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Ch 72: OAE - Integrated Social Studies: Economic Concepts & Terms

About This Chapter

Quickly review key economic concepts, including opportunity cost and the law of diminishing returns, with this chapter's video lessons and quizzes. Instructors cover all of the basic economics terminology you'll need to be familiar with for the OAE Integrated Social Studies exam.

OAE - Integrated Social Studies: Economic Concepts & Terms - Chapter Summary

Watch these video lessons to review the real-world applications of important economic terms and concepts. Some of the OAE Integrated Social Studies topics covered in this chapter include:

  • Micro and macroeconomics
  • Opportunity cost
  • Economic incentives
  • Work specialization
  • Economies of scale
  • Law of diminishing returns

Using this chapter is easy. Select the instructional format that suits you, whether it be animaed videos or written transcripts, and take the multiple-choice quizzes to see which economic concepts and terms you've mastered. You can also complete a more comprehensive chapter test to determine when it's time to move on to the next test subject.

OAE - Integrated Social Studies: Economic Concepts & Terms - Chapter Objectives

An understanding of opportunity cost, economic incentives, economies of scale and other topics covered in this chapter can be used to answer questions found in the OAE Integrated Social Studies exam's economics content domain.

Responses to these types of questions account for approximately 12% of your test score and are used along with answers to historiography, U.S. and world history, geography, culture and government questions to determine your eligibility for Ohio's integrated social studies teaching license. The exam as a whole includes 150 multiple-choice questions.

6 Lessons in Chapter 72: OAE - Integrated Social Studies: Economic Concepts & Terms
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.

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.

Economic Incentives: Definition & Examples

3. Economic Incentives: Definition & Examples

What motivates people to work or start a business? In this lesson, you'll learn about economic incentives and related concepts, and be provided some examples along the way. You'll also have a chance to reinforce your knowledge with a short quiz.

Work Specialization in Organizations

4. Work Specialization in Organizations

One of the most important decisions an organization will need to make is how to get work done. This lesson will explain the purpose of work specialization in an organization and how it is used to organize separate jobs.

Economies of Scale: Definition, Benefits & Examples

5. Economies of Scale: Definition, Benefits & Examples

If you've ever wondered how Wal-Mart can sell items so cheaply, it's because of economies of scale. In this lesson, you'll learn about economies of scale and their benefits. A short quiz follows the lesson.

Law of Diminishing Returns: Definition & Examples

6. Law of Diminishing Returns: Definition & Examples

How does a farmer determine how much fertilizer to use? How many baristas are needed in a cafe? In this lesson, you will learn how the law of diminishing returns impacts expected output per unit of input.

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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Other Chapters

Other chapters within the Ohio Assessments for Educators - Integrated Social Studies (025): Practice & Study Guide course

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