About This Chapter
Principles of U.S. & International Economic & Fiscal Policy - Chapter Summary
What are the fundamental characteristics of the U.S. economy? What role does the government play in protecting the U.S. economy? How is economic interdependence defined? These are details you will learn or refresh your memory about when you use this chapter.
You can learn more about types of policies, trade and the promotion of economic interests. After you study this chapter, you should be able to do the following:
- List five principles and describe components of the U.S. economy
- Discuss the concept of economic globalization
- Understand the causes and effects of economic interdependence
- Detail the benefits of trade between nations
- Define comparative advantage
- Identify terms describing economic performance over time
- Explain fiscal and monetary policies
- Describe how the U.S. government protects the economy and promotes its interests
Your ability to access these 5- to 10-minute lessons at all times, from any device, makes it convenient to study when it's best for you. Use jump tags in the video lessons to review only those topics you need to study, and print lesson transcripts to create helpful reference tools. Track your progress using your Dashboard and take self-assessment quizzes to test what you've learned in one lesson before moving on to the next.
1. Fundamental Principles & Characteristics of the U.S. Economy
The United States is a capitalist economy that rests on pillars, or basic principles. This lesson will explore five of those principles and show them at work in simple examples.
2. Components of the U.S. Economy
What is the US economy and how does it work? Learn what parts make it up, and contribute towards the size of the economy. Test your new knowledge with a short quiz.
3. 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.'
4. Economic Interdependence: Definition, Causes & Effects
This lesson will examine the pros and cons of economic interdependence and its definition as well as its causes and effect. We will also look at how economic interdependence happens and observe who ultimately benefits and is hurt by this phenomenon.
5. Gains From Trade and the Benefit of Specialization
Explore one of the most widely accepted ideas in economics - the idea that nations benefit from specialization and exchange, reaping gains from trade.
6. Comparative Advantage, Specialization & Exchange
Companies and individuals are often faced with the question of, 'What should we do?' This lesson examines comparative advantage, a valuable economic concept that helps firms and people determine how to focus their efforts.
7. Regulatory Policy: Definition, Processes & Examples
The following lesson covers how the U.S. government uses its regulatory policy to oversee business activities. A short quiz will follow the lesson to check your understanding.
8. The Business Cycle: Economic Performance Over Time
Learn the economic terms that describe economic performance over time and how indicators such as unemployment and inflation behave throughout these economic fluctuations.
9. What is Fiscal Policy?
The following lesson will cover how the U.S. government uses fiscal policy to affect the economy. A short quiz will follow the lesson to check your understanding.
10. Monetary Policy & The Federal Reserve System
This lesson covers the Federal Reserve System's use of monetary policy to help promote the economy. A short quiz will follow the lesson to check your understanding.
11. How the Government Protects the U.S. Economy
The following lesson will cover the ways in which the government protects the U.S. economy and ensures stable economic growth. A short quiz will follow the lesson to check for your understanding.
12. How the Government Promotes Economic Interests
The following lesson will cover how the government promotes its economic interests through businesses, labor, and agriculture. There will be a short quiz following the lesson to check your understanding.
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Other chapters within the WEST-E Social Studies (028): Study Guide & Practice course
- Overview of the Types of Government
- Fundamentals of the Federal Judicial System
- Overview of Federalism in the United States
- Key Documents in the Creation of the U.S.
- American Democracy & Citizenship
- Election Process
- U.S. Foreign & Defense Policy
- Basic Economic Concepts & Economic Systems
- Basic Geographic Tools
- Spatial Processes in Geography
- Human Geography Overview
- Human Influences on the Environment
- U.S. History (Pre-Columbian Period to 1791)
- U.S. History (1791 to 1877)
- U.S. History (1877 to 1929)
- U.S. History (1929 to Present)
- U.S. Culture After WWII
- U.S. Politics After WWII
- Washington State History
- World History (8000 BCE to 600 CE)
- World History (600 to 1600)
- World History (1600 to 1930)
- World History (1930 to Present)
- Basic Social Studies Skills
- WEST-E Social Studies (028) Flashcards
- Social Studies Presentation Skills