Ch 59: MTEL History: Basic Terms & Concepts of Economics

About This Chapter

Strengthen your understanding of the basic terms and concepts of economics with this overview that includes economic scarcity, entrepreneurship, consumption in economics, and more. These brief lessons are a helpful resource for individuals preparing for an exam or catching up on missed class time.

Basic Terms & Concepts of Economics - Chapter Summary

The lessons in this chapter provide an overview of the basic terms and concepts of economics. You can review theories behind consumption and how the production possibilities curve works. You can also gain an understanding of perfect competition in economics. After completing the chapter, you should be prepared to:

  • Define economics
  • Explain scarcity and the function of choice
  • Discuss the production possibilities curve
  • Describe how the distribution of economic activities is determined
  • Provide examples of medium of exchange in economics
  • List common ways to increase consumption
  • Explain Adam Smith's concept of 'invisible hand'
  • Discuss reasons why entrepreneurship is important

Each lesson comes with a brief quiz to determine how much of the content you can remember. You can study all of the lessons or just focus on specific topics. Make the most of this resource by printing the quiz in worksheet form to study offline.

9 Lessons in Chapter 59: MTEL History: Basic Terms & Concepts of Economics
Test your knowledge with a 30-question chapter practice test
What is Economics? - Definition & Types

1. What is Economics? - Definition & Types

Few things affect the day-to-day lives of everyone more than the economy. In this lesson, you'll learn about economics, including some of its foundational topics and concepts. You'll also have a chance to take a quiz after the lesson.

Economic Scarcity and the Function of Choice

2. Economic Scarcity and the Function of Choice

Discover the foundation of the social science of economics as we explore the basic economic problem of scarce resources and unlimited wants using key definitions that create a framework for understanding everyday behavior in a nation.

Production Possibilities Curve: Definition & Examples

3. Production Possibilities Curve: Definition & Examples

In this lesson, we will learn about the production possibilities curve. We'll explore key terms and look at a graph showing how the production possibilities curve functions. The lesson will conclude with a summary and a quiz.

Distribution Patterns of Economic Activities

4. Distribution Patterns of Economic Activities

After watching this video, you should be able to describe what determines the distribution of economic activities, both historically and currently. A short quiz will follow.

Medium of Exchange in Economics: Definition & Examples

5. Medium of Exchange in Economics: Definition & Examples

In this lesson, we will explain the term, medium of exchange. We will look at how money is the typical form of medium of exchange and how it functions. We will close with a summary and a quiz.

What is Consumption in Economics? - Definition & Theory

6. What is Consumption in Economics? - Definition & Theory

Learn what consumption is and how you participate every day in this activity. Find out why it is important and what variables drive the theories behind consumption. Discover some common ways to increase consumption.

Perfect Competition in Economics & Adam Smith's 'Invisible Hand'

7. Perfect Competition in Economics & Adam Smith's 'Invisible Hand'

In this lesson, you'll learn how consumers and producers interact in a perfectly competitive economic system. You'll also be introduced to how Adam's Smith concept of an 'invisible hand' can help keep such systems in line.

Entrepreneurship & the Economy: Definition & Importance

8. Entrepreneurship & the Economy: Definition & Importance

Entrepreneurs fill a vitally important role in market economies. In this lesson, you'll learn about the importance of entrepreneurship, different types of entrepreneurs and how they add value to an economy.

Market Supply & Demand Schedules

9. Market Supply & Demand Schedules

In this lesson, we explore the economic market's laws of supply and demand and the schedules that economists create to tabulate the amount of goods demanded or supplied at certain prices across the entire economy.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
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Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
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