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Ch 73: MTTC History: Scarcity, Choice & the Production Possibilities Curve

About This Chapter

Watch quick videos to review scarcity, choice and the production possibilities curve. Our lessons are a useful tool for preparing for questions about these concepts on the MTTC History exam.

MTTC History: Scarcity, Choice and the Production Possibilities Curve - Chapter Summary

Quickly get up to speed on these critical economics concepts as you prepare for the MTTC History exam. You'll find simple and fun videos that help you review topics like:

  • Economic scarcity and choice
  • Opportunity cost and calculations
  • Applications for the production possibilities curve
  • Reasons for shifts in the production possibilities curve

The experts who teach these lessons break down larger concepts into small, easily digestible chunks that make learning about economic scarcity and opportunity costs fun and easy. Each lesson features a transcript that highlights key vocabulary terms you'll need for the exam.

Objectives of the MTTC History: Scarcity, Choice and the Production Possibilities Curve Chapter

The MTTC History exam assesses your understanding of important history concepts and preparation to teach these topics in the classroom. Administered by the state of Michigan, the exam is composed entirely of multiple-choice questions. Your knowledge of economic scarcity, the production possibilities curve and choice will be tested in the interdisciplinary perspectives subarea, which comprises about 24% of the exam. This chapter features self-assessment quizzes that you can use to practice answering similar questions from the exam.

5 Lessons in Chapter 73: MTTC History: Scarcity, Choice & the Production Possibilities Curve
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.

Opportunity Cost: Definition & Real World Examples

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.

How to Calculate Opportunity Cost

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.

Applying the Production Possibilities Model

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.

Shifts in the Production Possibilities Curve

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.

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.
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Other Chapters

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

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