Praxis Economics study guide
Praxis Economics · Work through your exam, one topic at a time.
Praxis Economics (test code 5911) is a Praxis Subject Assessment delivered by ETS, the same organisation whose site describes Praxis as the route to "Assess core teaching skills and subject knowledge for educator licensing in the U.S." Candidates typically take it to satisfy a state licensure requirement to teach economics at the secondary level, or to add an economics endorsement to an existing certificate. Because each state sets its own requirements, the first step is confirming with your state agency or educator preparation program that 5911 is the test your license actually requires before you register. The Praxis Economics study guide has 4 sections and about 1,504 words.
01Fundamental Economic Concepts
The Fundamental Economic Concepts domain tests the reasoning toolkit behind every later topic: scarcity and opportunity cost, marginal decision making, the production possibilities curve (PPC), comparative advantage, the circular flow, and the positive/normative distinction. Items usually ask you to apply the logic to a small scenario rather than recite a definition.
359 words, about 2 min02Microeconomics
Microeconomics tests price formation, elasticity, consumer and firm optimization, market structures, and market failure. Expect numerical items on equilibrium, elasticity, and profit maximization, plus conceptual items on why competitive and monopolized markets produce different quantities and prices.
398 words, about 2 min03Macroeconomics
Macroeconomics tests measurement (GDP, unemployment, inflation), the aggregate demand–aggregate supply model, and stabilization through fiscal and monetary policy, including multipliers and money creation. GDP = C + I + G + (X - M): the market value of final goods and services produced within a country in a period.
370 words, about 2 min04International Economics and Economic Development
This domain tests gains from trade, trade barriers, exchange-rate mechanics, the balance of payments, and how economists measure and explain development. Trade follows comparative advantage (lowest opportunity cost), not absolute advantage.
377 words, about 2 min