Ch 23: WEST Middle Level Humanities: Economic Systems & Components

About This Chapter

Explore economic definitions, systems, and principles in these WEST Middle Level Humanities exam prep videos. Check out the quizzes and chapter test for valuable test practice.

WEST Middle Level Humanities: Economic Systems & Components - Chapter Summary

This chapter dives into the heady waters of economics, from basic definitions and concepts to in-depth discussions of supply/demand and growth. Our expert instructors will guide you through your review in preparation for the Washington Educator Skills Test--Endorsements (WEST-E) Middle Level Humanities exam in brief, comprehensive chunks. Material covered here includes:

  • Definitions of economics and economic systems
  • Explanations and factors of productivity
  • Principles of resources, cost, supply, and demand
  • Politics related to economics and trade
  • Components of gross domestic product
  • Roles of economic growth

Our lessons are a great addition to any WEST-E Middle Level Humanities test preparation project. The videos are formatted for viewing on your laptop and PC or on your mobile device while on the go. The lesson transcripts are a ready-made study aid with key terms set in bold for easy identification and review. The chapter test is especially useful both to help you determine which concepts you need to review most and to practice answering multiple-choice questions like those you'll find on the real test.

WEST Middle Level Humanities: Economic Systems & Components Chapter

The WEST-E Middle Level Humanities exam comes in two subtests, the second of which, Social Studies, is the focus of this chapter. Each subtest has about 55 multiple-choice questions and a 75-minute time limit. The Civics and Economics content domain in Subtest 2 accounts for around 34% of the questions and includes objective 0015, which requires you to demonstrate knowledge of basic economics.

15 Lessons in Chapter 23: WEST Middle Level Humanities: Economic Systems & Components
Test your knowledge with a 30-question chapter practice test
Economics: Definition & Universal Goals

1. Economics: Definition & Universal Goals

From rising prices to debates on pollution, there is plenty of evidence that there's simply not enough for everyone. Economics is the applied science that tackles this issue, and this lesson explains how.

Economic Systems: Definition, Types & Examples

2. Economic Systems: Definition, Types & Examples

In this lesson, you'll learn about the three major forms of economic systems, including planned, market, and mixed market economies. You'll also explore the five factors of production and the roles they play in the exchange of products or services.

Productivity: The Economy's Long-Run Growth Engine

3. Productivity: The Economy's Long-Run Growth Engine

Using real-world examples, you'll learn more about what productivity is and four things that determine it within a nation - physical capital, technology, human capital, and natural resources.

Factors of Production in Economics: Definition, Importance & Examples

4. Factors of Production in Economics: Definition, Importance & Examples

In this lesson, you'll learn about factors of production in economics, including their definition, their importance, and some examples. You'll also have a chance to take a short quiz.

Economic Scarcity and the Function of Choice

5. 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.

Understanding the Challenge of Resource Allocation

6. Understanding the Challenge of Resource Allocation

By now, you've probably figured out that all resources are scarce. But how do we allocate resources to make the most of that scarcity? This lesson explains how economists allocate resources, as well as three of the major philosophies influencing such choices.

Opportunity Cost: Definition & Real World Examples

7. 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.

The Economics & Politics of International Trade

8. The Economics & Politics of International Trade

We will discuss the economics & politics of international trade through the definition of open trade and its benefits and drawbacks. In addition, the ideas of competitive advantage and political patience will be shown as key indicators of global success.

Comparative Advantage: Definition and Examples

9. Comparative Advantage: Definition and Examples

Understand the definition of comparative advantage, using two goods as an example. This key lesson incorporates the basic foundations of economics into one foundational theory explaining what goods and services that people,and nations, should produce and for whom they should produce it.

Absolute Advantage in Trade: Definition and Examples

10. Absolute Advantage in Trade: Definition and Examples

In this lesson, you'll learn what absolute advantage is and how to easily identify it within examples of international trade. In addition, you'll learn the important difference between absolute advantage and comparative advantage.

Price Elasticity: Understanding Supply and Demand

11. Price Elasticity: Understanding Supply and Demand

Marketing managers need to understand the basics of supply and demand in order to develop the precise price for their product. Inelastic and elastic demand explains how sensitive consumers are to price and how much flexibility it allows the marketing team.

Causes of Supply and Demand Changes in Microeconomics

12. Causes of Supply and Demand Changes in Microeconomics

Learn what causes movements along the supply and demand curves. See how market forces work to cause these movements and the important role that price plays in this.

How Changes in Supply and Demand Affect Market Equilibrium

13. How Changes in Supply and Demand Affect Market Equilibrium

Learn how the equilibrium of a market changes when supply and demand curves increase and decrease and how different shifts in the curves can affect price.

Gross Domestic Product: Definition and Components

14. 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?

Economic Growth: How to Raise a Nation's Potential Output

15. Economic Growth: How to Raise a Nation's Potential Output

Learn the truth about long run economic growth, including how economists define and illustrate an increase in the potential output of a nation through change in real GDP.

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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Other Chapters

Other chapters within the WEST Middle Level Humanities (Subtests 1 & 2)(052/053): Practice & Study Guide course

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