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Ch 44: NYSTCE Social Studies: Basic Economic Concepts

About This Chapter

This chapter makes studying for the NYSTCE Social Studies assessment a breeze. Refresh your knowledge of basic economic concepts with short videos, then test your comprehension by taking self-assessment quizzes.

NYSTCE Social Studies: Basic Economic Concepts - Chapter Summary

This comprehensive overview of basic economic concepts is designed to ensure you're able to answer related questions on the NYSTCE Social Studies assessment. Watch the fun video lessons in this chapter, and enhance your ability to:

  • Identify and describe types of economics
  • Describe economic scarcity and the function of choice
  • Explain price elasticity, supply and demand
  • Discuss the process of production and improving productivity
  • Define consumption in economics, opportunity cost and Laissez Faire economics
  • Share the major ideas and theories of Adam Smith, David Ricardo and Thomas Malthus
  • Differentiate between supply-side and demand-side economics

Let this chapter serve as your ultimate studying resource. Navigate the lessons in any sequence you prefer, and revisit them as often as needed until you fully comprehend the basic economic concepts. Gauge how well you understand the lessons by taking short quizzes and a chapter exam. If you need additional details about any lesson topic, feel free to submit your questions to our experts.

9 Lessons in Chapter 44: NYSTCE Social Studies: Basic Economic Concepts
Test your knowledge with a 30-question chapter practice test
What is Economics? - Definition & Types

1. What is Economics? - Definition & Types

Few things affect the day-to-day lives of everyone more than the economy. In this lesson, you'll learn about economics, including some of its foundational topics and concepts. You'll also have a chance to take a quiz after the lesson.

Economic Scarcity and the Function of Choice

2. 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.

Price Elasticity: Understanding Supply and Demand

3. Price Elasticity: Understanding Supply and Demand

Marketing managers need to understand the basics of supply and demand in order to develop the precise price for their product. Inelastic and elastic demand explains how sensitive consumers are to price and how much flexibility it allows the marketing team.

The Processes of Production and Improving Productivity

4. The Processes of Production and Improving Productivity

In this lesson, learn about the different processes businesses use in the production of goods and services in our economy. You'll also learn about the concept of productivity and ways to improve it.

What is Consumption in Economics? - Definition & Theory

5. What is Consumption in Economics? - Definition & Theory

Learn what consumption is and how you participate every day in this activity. Find out why it is important and what variables drive the theories behind consumption. Discover some common ways to increase consumption.

Opportunity Cost: Definition & Real World Examples

6. 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.

The Economists: Adam Smith, David Ricardo & Thomas Malthus

7. The Economists: Adam Smith, David Ricardo & Thomas Malthus

During the 18th and 19th centuries, several major theorists put forth ideas that would influence how governments handled economic matters. This lesson will discuss the major ideas and influential theories of Adam Smith, David Ricardo, and Thomas Malthus.

Laissez Faire Economics: Definition & Examples

8. Laissez Faire Economics: Definition & Examples

Find out what 'laissez faire' means and why so many people feel strongly in this economic belief. Learn why the approach seems to come and go through history and where it got its origins.

Supply-Side vs. Demand-Side Economics: Theories & Differences

9. Supply-Side vs. Demand-Side Economics: Theories & Differences

Supply and demand are two of the most important concepts in economics, but which matters the most? In this lesson, we'll explore each side and see how their supporters defend them.

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.
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Other Chapters

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