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Ch 75: MTTC History: Aggregate Demand & Supply

About This Chapter

Get ready for the MTTC History exam by watching these short videos on aggregate demand and supply. Study Keynesian and Classical models, labor demand shifts and sticky wages as you make your way through these lessons.

MTTC History: Aggregate Demand and Supply - Chapter Summary

Simplify your exam prep process with this series of lessons designed to help you learn or review aggregate demand and supply concepts quickly and easily. Each video provides in-depth preparation for related questions you'll find on the MTTC History exam, including:

  • Models used to describe economic output
  • Supply and demand curves
  • Causes of shifts in labor demand and supply
  • Formula used to determine marginal propensity to consume
  • Government spending and borrowing and the crowding out of private investment
  • Determinants of aggregate supply
  • Sticky wages and prices and their effects on equilibrium
  • Favorable and unfavorable supply shocks

Our experienced instructors break down these concepts into easily digestible chunks, helping you to quickly retain key info about supply and demand. The videos can be viewed from start to finish, or you can pick out just the topics you need and watch the associated videos to save time. Each video also has a tag that you can use to refer back to main points without having to re-watch the entire video as you prepare for the exam.

Objectives of the MTTC History: Aggregate Demand and Supply Chapter

In Michigan, you'll need to take the MTTC History exam as part of the licensing process to teach history in the state. The multiple-choice exam tests your comprehension of important history, economics and political science concepts. Aggregate demand and supply is covered in the interdisciplinary perspectives subarea, which makes up about 24% of the exam. Our self-assessment quizzes are a quick and simple way to prepare for the format of the questions you'll see on the exam, in addition to checking your knowledge of related topics before you take the real exam.

10 Lessons in Chapter 75: MTTC History: Aggregate Demand & Supply
The Keynesian Model and the Classical Model of the Economy

1. The Keynesian Model and the Classical Model of the Economy

Economists use two basic models to describe economic growth. In this lesson, you'll find out more about each one of these models using real-world examples. So buckle up your seatbelts!

Supply and Demand Curves in the Classical Model and Keynesian Model

2. Supply and Demand Curves in the Classical Model and Keynesian Model

See how economists illustrate aggregate supply and aggregate demand in the long-term and short-term using the Classical and Keynesian models. This lesson emphasizes the differences in the shape of the aggregate supply curve using these two models.

Aggregate Supply and Aggregate Demand (AS-AD) Model

3. Aggregate Supply and Aggregate Demand (AS-AD) Model

Supply and demand models are useful for examining the behavior of one good or market, but what about looking at a whole economy? Luckily, the aggregate supply and aggregate demand model lets us do just that.

Understanding Shifts in Labor Supply and Labor Demand

4. Understanding Shifts in Labor Supply and Labor Demand

Find out what the labor supply is and what causes it to change or shift. Learn about labor demand and what causes firms and markets to increase or decrease their demand for labor.

Marginal Propensity to Consume: Definition and Formula of the MPC

5. Marginal Propensity to Consume: Definition and Formula of the MPC

MPC or MPS, what category is higher when you have extra money? In this lesson, learn about the marginal propensity to consume, one of the most important assumptions underlying fiscal and monetary policy.

Government Spending, GDP, and Crowding Out Private Investment

6. Government Spending, GDP, and Crowding Out Private Investment

When the government spends more than it earns, it has to borrow money, which has repercussions throughout the economy. In this lesson, learn how government spending can crowd out private investment in the market for loanable funds.

Aggregate Supply in the Economy: Definition and Determinants

7. Aggregate Supply in the Economy: Definition and Determinants

Learn about one of the fundamental components of economics. Find out what aggregate supply is and seven of the most common areas that influence it in today's economy.

Aggregate Supply in the Short Run

8. Aggregate Supply in the Short Run

Learn about aggregate supply in the short run (SRAS) and what that really means. Find out how the overall price of goods affects quantity supplied in the short run and other key determinants that can increase and decrease aggregate supply in this time period.

Sticky Wages and Prices: Effect on Equilibrium

9. Sticky Wages and Prices: Effect on Equilibrium

With the help of real-world examples, this lesson explains Keynes' important observation that wages and prices often don't adjust quickly to changes in economic conditions

Favorable Supply Shocks & Unfavorable Supply Shocks

10. Favorable Supply Shocks & Unfavorable Supply Shocks

In this lesson you'll learn the definitions, causes and effects of the two types of supply shocks in the economy by looking at a fictitious economy as an example.

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Other Chapters

Other chapters within the MTTC History: Practice & Study Guide course

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