Economic Systems: Formal & Substantive Approaches


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Who is credited with being the first to propose the idea of formal and substantive approaches to economics?

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1. Which of these was written by Polanyi?

2. Which of these is defined as the studying of the planned-out, rational decisions that a society makes when determining how to use and maximize their resources?

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About This Quiz & Worksheet

Use your understanding of substantive and formal economic systems to answer economic-related questions with this worksheet and corresponding quiz. Topics include the formal and substantive approach.

Quiz & Worksheet Goals

Use these assessment tools to assess your knowledge of:

  • Who proposed the concept of substantive approaches to economics
  • Books authored by Karl Polyani
  • Defining the different approaches to economics

Skills Practiced

Use this quiz and worksheet to practice the following skills:

  • Reading comprehension - ensure that you draw the most important information from the related economics lesson
  • Distinguishing differences - compare and contrast topics from the lesson, such as substantive and formal economic systems
  • Information recall - access the knowledge you have gained regarding Polanyi

Additional Learning

To learn more about economic systems, review the corresponding lesson called Economic Systems: Formal & Substantive Approaches. This lesson will help you:

  • Learn what contributions Karl Polanyi made to economics
  • Examine principles behind the formal approach
  • Know the approach more common to Western thought