About This Chapter
Economic & Political Systems- Chapter Summary
When going through this chapter, you can find lessons that teach you about different economic and political systems as well as related economic theories. Each lesson is taught by an experienced instructor, guaranteeing that the information you learn is accurate and up to date. The lessons provide you with comprehensive overviews of business topics such as:
- The definition and different types of economies
- The sectors of the modern economy
- Economic distribution
- The definition and types of political systems
- Socialism, communism and mixed economies
- Capitalism and the free market
Once you are comfortable with your knowledge of the economic and political systems, you can test yourself by taking the practice quiz also included in the chapter. As you go through each chapter, be sure to track your progress using your personal Dashboard.
1. What is Economy? - Definition & Types
We hear about the economy all the time, but what exactly is an economy? In this lesson, you'll learn about what an economy is and different types of economic systems.
2. Economic Systems: Formal & Substantive Approaches
Today's lesson on the substantive versus formal approaches to economics is rather simple to grasp despite the way these names may sound. Learn about these terms and their origin and see some tangible examples of each.
3. The Modern Economy: Primary, Secondary & Tertiary Sectors
The modern economy can be divided into three sectors that reflect the economic development of that society. This lesson will discuss and explore the interaction between the primary, secondary and tertiary sectors of the modern economy.
4. Forms of Economic Distribution & Exchange within Society
This lesson will seek to explain the different forms of economic distribution found across the globe. It will highlight generalized and balanced reciprocity as well as redistribution and market exchange.
5. Political System: Types & Definition
How many different ways can human societies organize their governments? In this lesson, we'll examine some common political systems used throughout history and see how they compare.
6. Understanding Socialism, Communism, and Mixed Economies: Comparison & Analysis
Socialism and communism are alternative economic systems to capitalism. In this lesson, you'll learn some of the key concepts behind these economic systems. You'll also learn about mixed economic systems.
7. Capitalism and the Free Market: Definition & Limitations
Capitalism is an economic system that has played a dominant part in building the world in which we currently live. In this lesson, you'll learn about some key concepts of capitalism, as well as its limitations.
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Other chapters within the GACE Business Education (542): Practice & Study Guide course
- Ethics in Business
- Understanding Contract Law
- Government Regulation of Business
- The Ethics of Advertising, Marketing & Privacy
- Property Law Basics
- Employment Law
- Collective Bargaining & Unions
- Workplace Communication
- The Central Bank & Monetary Policy
- Basics of Economics & Finance
- Economic Indicators
- Fiscal & Monetary Policies in Economics
- International Trade Laws & Regulations
- Financial Management & Planning
- Fundamentals of Money & Banking
- Principles of Personal Finance
- Securities Market Basics
- Creditors' Rights in Business Law
- Negotiable Instruments
- Insurance & Managing Risk
- Business Planning & Organizational Design
- Organizational & Group Behaviors in Business Management
- Management Styles & Theory
- Leadership and Management
- Motivation in Business Management
- Strategic Decision Making & Problem Solving
- Work Groups & Teams
- Human Resources Basics
- Employee Benefits
- Production & Operations Management
- Computation in Business
- Basic Statistical Analysis for Business
- Quantitative Analysis in Business
- Accounting Fundamentals
- Customer Relationship Strategies & Maintenance
- Starting a New Business
- E-Commerce Business Models
- Use of Information Systems in Business
- Business Software
- Network Systems Technology Overview
- Information Security & Protection
- Career & Professional Development in Business
- GACE Business Education Flashcards