About This Chapter
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.
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.
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.
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.
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.
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.
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.
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