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Ch 16: Economic Systems & Perspectives

About This Chapter

This chapter contains text and video lessons that will teach you about different economic systems and perspectives. Go over these lessons to learn about major types of economic systems and their defining characteristics.

Economic Systems & Perspectives - Chapter Summary

If you would like to get a comprehensive overview of economics in general, it's a good idea to make sure that you first understand the major types of economic systems and perspectives. You can learn about these different economic systems by reading or watching the text and video lessons that you can find included in this chapter. These lessons will teach you about lessons such as:

  • The economic principle
  • Different types of economic systems
  • Socialism, communism and mixed economies
  • Capitalism vs. socialism
  • The definition, characteristics and examples of mixed economies
  • Examples of economic systems

The questions included in the chapter's practice quizzes and final exam will help you test your understanding once you have completed each of the lessons. You also have the option of messaging the lesson instructors for more information on these points. As you complete different lessons, you can use your personal Dashboard to keep track of your learning progress.

6 Lessons in Chapter 16: Economic Systems & Perspectives
Test your knowledge with a 30-question chapter practice test
The Economic Principle: Definition & Example

1. The Economic Principle: Definition & Example

This lesson identifies key economic principles and their interactions in certain economic conditions, including examples of the cause and effect that may result from a change in economic factors.

Types of Economic Systems: Traditional, Command, Market & Mixed

2. Types of Economic Systems: Traditional, Command, Market & Mixed

Just like there are different political systems, there are also vastly different economic systems. This lesson introduces the differences between traditional, command, market, and mixed economies.

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

3. 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 vs. Socialism: Differences, Advantages/Disadvantages & the 'Underground Economy'

4. Capitalism vs. Socialism: Differences, Advantages/Disadvantages & the 'Underground Economy'

This lesson explores formal and informal economies by discussing the differences between capitalism, socialism, and the underground economy. Key characteristics, advantages, and disadvantages of these economies will be covered.

What is a Mixed Economy? - Definition, Characteristics & Examples

5. What is a Mixed Economy? - Definition, Characteristics & Examples

Every country follows some kind of economic system. In this lesson, you will learn about a mixed economy. We will look at the characteristics of a mixed economy and explore a few examples.

Economic Systems: Definition, Types & Examples

6. Economic Systems: Definition, Types & Examples

In this lesson, you'll learn about the three major forms of economic systems, including planned, market, and mixed market economies. You'll also explore the five factors of production and the roles they play in the exchange of products or services.

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

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