Copyright

Ch 1: MTLE Social Studies: Consumer Economics

About This Chapter

Take some time with this chapter to examine the role of the consumer in economics. Brush up on this topic and other economics concepts as you work through these lessons in preparations for the MTLE Social Studies exam.

MTLE Social Studies: Consumer Economics - Chapter Summary

Prepare for the MTLE Social Studies exam by reviewing this chapter on consumer economics. This chapter provides you with a review of the microeconomics topic of consumer economics, including consumer protection, personal finance, loans a savings plans. After watching these video lessons, you should be ready to:

  • Define consumer protection, laws, rights and product liability
  • Identify and evaluate sources of consumer information
  • Outline credit and debt in personal finance
  • Compare savings plans
  • Describe bank loans and what they are made of

Unless you have a background directly in economics, you may not recognize all of these terms, but you will need to be familiar with this information to pass the economics section on the MTLE Social Studies Subtests. Fortunately, our instructors have created this chapter to give you the fast and informative recap that you need. We break up each chapter into mini-lessons to fit better into your already busy schedule. If you already know one topic, you can skip it and focus on just the information you need to look over.

5 Lessons in Chapter 1: MTLE Social Studies: Consumer Economics
Test your knowledge with a 30-question chapter practice test
Identifying & Evaluating Sources of Consumer Information

1. Identifying & Evaluating Sources of Consumer Information

In this lesson, learn about different sources of information that consumers use, like reports, reviews, media, and government agencies. Explore the data you can find on a product. Also, learn to identify the most economical option.

Credit & Debt in Personal Finance

2. Credit & Debt in Personal Finance

Credit and debt are the foundation of any form of finance. This lesson highlights the pros and cons of credit and debt as they pertain to personal finance.

Comparing Savings Plans

3. Comparing Savings Plans

Everybody saves money in one way or another. Some people save money on a temporary basis so they can go on vacation while others save up for retirement. Read this lesson to see what kinds of savings plans you can choose from.

What Is a Bank Loan?

4. What Is a Bank Loan?

Bank loans are common types of funding for many people who want to buy big ticket items, such as cars or homes. Read on to find out more on what a bank loan is, what it is commonly used for, and the different types of loans banks offer.

What Is Consumer Protection? - Product Liability, Laws & Rights

5. What Is Consumer Protection? - Product Liability, Laws & Rights

Consumer protection refers to the laws and other forms of government regulation designed to protect consumers. One form of consumer protection is product liability. This lesson explains consumer protection and product liability.

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

Earning College Credit

Did you know… We have over 200 college courses that prepare you to earn credit by exam that is accepted by over 1,500 colleges and universities. You can test out of the first two years of college and save thousands off your degree. Anyone can earn credit-by-exam regardless of age or education level.

To learn more, visit our Earning Credit Page

Transferring credit to the school of your choice

Not sure what college you want to attend yet? Study.com has thousands of articles about every imaginable degree, area of study and career path that can help you find the school that's right for you.

Other Chapters

Other chapters within the MTLE Social Studies: Practice & Study Guide course

Support