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Ch 60: MTEL Middle School Humanities: Economics Overview

About This Chapter

Examine this chapter to review the basics of American economics and how to understand it. These lessons may provide a valuable resource in your studies for the MTEL Middle School Humanities exam.

MTEL Middle School Humanities: Economics Overview - Chapter Summary

In this chapter, you will learn about different aspects of economics on which you may be tested on the MTEL Middle School Humanities exam. These lessons will explain the following:

  • Scarcity and economics as a social science
  • Four determinants of productivity
  • Demand curve and supply curve in microeconomics
  • Gross Domestic Product and economic growth
  • Three main forms of economic systems
  • Basic concepts and limitations of capitalism
  • Development, basic principles, and components of the American economy
  • U.S. efforts to promote a stable economy
  • Economic globalization and American consumers and producers in international markets

These lessons are available in the format of brief video lessons but are also presented as full transcripts that highlight key terminology that may prove beneficial in your studies. As you progress through the chapter, the Dashboard feature will keep track of what lessons and accompanying lesson quizzes you have completed.

MTEL Middle School Humanities: Economics Overview - Chapter Objectives

Passing the MTEL Middle School Humanities exam is an integral step in attaining your certification to teach related courses in Massachusetts. This test assesses your knowledge of content spanning six subareas, with 15% of the multiple-choice questions pertaining to economics, geography, and government. This chapter focuses directly on developing your general knowledge of economics with the aim of preparing you thoroughly for any related questions the exam may ask you. By studying the content of these lessons and taking the practice quizzes, you should be familiar with any aspect of basic economics present on the MTEL Middle School Humanities exam.

14 Lessons in Chapter 60: MTEL Middle School Humanities: Economics Overview
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.

Productivity: The Economy's Long-Run Growth Engine

2. Productivity: The Economy's Long-Run Growth Engine

Using real-world examples, you'll learn more about what productivity is and four things that determine it within a nation - physical capital, technology, human capital, and natural resources.

Understanding the Demand Curve in Microeconomics

3. Understanding the Demand Curve in Microeconomics

Learn what the demand curve in microeconomics is. Find out the common components of the demand curve and how they are created. See what causes a movement along a demand curve and what causes a shift of the entire curve.

The Supply Curve in Microeconomics

4. The Supply Curve in Microeconomics

Learn about the supply curve and its unique characteristics. Find out some of the common terms used when discussing the supply curve and the difference between a movement along a supply curve and a shift of the entire curve. See some examples of each.

Economic Growth: How to Raise a Nation's Potential Output

5. Economic Growth: How to Raise a Nation's Potential Output

Learn the truth about long run economic growth, including how economists define and illustrate an increase in the potential output of a nation through change in real GDP.

Gross Domestic Product: Definition and Components

6. 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?

Economic Systems: Definition, Types & Examples

7. Economic Systems: Definition, Types & Examples

In this lesson, you'll learn about the three major forms of economic systems, including planned, market, and mixed market economies. You'll also explore the five factors of production and the roles they play in the exchange of products or services.

Capitalism and the Free Market: Definition & Limitations

8. 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.

Historical Development of the U.S. Economy

9. Historical Development of the U.S. Economy

In this lesson we will trace the development of the American economy, from Colonial American commerce and the Industrial Revolution to the rise of big business, the 1929 stock market crash and the rebooting of the economy after World War II.

Fundamental Principles & Characteristics of the U.S. Economy

10. Fundamental Principles & Characteristics of the U.S. Economy

The United States is a capitalist economy that rests on pillars, or basic principles. This lesson will explore five of those principles and show them at work in simple examples.

Components of the U.S. Economy

11. Components of the U.S. Economy

What is the US economy and how does it work? Learn what parts make it up, and contribute towards the size of the economy. Test your new knowledge with a short quiz.

How the Government Protects the U.S. Economy

12. How the Government Protects the U.S. Economy

The following lesson will cover the ways in which the government protects the U.S. economy and ensures stable economic growth. A short quiz will follow the lesson to check for your understanding.

The Global Economy: Advantages, Expansion & Impact

13. The Global Economy: Advantages, Expansion & Impact

This lesson will explain the concept of economic globalization. We will look at both its positive and negative effects while also highlighting the terms 'import,' 'export,' and 'capital flight.'

Factors Affecting U.S. Producers & Consumers in International Markets

14. Factors Affecting U.S. Producers & Consumers in International Markets

The lesson will list and define several factors that affect U.S. producers and consumers in international markets including exchange rates, trade pacts, and trade barriers.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
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Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

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Other Chapters

Other chapters within the MTEL Middle School Humanities (50): Practice & Study Guide course

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