Ch 71: NMTA: Measuring the Economy

About This Chapter

Review your knowledge of the concepts involved in measuring the economy. Watch these video lessons and take our quizzes to help you get ready to answer economics questions on the NMTA Middle Grades Social Science test for teacher endorsement in the state of New Mexico.

NMTA: Measuring the Economy - Chapter Summary

In this chapter, our instructors take a look at the various means used to measure a nation's economy. The lessons cover the following topics that could appear on the NMTA Middle Grades Social Science test:

  • The circular flow of goods, service and resources in an economy
  • Using the income and expenditure approaches to measure domestic growth
  • Components of the gross domestic product
  • Items excluded from measuring gross domestic product
  • Differences between investment and investments in economics

Lesson instructors break complex materials into easy to digest components to make studying quicker and more effective. Each lesson is less than 10 minutes long and can be re-watched as often as you'd like. You can also use video tags within the lesson to jump to main ideas or read lesson transcripts.

NMTA: Measuring the Economy Chapter Objectives

New Mexico teachers seeking an endorsement to teach social studies to middle grades students are required to take this certification exam. The test is organized into 4 broad content domains. The 4th content domain is on economics and accounts for 12% of the test score. Use our lessons and a multiple-choice chapter exam to prepare to answer questions on measuring the economy that you may encounter in this portion of the test.

The test has 150 multiple-choice questions and will take up to 3 hours to complete. The test is administered in a computer-based format.

5 Lessons in Chapter 71: NMTA: 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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