Ch 121: NMTA Social Science: Resource Planning & Consumer Economics

About This Chapter

Find out all about resource planning and consumer economics in preparation for the NMTA Social Science Exam. These video lessons and self-assessment quizzes give you two distinct approaches to learning what you need to know in order to be able to correctly answer the questions on the test.

NMTA Social Science: Resource Planning and Consumer Economics - Chapter Summary

The lessons contained within this chapter can help you as you review the material you studied in college on resource planning and consumer economics for the NMTA Social Science Exam. The videos go over everything you need to know, including:

  • Resource-Allocator
  • Capital resources
  • Circular flow of economic activity
  • Consumer goods
  • Buying behavior and marketing
  • Positioning and differentiation in consumer marketing
  • Advertising
  • Consumer protection
  • Government regulatory agencies for consumer protection

Our expert instructors walk you through the key elements of the topic, pinpointing the highlights so they are very clear to you, in preparation for the test. By learning via several didactic approaches, the process of studying becomes more efficient and more enjoyable.

Objectives of the NMTA Social Science: Resource Planning and Consumer Economics Chapter

The NMTA Social Science Exam evaluates your knowledge and understanding of many areas within social science. Your score is used to determine your eligibility for licensure as a social sciences teacher in the state of New Mexico. The topics in this Resource Planning and Consumer Economics chapter can be found within the Economics content domain, which makes up 12% of the test questions. You can increase your likelihood of answering the questions correctly by taking the self-assessment quizzes that come with the video lessons.

There are 150 multiple-choice items on this computer-based-test (CBT). You will be asked to read passages and questions, and then select the correct answer from a small group of possible answers presented to you.

9 Lessons in Chapter 121: NMTA Social Science: Resource Planning & Consumer Economics
Test your knowledge with a 30-question chapter practice test
Resource-Allocator: Definition & Explanation

1. Resource-Allocator: Definition & Explanation

Learn about the resource allocator managerial role and explore examples of how managers work in this role in everyday situations. Then, test your understanding with a short quiz.

What Are Capital Resources? - Definition & Examples

2. What Are Capital Resources? - Definition & Examples

The manufacturing process varies widely for businesses creating all types of goods, though all utilize resources. This lesson explains what capital resources are, how they are essential to the production of goods, and the difference between capital resources and raw materials.

Circular Flow of Economic Activity: The Flow of Goods, Services & Resources

3. 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.

Consumer Goods: Definition, Types & Examples

4. Consumer Goods: Definition, Types & Examples

We all purchase and consume goods every day. Most of those goods satisfy a need or want and are called consumer goods. They are different than those goods that are used as input to produce other goods. In this lesson, you will learn about types of consumer goods and take a quiz.

Buying Behavior and Marketing: Types of Consumer Buying Decisions

5. Buying Behavior and Marketing: Types of Consumer Buying Decisions

Marketers must consider how consumers decide to buy their product. Consumers use nominal, limited, and extended decision making. Watch this video to learn more about the different types of consumer decisions.

Positioning and Differentiation in Consumer Marketing

6. Positioning and Differentiation in Consumer Marketing

Consumers' perceptions of products and brands are influenced by the marketing and promotional plan. Marketers must identify the key characteristics that are important to the target market and then ensure that their product stands out in the minds of the consumers as the best choice for purchase.

What is Advertising? - Definition & Examples

7. What is Advertising? - Definition & Examples

The greatest product or service in the world won't make money unless consumers know it exists. In this lesson, you'll learn the definition of advertising, common advertising media, and read some examples of effective advertising.

What Is Consumer Protection? - Product Liability, Laws & Rights

8. What Is Consumer Protection? - Product Liability, Laws & Rights

Consumer protection refers to the laws and other forms of government regulation designed to protect consumers. One form of consumer protection is product liability. This lesson explains consumer protection and product liability.

Government Regulation Agencies for Consumer Protection

9. Government Regulation Agencies for Consumer Protection

You will learn about the government regulatory agencies that protect consumers. We'll discuss what the acronyms CFPB, CPSC, FTC, FDA, NHTSA, and SEC stand for and their organizations' responsibilities.

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.
Not Taken

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Other Chapters

Other chapters within the NMTA Social Science (303): Practice & Study Guide course

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