About This Chapter
MTEL History: Introduction to Economics - Chapter Summary
Let the lessons in this chapter help you understand the field of economics in preparation for the MTEL History exam. The videos review all the topics you will need to know, including:
- Overview of the field of economics
- Micro and macroeconomics
- The capitalist system and the free market
- Economies in communism, socialism, and mixed economies
We utilize experienced instructors who know how to present the material in clear, incisive ways that make it easy to retain. By taking the self-assessment quizzes that accompany the chapters, you can see for yourself if you have retained the important information you need to know for the test.
Objectives of the MTEL: Introduction to Economics Chapter
The MTEL History exam is a comprehensive examination that evaluates your understanding of historical facts and concepts. Your score is used to determine your eligibility for teacher licensure in the Commonwealth of Massachusetts. The topics in this Introduction to Economics chapter fall under the Geography, Government and Economics Objective. This objective contributes 25% of the test questions. Plus, you gain valuable experience with the types of questions you will have to answer on the test itself.
There are 100 multiple-choice items and 2 open-response items on the test, counting for 80% and 20% of your grade, respectively. The multiple-choice items evaluate your recognition of the correct answer to the questions. The open-response items require you to construct a logical, well-written essay integrating your knowledge from several areas within the field of history.
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.
2. Microeconomics vs. Macroeconomics
In this lesson, we learn how economics touches every aspect of human life. Focusing on the central ideas of scarcity and utility, we see how economics plays out in its two largest fields, microeconomics and macroeconomics.
3. Capitalism and the Free Market: Definition & Limitations
Capitalism is an economic system that has played a dominant part in building the world in which we currently live. In this lesson, you'll learn about some key concepts of capitalism, as well as its limitations.
4. Understanding Socialism, Communism, and Mixed Economies: Comparison & Analysis
Socialism and communism are alternative economic systems to capitalism. In this lesson, you'll learn some of the key concepts behind these economic systems. You'll also learn about mixed economic systems.
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Other chapters within the Geography, Government & Economics: Homework Help Resource course
- Environment & Population
- American Government Overview
- Important Documents & Speeches in US History
- Constitutional Democracy Overview
- Political Ideologies & Philosophy
- American Political Culture, Opinion & Behavior
- Understanding Civil Liberties in the U.S.
- Understanding Civil Rights in the U.S.
- Interest Groups & American Democracy
- Federal Bureaucracy in the U.S.
- The American Presidency
- The American Congress
- Federal Judicial System Overview
- Scarcity, Choice & Production
- Demand, Supply & Market Equilibrium
- Aggregate Demand & Supply
- Economic Measurement
- Federal Government & the American Economy
- Inflation Measurement & Adjustment