About This Chapter
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.
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.
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.
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. 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.
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.
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.
7. Information Technology: Impact on the Economy
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.
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