Ch 60: MTEL History: Economic Theories

About This Chapter

Improve your understanding of the economic theories of Karl Marx, John Maynard Keynes, and other major theorists. If you are preparing for an exam or class discussion, these lessons and quizzes can help boost your confidence by testing your knowledge of the topics in advance.

Economic Theories - Chapter Summary

With this chapter on economic theories, you can review Milton Friedman's monetary policy, and compare the ideas of Adam Smith and Karl Marx concerning the economy and capitalism. By the end of the chapter, you should feel confident and prepared to:

  • Discuss theories of economists Adam Smith, David Ricardo, and Thomas Malthus
  • Explain Karl Marx's theory known as economic determinism
  • Compare the theories of Adam Smith and Karl Marx
  • Summarize John Maynard Keynes' economic theory
  • Explain how Milton Friedman contributed to the field of economics

The clear and easy-to-follow teaching style used by our educators can help you quickly get up to speed on economic theories. A brief quiz is available for each lesson to test your knowledge. Each of the video lesson includes a full written transcript that you can print and use to study on the go.

5 Lessons in Chapter 60: MTEL History: Economic Theories
Test your knowledge with a 30-question chapter practice test
The Economists: Adam Smith, David Ricardo & Thomas Malthus

1. The Economists: Adam Smith, David Ricardo & Thomas Malthus

During the 18th and 19th centuries, several major theorists put forth ideas that would influence how governments handled economic matters. This lesson will discuss the major ideas and influential theories of Adam Smith, David Ricardo, and Thomas Malthus.

Economic Determinism and Karl Marx: Definition & History

2. Economic Determinism and Karl Marx: Definition & History

Understand the economic theory of Karl Marx, known as economic determinism, and how it related to historical materialism, the mode of production, the means of production, and Marxism.

Comparing the Theories of Adam Smith & Karl Marx

3. Comparing the Theories of Adam Smith & Karl Marx

Adam Smith and Karl Marx are perhaps two of the best known social and economic thinkers in history. Find out more about each man's theory on the economy and capitalism.

John Maynard Keynes: Economic Theory & Overview

4. John Maynard Keynes: Economic Theory & Overview

Only the most influential thinkers in a discipline have an entire field named after them. In this lesson, you'll learn about one such economist - John Maynard Keynes. After the lesson, you can test your understanding with a short quiz.

Economist Milton Friedman: Theories & Monetary Policy

5. Economist Milton Friedman: Theories & Monetary Policy

Milton Friedman was a highly celebrated American economist and a strong proponent of the free market system. Let's take a look at some of his contributions to the field of economics.

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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Other Chapters

Other chapters within the MTEL History (06): Practice & Study Guide course

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