Ch 61: MTTC Social Studies (Secondary): Economic Terms & Concepts

About This Chapter

The lessons in this chapter go over fundamental terms and concepts related to economics. This chapter was designed to help you prepare for economics questions on the MTTC Social Studies (Secondary) test.

MTTC Social Studies (Secondary): Economic Terms & Concepts - Chapter Summary

Looking over the short video lessons in this chapter can help refresh your memories of major terms and concepts of economics so that you won't be caught off guard on the MTTC Social Studies (Secondary) test. When you complete the chapter, you should be prepared to tackle exam items that target:

  • Economic scarcity and the various major resources
  • Opportunity cost and how it's calculated
  • The production possibilities model
  • How the production possibilities curve can be shifted

Video lessons run for only about five to ten minutes each, making it easy to fit them in during small chunks of free time. You can use the video tags to quickly locate any video segments that you want to see again. Verify your understanding of the terms and concepts in this chapter by taking the self-assessment quizzes.

MTTC Social Studies (Secondary): Economic Terms & Concepts Chapter Objectives

The MTTC Social Studies (Secondary) exam is used to test your knowledge as part of the process for social studies teacher certification in Michigan. Your understanding of content in this chapter may be tested within the economics subarea; this section is worth 13% of your score. The exam includes 100 multiple-choice questions overall.

5 Lessons in Chapter 61: MTTC Social Studies (Secondary): Economic Terms & Concepts
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.
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 Social Studies (Secondary)(084): Practice & Study Guide course

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