Ch 114: NMTA Social Science: Scarcity, Choice & the Production Possibilities Curve

About This Chapter

Let us show you what you need to know about scarcity, choice and the production possibilities curve. This chapter was designed to help you prepare for the NMTA Social Science Exam. The video lessons and quizzes are accompanied by transcripts and a chapter exam.

MNTA Social Science: The Production Possibilities Curve - Chapter Summary

Use the lessons contained in this chapter to revisit what you studied in college about scarcity, choice and the production possibilities curve as you get ready for the NMTA Social Science Exam. The videos review all the content you need to know, including:

  • Economic scarcity
  • Opportunity cost
  • Calculating opportunity cost
  • The production possibilities model
  • The shifting of the production possibilities curve

Our knowledgeable instructors guide you through all the specifics of the Production Possibilities Curve to help you prepare for the exam. The quizzes are in multiple-choice form and they can be taken more than once.

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

The NMTA Social Science Exam is a 150-question standardized test that evaluates your breadth and depth of knowledge about several areas of social science, including historiography and world history, U.S. history, geography and culture, government and economics. Your test results will determine whether you qualify to teach these subjects in New Mexico.

Questions related to this chapter's subject matter can be found in the Economics content domain. You'll earn 12% of your overall exam score in this domain of the exam. By taking the self-assessment quizzes you can check on your mastery of the material and gain practice with the types of questions (multiple choice) that appear on the exam.

5 Lessons in Chapter 114: NMTA Social Science: 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 Social Science (303): Practice & Study Guide course

Support