Ch 10: FTCE Social Science: Economic Systems & Markets

About This Chapter

Getting ready for the FTCE Social Science exam doesn't have to be that hard, thanks to the text- and video-based resources in this chapter. You will find details about economic systems and markets.

FTCE Social Science: Economic Systems & Markets - Chapter Summary

In order to fully understand what an economic system is and the different types that exist, go through these text and video lessons. They can help you to get ready for the FTCE Social Science exam. The lessons include the following topics:

  • Examples of an economic system
  • Definition of economy and mixed economy
  • Market demand and supply schedule
  • Market equilibrium and macroeconomic factors
  • The labor market and the Federal Reserve System
  • The correlation between the Federal Reserve System and the money supply

Comprehending details about economic systems and markets is easy when you utilize these text and video lessons. Averaging around 5-10 minutes in length, the video lessons make learning and reviewing material fun. Written transcripts include important terms in bold print. You also have access to online instructors, who can help you comprehend an economic principle if you are struggling a bit.

9 Lessons in Chapter 10: FTCE Social Science: Economic Systems & Markets
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: Definition, Types & Examples

2. 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.

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

3. 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.

Market Demand Schedule

4. Market Demand Schedule

Demand can often drive the cost up or down for a product or service. In this lesson, you'll discover what demand is, what it looks like, and how market demand schedules are created.

Market Supply Schedule

5. Market Supply Schedule

Supply and demand play big roles in the economy. In this lesson, you'll discover what supply is, how we describe it, and how market supply schedules are created.

How Changes in Supply and Demand Affect Market Equilibrium

6. How Changes in Supply and Demand Affect Market Equilibrium

Learn how the equilibrium of a market changes when supply and demand curves increase and decrease and how different shifts in the curves can affect price.

The Labor Market in Economics

7. The Labor Market in Economics

Every wonder why a CEO with a bachelor's degree makes more than a teacher with a master's degree? As this lesson explains, labor is just like any other good in an economic world and is subject to supply and demand.

What is the Federal Reserve System?

8. What is the Federal Reserve System?

Have you ever wondered why interest rates go up and down, seemingly at random? Of course you have! Discover what the Federal Reserve is, what its goals are and how those goals are achieved in this introductory lesson explaining the central bank of the United States.

How the Federal Reserve Changes the Money Supply and Affects Interest Rates

9. How the Federal Reserve Changes the Money Supply and Affects Interest Rates

Discover the connection between the money supply and economic output and how the central bank's tools lead to an increase or decrease in real GDP via expansionary and contractionary monetary policy.

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.

Other Chapters

Other chapters within the FTCE Social Science 6-12 (037): Practice & Study Guide course

Support