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Ch 50: Praxis Middle School Social Studies: Macroeconomics

About This Chapter

As you prepare for the Praxis Middle School Social Studies test, use this chapter to recall such macroeconomics topics as unemployment rates, personal budgets, and the global economy. Answer exam questions to see how much you remember.

Praxis Middle School Social Studies: Macroeconomics - Chapter Summary

As an aspiring teacher, you must pass the Praxis Middle School Social Studies test which will determine the breadth of your knowledge in multiple topics, including economics. The economics section of the test has been divided into three parts, one of which is macroeconomics. This chapter will walk you through all of the topics you will need to know to answer questions on the test related to the following:

  • The Gross Domestic Product and its components
  • Causes of unemployment
  • How to measure unemployment rates
  • Factors that affect the concepts of supply and demand
  • Issues concerning how government intervention impacts the economy
  • The principles of taxation and related systems
  • Government-sanctioned deregulation and regulation of the economy
  • Reasons why the economy promotes consumer choice
  • Tools for creating and balancing personal budgets
  • Types of investments, interest rates, and the main factors of production
  • The concept of money and how it functions in the economy
  • Economic activity and the circular flow model
  • The pros and cons of a global economy

Since the Praxis Middle School Social Studies test covers such a broad range of material, it can be difficult to know how or what to study, which is why you need our comprehensive guide as your roadmap. Our instructors have spent a large amount of time reviewing the Praxis test structure, so they are well aware of all the topics you will be tested on. In fact, our instructors have specifically built these lessons around the test, so that everything you learn is directly related to the questions you will be asked.

As you sit down with our materials, realize that you have the freedom to study in whatever way works for you. If seeing what you're learning through videos and animation helps you remember key facts about tax systems, then our video lessons are definitely for you. If you prefer to read and memorize terms about economic activities, scroll through the transcripts and focus on the bolded text. Lastly, determine how well you understand the information by taking a quiz at the close of each lesson.

15 Lessons in Chapter 50: Praxis Middle School Social Studies: Macroeconomics
Test your knowledge with a 30-question chapter practice test
Gross Domestic Product: Definition and Components

1. Gross Domestic Product: Definition and Components

Learn how economists measure the total production of an economy using gross domestic product (GDP). This lesson also outlines the components that make up a GDP. How do we calculate the economic value of a nation?

What is Unemployment? - Definition, Causes & Effects

2. What is Unemployment? - Definition, Causes & Effects

What is unemployment? If you are currently out of work, you certainly know what this is. But the government has a specific way of looking at unemployment, and you might actually not be considered unemployed by its definition! Read on to learn why.

Defining and Measuring the Unemployment Rate

3. Defining and Measuring the Unemployment Rate

You've probably heard about the unemployment rate, especially given how high it was in the 2008 recession. Find out how economists define unemployment, what the unemployment rate is, and how to calculate it in this lesson.

Supply in Economics: Definition & Factors

4. Supply in Economics: Definition & Factors

You will be introduced to one of the main concepts in economics: supply. Have you ever considered how a producer determines how much of a product to supply? Learn what factors change the supply and how suppliers react to changes in market price.

Demand in Economics: Definition & Concept

5. Demand in Economics: Definition & Concept

Have you ever found yourself buying more of an item when it goes on sale, or less of it when the price increases? In this lesson, you will be introduced to one of the main concepts in economics - demand.

Government Intervention in the Economy: Issues & Factors

6. Government Intervention in the Economy: Issues & Factors

In this lesson, you'll consider the question of when it's worthwhile for the government to take action related to the economy. We'll use concrete examples to help you understand these hotly debated issues.

Principles and Systems of Taxation

7. Principles and Systems of Taxation

In this lesson, you'll gain a better understanding of how our tax system works. Look into the different levels of taxation from the federal government to state and local governments.

Governmental Regulation & Deregulation of the Economy

8. Governmental Regulation & Deregulation of the Economy

Government regulations affect all aspects of the economy. However, some sectors are subject to specific regulations due to their importance. This lesson explores the purposes and methods of economic regulation and deregulation.

The Importance of Consumer Choice in Economics

9. The Importance of Consumer Choice in Economics

Nothing makes a business happier than when we buy something they sell - well, maybe when we buy two of what they sell! This lesson explains why smart companies and governments try to understand everything about you to sell you more.

How to Create a Personal Budget: Tools & Examples

10. How to Create a Personal Budget: Tools & Examples

Creating a personal budget doesn't have to be overwhelming or discouraging. There are four basic steps to create an effective budget. This lesson will walk you through the steps to create a solid budget.

Types of Interest Rates & Investments

11. Types of Interest Rates & Investments

Ever wonder how to make any sense out of all those investment options you constantly hear about? This lesson helps provide some understanding, as well as introduces the concept of the real interest rate.

Factors of Production: Definition & Examples

12. Factors of Production: Definition & Examples

There are four factors of production. The four factors are inputs needed to produce a product or provide a service. These factors include natural resources, human resources, capital, and entrepreneurship.

The Four Basic Functions of Money

13. The Four Basic Functions of Money

This lesson uses real-world examples to describe the four basic functions that money serves in an economy. These basic functions help to create the foundation of the money system.

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

14. 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.

The Global Economy: Advantages, Expansion & Impact

15. The Global Economy: Advantages, Expansion & Impact

This lesson will explain the concept of economic globalization. We will look at both its positive and negative effects while also highlighting the terms 'import,' 'export,' and 'capital flight.'

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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