Copyright

Ch 40: US Economics: Principles & Governance

About This Chapter

Study the principles and governance of U.S. economics ahead of an important exam with help from this engaging chapter. You'll review have 24/7 access to short video lessons, take self-assessment quizzes.

US Economics: Principles & Governance - Chapter Summary

Our professional instructors created this chapter on the governance and principles of U.S. economics in order to make these concepts easy for you to understand. You'll watch videos about the law of demand in economics, the factors that affect supply, and the types of money, plus the function of choice and economic scarcity. Once you complete this chapter, you should be ready to complete the following objectives:

  • Discuss economic resources and provide examples
  • Explain the role of government in a market economy
  • Detail the impact information technology has on the economy
  • Identify the causes and consequences of globalization

If these topics are challenging, feel free to use the video tags in the timeline to go back and watch any of the videos again. We've also included printable lesson transcripts that make helpful offline study guides. Assistance from an expert is available through the Dashboard if any questions come up along the way.

8 Lessons in Chapter 40: US Economics: Principles & Governance
Test your knowledge with a 30-question chapter practice test
What is the Law of Demand in Economics? - Definition & Example

1. What is the Law of Demand in Economics? - Definition & Example

Learn about one of the most fundamental laws in economics and how it is ingrained in your thinking and actions. Hear about some examples that reinforce this powerful law and a few rare exceptions.

Supply in Economics: Definition & Factors

2. 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.

Economic Scarcity and the Function of Choice

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.

What is Money? - Definition and Types

4. What is Money? - Definition and Types

In this lesson, you'll learn what money is and its four basic functions. You'll also take a look at how it benefits society and explore the different types of money.

What are Economic Resources? - Definition, Types & Examples

5. What are Economic Resources? - Definition, Types & Examples

If there are no resources, an economy cannot be sustained. In this lesson, you'll learn what economic resources are, the different types of economic resources, and why they are vitally important. A short quiz follows the lesson.

The Role of Government in a Market Economy

6. The Role of Government in a Market Economy

In this lesson, you'll examine the role of government in a market economy. You'll learn what kinds of activities may require government interaction, such as those related to consumer and property rights.

Information Technology: Impact on the Economy

7. Information Technology: Impact on the Economy

Information technology has impacted the economy in a number of ways. The most noticeable changes involve e-commerce, marketing tactics, facilitation of globalization, job insecurity, and job design. This lesson will explore a variety of concepts pertaining to the changing economy, including downsizing, outsourcing, the use of cookies, the benefits and costs of globalization, and the impact of e-commerce.

Globalization: Definition, Causes & Consequences

8. Globalization: Definition, Causes & Consequences

This lesson provides an introductory understanding of globalization. Sections within the lesson define the process, discuss why it is a source of political controversy, and touch on the history of globalization and its effects.

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

Earning College Credit

Did you know… We have over 200 college courses that prepare you to earn credit by exam that is accepted by over 1,500 colleges and universities. You can test out of the first two years of college and save thousands off your degree. Anyone can earn credit-by-exam regardless of age or education level.

To learn more, visit our Earning Credit Page

Transferring credit to the school of your choice

Not sure what college you want to attend yet? Study.com has thousands of articles about every imaginable degree, area of study and career path that can help you find the school that's right for you.

Support