Ch 76: MTTC History: Measuring the Economy

About This Chapter

Refresh your knowledge of economic measurements with the fun videos in this chapter. Learn about the flow of goods and services, gross domestic product and investments.

MTTC History: Measuring the Economy - Chapter Summary

Preparing for the MTTC History exam is easy with the short and simple video lessons that make up this chapter. Each lesson provides a clear, engaging look at critical topics you'll be asked about on the exam, including:

  • Circular flow of economic activity
  • Measurement of economic activity with the expenditure approach
  • Use of the income approach to measure economic growth
  • Components of the GDP
  • Items that aren't included in national production
  • Differences between investment and investments

The subject experts who lead these lessons provide a careful study of the information, breaking down each topic into easily digestible chunks that are easy to remember for the exam. You'll also find transcripts that you can use to pinpoint key terms and their definitions.

Objectives of the MTTC History: Measuring the Economy Chapter

To teach history in Michigan, you'll first need to take the MTTC History exam and complete the licensing process. The exam is in a multiple-choice format and gauges your understanding of history, economics and political science. Questions about ways to measure the economy are found in the interdisciplinary perspectives subarea, which is roughly a quarter of the exam. You can use our quizzes that are attached to each lesson to get familiar with the content and style of the exam questions.

5 Lessons in Chapter 76: MTTC History: Measuring the Economy
Test your knowledge with a 30-question chapter practice test
Circular Flow of Economic Activity: The Flow of Goods, Services & Resources

1. Circular Flow of Economic Activity: The Flow of Goods, Services & Resources

Learn about the simple model used to describe where money goes and what it is exchanged for in a market economy. The circular flow model of economic activity shows you the basic relationships between households, firms and the government.

Gross Domestic Product: Using the Income and Expenditure Approaches

2. Gross Domestic Product: Using the Income and Expenditure Approaches

In this lesson, you will learn how economists measure gross domestic product using two different methods - the income approach and the expenditure approach.

Gross Domestic Product: Definition and Components

3. 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?

Gross Domestic Product: Items Excluded from National Production

4. Gross Domestic Product: Items Excluded from National Production

In this lesson, you'll gain a better understanding of what the gross domestic product is by exploring things that are excluded from it. Why do we count some items in the GDP but not others?

Investment vs. Investments in Economics

5. Investment vs. Investments in Economics

Discover the important difference between investment in economics and investments that individuals make by saving out of their income. This lesson defines and outlines the basic components of gross private domestic investment.

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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Other Chapters

Other chapters within the MTTC History (009): Practice & Study Guide course

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