Ch 10: Economic & Political Systems

About This Chapter

Go through our lessons to learn some essential information about economic and political systems. Each lesson will teach you about different points you will need to know to master this subject, including types of economies and the free market

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.

7 Lessons in Chapter 10: Economic & Political Systems
Test your knowledge with a 30-question chapter practice test
What is Economy? - Definition & Types

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.

Economic Systems: Formal & Substantive Approaches

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.

The Modern Economy: Primary, Secondary & Tertiary Sectors

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.

Forms of Economic Distribution & Exchange within Society

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.

Political System: Types & Definition

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.

Understanding Socialism, Communism, and Mixed Economies: Comparison & Analysis

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.

Capitalism and the Free Market: Definition & Limitations

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.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
Not Taken
Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

Earning College Credit

Did you know… We have over 200 college courses that prepare you to earn credit by exam that is accepted by over 1,500 colleges and universities. You can test out of the first two years of college and save thousands off your degree. Anyone can earn credit-by-exam regardless of age or education level.

To learn more, visit our Earning Credit Page

Transferring credit to the school of your choice

Not sure what college you want to attend yet? Study.com has thousands of articles about every imaginable degree, area of study and career path that can help you find the school that's right for you.

Support