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Ch 18: Economic Measurement

About This Chapter

We can help you learn what you need to know about measuring the economy, in preparation for the MTEL History exam. The video lessons and self-assessment quizzes present the materials in a variety of ways so you can become prepared to answer the questions on the test correctly and with confidence.

MTEL History: Measuring the Economy - Chapter Summary

The lessons in this chapter can help you review ways of measuring the economy, so you are prepared for questions about it on the MTEL History exam. The videos go over the following:

  • How goods, services and resources flow in a circular manner
  • The measuring tool of Gross Domestic Product
  • Income and expenditure approaches to measuring Gross Domestic Product
  • Items excluded from national production when measuring Gross Domestic Product
  • How the terms 'investments' and 'investment' differ in economics

Our instructors are experienced teaching professionals who know how to present the material in the clearest and most useful ways possible. Because our teaching strategies consist of animated videos and transcripts with highlighted key words, concepts are presented in more than one way, increasing the likelihood that you will comprehend and retain the important points for the test.

Objectives of the MTEL History: Measuring the Economy Chapter

The MTEL History exam is a standardized test used to determine if you are eligible for a history teacher's license in the Commonwealth of Massachusetts. It is a comprehensive exam that evaluates your knowledge and understanding of all the topics included under the heading of history. The topics in this Measuring the Economy chapter are part of the Geography, Government and Economy Objective. This objective contributes 25% of the exam questions. You can see how much of this subject you know well by completing the self-assessment quiz that comes with the video. That way, you'll also get practice answering the type of questions you will see on the exam.

You will find 100 multiple-choice and 2 open-response questions on the MTEL History exam. For the multiple-choice you will need to be able to pick out the correct answer to a question from a group of possible answers you are shown. For the open-response questions you will need to construct an organized and persuasive essay on topics selected from all of history, showing you can integrate material from diverse sources into a cohesive narrative.

5 Lessons in Chapter 18: Economic Measurement
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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