About This Chapter
Free Enterprise Systems Overview - Chapter Summary
Study this chapter for an overview of free enterprise systems. Inside the chapter, you'll find short and simple lessons that explain free enterprise concepts in an easy-to-understand manner. You'll review business organization and partnership types, as well as the Federal Reserve System, commercial banks, economic investments and much more. When you're finished with the chapter, you'll be equipped to:
- Identify the components of a free enterprise economy
- Recognize indicators of economic growth and development
- Assess the pros and cons of sole proprietorships and corporations
- Evaluate different types of business organizations and partnerships
- Outline the basics of limited liability companies (LLCs)
- Explain the Federal Reserve System's monetary policy
- Understand the roles and functions of commercial banks
- Differentiate between individual investments and investments in economics
Solidify your comprehension of these topics with the chapter's interactive self-assessment quizzes. You can access the chapter at any time that fits your schedule, and our instructors will be happy to answer any questions you may have about free enterprise systems. You can also use any computer or mobile device to access the chapter material.
1. Free Enterprise Economy: Definition & Examples
Our economic system has a major impact on how society functions. It determines how we feel and how we act. They say, 'Money makes the world go round.' Let's take a look at the free enterprise economy and see why that is.
2. What Is Economic Growth and Development? - Definition, Theories & Indicators
A country's economic health can usually be measured by looking at that country's economic growth and development. This lesson defines and explains economic growth and economic development, including the role of U.S. foreign aid.
3. What Is a Business Organization? - Structure, Types & Examples
Want to start a business? One of the first steps is to pick its form. In this lesson, you'll learn about the primary ways businesses are organized with examples provided along the way.
4. What is a Sole Proprietorship? - Definition, Advantages, Disadvantages & Examples
Many businesses start out as sole proprietorships. In this lesson, you'll learn what a sole proprietorship is and its advantages and disadvantages. You'll also have a chance to reinforce your knowledge with a short quiz.
5. The Basics of Partnerships: Types & Examples
Partnerships are a common way to organize a business in the United States. In this lesson, you'll learn about different types of business partnerships and their respective advantages and disadvantages. A short quiz follows the lesson.
6. The Basics of LLCs: Limited Liability Companies
The limited liability company is one of the most popular business organizational forms for small and medium-sized businesses. In this lesson, you'll learn about the key characteristics of a limited liability company. A short quiz follows.
7. Corporations: Types, Advantages, Disadvantages & Examples
Corporations are a popular form of business organization for large and small businesses. In this lesson, you'll learn about the advantages and disadvantages of a corporation. You'll also learn about S-corporations and C-corporations.
8. Monetary Policy & The Federal Reserve System
This lesson covers the Federal Reserve System's use of monetary policy to help promote the economy. A short quiz will follow the lesson to check your understanding.
9. What Are Commercial Banks? - Definition, Roles & Functions
You may not realize it, but there are different types of banks and not all banks are authorized to do the same things. In this lesson, you'll learn about commercial banks, including their role and function in an economy. A short quiz follows.
10. Investment vs. Investments in Economics
Discover the important difference between investment in economics and investments that individuals make by saving out of their income. This lesson defines and outlines the basic components of gross private domestic investment.
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Other chapters within the TExES Social Studies 7-12 (232): Practice & Study Guide course
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- Overview of Ancient Egypt
- Ancient Civilizations of Africa
- Overview of the Ancient Hebrews
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- The Rise & Fall of the Roman Republic
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- Overview of Africa & India (1000-1300 CE)
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- The Reformation Period
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