About This Chapter
Social Studies Concepts: Economics - Chapter Summary
Use the video lessons in this chapter to refresh your understanding of some fundamentals of economics, including how the economy works in various societies. Our instructors will discuss several economic models and what they mean, and you'll also get an overview of some important terms and look at examples. After completing these lessons, you'll have a better idea about topics such as:
- Ways societies organize production
- The classical and the Keynesian models of the economy
- Economic scarcity
- Definition of opportunity cost
- How the flow of economic activity is structured
Our instructors utilize knowledge, humor and lots of real-world examples to make these video lessons both informative and fun. You can watch the lessons and take the quizzes that follow them from anywhere you have Internet access. You can print out the quiz questions, too, to use for offline study.
1. How Societies Organize Their Production
This lesson will seek to explain the different ways in which societies organize their production. In doing so, it will define domestic, tributary, and capitalist production, as well as postindustrialism.
2. The Keynesian Model and the Classical Model of the Economy
Economists use two basic models to describe economic growth. In this lesson, you'll find out more about each one of these models using real-world examples. So buckle up your seatbelts!
3. 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.
4. 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.
5. 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.
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