About This Chapter
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.
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.
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.
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.
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.
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.
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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
- Demand, Supply & Market Equilibrium
- Aggregate Demand & Supply
- Economic Measurement
- Federal Government & the American Economy
- Inflation Measurement & Adjustment