About This Chapter
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.
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.
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.
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?
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?
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.
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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
- Economics Overview
- Scarcity, Choice & Production
- Demand, Supply & Market Equilibrium
- Aggregate Demand & Supply
- Federal Government & the American Economy
- Inflation Measurement & Adjustment