Login

Economic Systems: Formal & Substantive Approaches

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

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

Start Your Free Trial To Take This Quiz

As a member, you'll also get unlimited access to over 70,000 lessons in math, English, science, history, and more. Plus, get practice tests, quizzes, and personalized coaching to help you succeed.

Free 5-day trial
It only takes a few minutes to set up and you can cancel at any time.
Already registered? Login here for access

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?

Start your free trial to access this entire worksheet
A premium account gives you access to all lesson, practice exams, quizzes & worksheets
Access to all video lessons
Quizzes, practice exams & worksheets
Certificate of Completion
Access to instructors
Create an account to get started Create Account

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
Support