Ch 15: Scarcity, Choice & Production

About This Chapter

Learn about scarcity, choice and the production possibilities curve, which you will need to know about for the MTEL History Exam. Our videos and self-assessment quizzes guide you towards the correct answers on the test.

MTEL History: Scarcity, Choice and the Production Possibilities Curve - Chapter Summary

The lessons in this chapter provide an opportunity for you to review what you learned about scarcity, choice and the production possibilities when you studied these issues in college. The videos do a thorough review of topics including:

  • The effects of economic scarcity
  • How choice functions
  • Calculating opportunity cost
  • The Production Possibilities Model
  • Looking at shifts in the Production Possibilities Curve

We utilize instructors who are experts in the field to give you the best possible look at the topics. Because we present the material in multiple ways, you are more likely to absorb and retain it.

Objectives of the MTEL History: Scarcity, Choice and the Production Possibilities Curve Chapter

The MTEL History Exam is a multi-part test that evaluates your knowledge of all areas of history. Your score determines if you are eligible for a teacher's license in the Commonwealth of Massachusetts. The topics in this Scarcity, Choice and the Production Possibilities Curve chapter can be found in the Geography, Government and Economics Objective of the test. This objective counts for 25% of the test questions. You can increase your chances of getting questions on this chapter correct by completing the self-assessment quiz that follows the video lessons. It will also give you practice answering the types of questions that will be on the exam.

You will find multiple-choice and open-response questions on the MTEL History Exam. To correctly answer the multiple-choice items, you will need to recognize the correct answer to the question from among several possible answers that are presented to you. For the open-response questions, you will be asked to compose cogent, well-written essays on topics in any area of history, demonstrating the breadth and depth of your knowledge.

5 Lessons in Chapter 15: Scarcity, Choice & Production
Test your knowledge with a 30-question chapter practice test
Economic Scarcity and the Function of Choice

1. 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.

Opportunity Cost: Definition & Real World Examples

2. Opportunity Cost: Definition & Real World Examples

Learn the most important concept of economics through the use of real-world scenarios that highlight both the benefits and the costs of decisions. Opportunity cost is a simple yet powerful principle that reveals how to make the best economic decisions possible, and it explains why people make the choices they do.

How to Calculate Opportunity Cost

3. How to Calculate Opportunity Cost

Learn the formula that reveals the economic value in any major choice between two possibilities. Every choice involves tradeoffs, and opportunity cost shows you how to measure these tradeoffs.

Applying the Production Possibilities Model

4. Applying the Production Possibilities Model

Producers in the economy use a visual model, called the production possibilities curve, to make the most efficient production decisions and maximize output. Learn how this model reveals the tradeoffs of every production decision with the simplified example of an economy that produces only two goods.

Shifts in the Production Possibilities Curve

5. Shifts in the Production Possibilities Curve

In this lesson you will learn how changes inside an economy lead to changes in the production possibilities of a nation. See how different scenarios from everyday life lead to shifts in the production possibilities curve.

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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