Ch 68: NMTA: Scarcity, Choice & the Production Possibilities Curve

About This Chapter

We can assist you in going over the important concepts about scarcity, choice and the production possibilities curve as you prepare for the NMTA Middle Grades Social Science exam. These video lessons and self-assessment quizzes add up to a powerful set of approaches that can help you correctly answer these types of questions on the test.

NMTA Middle Grades Social Science: Scarcity, Choice and the Production Possibilities Curve - Chapter Summary

Use the lessons in this chapter as part of your review efforts, as you go over scarcity, choice and the production possibilities curve in preparation for the NMTA Middle Grades Social Science exam. The videos cover all the important concepts you need to know, including:

  • Economic scarcity and the function of choice
  • Opportunity cost
  • The production possibilities model
  • Shifts in the production possibilities curve

Our knowledgeable instructors go over each concept and how it works, highlighting the most relevant points. The combination of videos, text lessons and quizzes makes the material easier to comprehend, retain and enjoy.

NMTA Middle Grades Social Science: Scarcity, Choice and the Production Possibilities Curve Chapter Objectives

The NMTA Middle Grades Social Science Exam is a standardized test designed to measure the depth and breadth of your knowledge of all areas of middle grades social sciences. You need to pass the test in order to become licensed as a teacher in the state of New Mexico. The lessons in this Scarcity, Choice and the Production Possibilities Curve chapter fall within Domain IV: Economics, which contributes 12% of the test items. The video lessons help clarify the important concepts you need to know and the self-assessment quizzes that accompany the lessons let you test your understanding of the information and introduce you to the types of questions that are on the actual exam.

There are 150 multiple-choice items on the test. You will be asked to read a paragraph or question that is followed by several possible responses. From these, you will need to pick the correct answer.

5 Lessons in Chapter 68: NMTA: 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.
Not Taken
Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

Earning College Credit

Did you know… We have over 200 college courses that prepare you to earn credit by exam that is accepted by over 1,500 colleges and universities. You can test out of the first two years of college and save thousands off your degree. Anyone can earn credit-by-exam regardless of age or education level.

To learn more, visit our Earning Credit Page

Transferring credit to the school of your choice

Not sure what college you want to attend yet? Study.com has thousands of articles about every imaginable degree, area of study and career path that can help you find the school that's right for you.

Other Chapters

Other chapters within the NMTA Middle Grades Social Science (202): Practice & Study Guide course

Support