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Ch 24: WEST Middle Level Humanities: Roles of Economic Contributors

About This Chapter

Prepare to take the WEST Middle Level Humanities examination by studying the lessons in this chapter. They are designed to teach you more about the roles of economic contributors. Lesson quizzes and a practice chapter examination are included.

WEST Middle Level Humanities - Roles of Economic Contributors - Chapter Summary

Watch this chapter's educational videos to expand your knowledge of consumer, financial and goods markets as well as the various uses for money. The lessons highlight various economics topics, including the business cycle, the unemployment rate and fiscal policies. While you're preparing to pass the WEST Middle Level Humanities examination, these video lessons might help you to:

  • Explore different kinds of financial assets
  • Discuss the main functions of money and the ways in which it is made
  • Explain the Federal Reserve System
  • Define consumer, financial and goods markets
  • Distinguish between customers, consumers and consumerism
  • Learn about the significance of consumer choice
  • Study the circular flow of economic activity
  • Understand the business cycle and different kinds of labor markets
  • Define the employment rate
  • Discuss the theory of rational expectations
  • Describe the functions of government
  • Learn about government policies that facilitate economic growth

You'll learn more about the above topics as you review these video lessons. Instructors present the information, and they can answer your submitted questions on economics. The lessons include navigational video tags, text transcripts and clickable links to key terms. When you finish the lessons, take the short quizzes to determine your readiness for similar questions on the WEST Middle Level Humanities examination.

WEST Middle Level Humanities - Roles of Economic Contributors Chapter Objectives

You'll find two subtests on the WEST Middle Level Humanities examination. They can both be taken at one sitting, or you can take one at a time. The Civics and Economics domain of Subset 2 includes questions that correspond with this chapter's lessons. For instance, you'll demonstrate your knowledge of financial markets as well as fundamental economic systems and principles during this domain, which is worth 34% of subtest 2.

15 Lessons in Chapter 24: WEST Middle Level Humanities: Roles of Economic Contributors
Test your knowledge with a 30-question chapter practice test
Types of Financial Assets: Money, Stocks & Bonds

1. Types of Financial Assets: Money, Stocks & Bonds

For an economy to operate effectively, consumers and businesses need a common medium of exchange and mechanisms to encourage some people to save, others to borrow and others to invest. In any modern economy, these needs are met with money, stocks and bonds.

The Four Basic Functions of Money

2. The Four Basic Functions of Money

This lesson uses real-world examples to describe the four basic functions that money serves in an economy. These basic functions help to create the foundation of the money system.

How Money Is Made: Understanding Bank Lending in the Economy

3. How Money Is Made: Understanding Bank Lending in the Economy

In this lesson, you'll learn how a single deposit in a local bank increases the money supply and filters through the economy with the help of the fractional reserve banking system.

What is the Federal Reserve System?

4. What is the Federal Reserve System?

Have you ever wondered why interest rates go up and down, seemingly at random? Of course you have! Discover what the Federal Reserve is, what its goals are and how those goals are achieved in this introductory lesson explaining the central bank of the United States.

Financial Markets & Goods Markets

5. Financial Markets & Goods Markets

Learn about two of the biggest markets in most economies; the financial and goods markets. Find out what financial markets are and the purpose they serve. Explore the stock market and bond market and see how they are different than the goods market.

What is Consumer Market? - Definition & Example

6. What is Consumer Market? - Definition & Example

Learn what a consumer market is in this lesson. Go over an example of a real consumer market and see how consumers are able to make purchasing and buying decisions within such a market.

Differences Between Customers, Consumers & Consumerism

7. Differences Between Customers, Consumers & Consumerism

In this lesson, you will learn the difference between customers and consumers. In addition, the idea of consumerism will be discussed through the explanation of consumer advocacy groups and regulation.

The Importance of Consumer Choice in Economics

8. The Importance of Consumer Choice in Economics

Nothing makes a business happier than when we buy something they sell - well, maybe when we buy two of what they sell! This lesson explains why smart companies and governments try to understand everything about you to sell you more.

Circular Flow of Economic Activity: The Flow of Goods, Services & Resources

9. 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.

The Business Cycle: Economic Performance Over Time

10. 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.

Labor in the U.S.: Unions, Labor Markets & Professions

11. Labor in the U.S.: Unions, Labor Markets & Professions

This lesson discusses the differences between the two labor markets in the United States - primary and secondary. It also defines labor unions and the characteristics of a profession.

Defining and Measuring the Unemployment Rate

12. Defining and Measuring the Unemployment Rate

You've probably heard about the unemployment rate, especially given how high it was in the 2008 recession. Find out how economists define unemployment, what the unemployment rate is, and how to calculate it in this lesson.

Rational Expectations in the Economy and Unemployment

13. Rational Expectations in the Economy and Unemployment

This lesson provides an overview of the theory of rational expectations and then applies it to the labor market, fiscal policy and monetary policy. In the lesson, you'll learn more about expectations and outcomes in a world where people want to maximize profit.

What Are the Economic Functions of Government?

14. What Are the Economic Functions of Government?

Find out what the six economic functions of government are in the United States. See some examples in each of the categories and find out how you benefit from them.

Growth Policy and Economic Productivity

15. Growth Policy and Economic Productivity

What do savings accounts and promoting education have to do with helping the economy to grow? In this lesson, we will explore government policies that help promote higher long-run economic growth.

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.
Not Taken

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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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