excluded from production on a national scale
  • The contrasts between investment and investments

Each video lesson is accompanied by a full transcript that features highlighted terms that will help your studying process. If you need any assistance, you may submit your question to our expert instructors. Remember to take the quizzes at the end of each lesson to practice answering multiple-choice questions about the economy.

Measuring the Economy- ORELA Middle Grades Social Science Chapter Objectives

The ORELA Middle Grades Social Science test will assess your knowledge of content that you will teach in a middle school social science classroom. Out of the approximately 150 multiple-choice questions on the exam, 12% will focus on economics topics. The lessons presented in this chapter relate directly to the objective of understanding basic economics and will ready you for any questions the exam may ask regarding the Gross Domestic Product, investments, and other aspects of the economy. By using these lessons and taking each self-assessment quiz, you gain the confidence and knowledge necessary for successfully completing the economics questions on this exam.

5 Lessons in Chapter 70: Measuring the Economy - ORELA Middle Grades Social Science
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

Other chapters within the ORELA Middle Grades Social Science: Practice & Study Guide course

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