Ch 71: NES: Measuring the Economy

About This Chapter

Use these video lessons and practice quizzes to review the way the economy is measured for the National Evaluation Series (NES) Middle Grades Social Science exam.

NES: Measuring the Economy - Chapter Summary

In this chapter, you'll find information about measuring the economy, including lessons on the gross domestic product (GDP) and the flow of economic activity. These lessons will prepare you for questions on the NES Middle Grades Social Science exam about the following topics:

  • Circular flow of goods, services and resources
  • Income and expenditure approaches to the GDP
  • Components of the GDP
  • Excluded items in the GDP
  • Difference between investment and investments in economics

Use these brief lessons to catch up on topics you may have missed or haven't covered in awhile. Each lesson gets you up to speed in less than ten minutes. Watch the lessons as many times as you'd like until you feel you've mastered the topic.

NES: Measuring the Economy Objectives

This chapter prepares you for questions about measuring the economy in the Economics content domain of the NES Middle Grades Social Science exam. This section makes up approximately 12% of the total test score. Depending on the state you wish to teach in, you may be required to take the exam as part of the licensure requirements. The test is made up of 150 multiple-choice questions on history, geography, culture, government and economics. It lasts three hours and is delivered electronically.

5 Lessons in Chapter 71: NES: 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 NES Middle Grades Social Science (202): Practice & Study Guide course

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