About This Chapter
Functions of Economic Systems & Free Markets - Chapter Summary
You can improve your memory of the operation and limitations of a free market by watching prompt and interesting video lessons. Answer questions about the functions of money by taking short quizzes. At the end of this chapter, you will have a recollection of the following:
- Definition of economy
- Types of economic systems
- Limitations of capitalism and the free market
- Socialism and communism
- Good markets
- Basic money functions and pricing
Take a look at the transcripts of the lessons if you would like to read them. You can also create additional study tools like vocabulary lists from the the highlighted words. The main parts of the videos can be accessed by using the timelines.
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: 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.
3. 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.
4. 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.
5. Competition Within Free Markets: Types & Summary
We live in a free market economy, but that doesn't mean there is always free competition. In this lesson, you'll learn about perfectly competitive markets, monopolies, monopolistic markets and oligopolies.
6. Financial Markets & Goods Markets
Learn about two of the biggest markets in most economies; the financial and goods markets. Find out what financial markets are and the purpose they serve. Explore the stock market and bond market and see how they are different than the goods market.
7. The Four Basic Functions of Money
This lesson uses real-world examples to describe the four basic functions that money serves in an economy. These basic functions help to create the foundation of the money system.
8. Economic Factors of Pricing and Pricing Strategy
Economic factors can alter companies' pricing strategies. Prices need to be flexible, especially in response to inflation and recessions. There are numerous strategies that can be employed to combat economic changes and lead to corporate sales and profits.
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 within the Ohio Assessments for Educators - Elementary Education (018/019): Practice & Study Guide course
- Language Development & Emergent Literacy
- Teaching Phonics, Word Analysis, Spelling & Fluency
- Reading Comprehension & Vocabulary Skills
- Understanding Literary Texts
- Structure & Literary Devices in Prose
- Informational, Expository & Technical Texts
- Understanding & Teaching Persuasive Texts
- Graphic Communication
- Processes & Modes of Written Communication
- Reference Materials & Proofreading in Writing
- Conventions of Standard American English
- Processes & Conventions of Verbal Communication
- Effective Writing & Speaking
- Basic Concepts of Government & Economics
- Forms & Characteristics of Government
- International Relationships & Foreign Policy
- Principles of U.S. Citizenship
- Characteristics of Ancient Civilizations
- Global Effects of Exploration, Trade & Revolution
- Major U.S. & World Conflicts
- Modern World History
- Historical Analysis of Fact vs. Opinion
- Geography, Physical Sciences & Cultural Anthropology
- Reading & Understanding Maps
- Social Science Research & Experimentation
- Scientific Method, Inquiry & Data Analysis
- Life & Zoological Sciences
- Plants, Biomes & Genetics
- Physical, Earth & Space Sciences
- Components of the Solar System & Universe
- Weather, Climate & Geologic Systems
- Numeration, Number Sense, & Mathematical Operations
- Mixed Numbers & Fractions
- Arithmetic & Estimation Using Decimals
- Rounding & Estimating Numbers
- Place Values, Ordering Fractions & Decimals
- Prime Numbers, Composite Numbers & Divisibility Rules
- The Least Common Multiple & Greatest Common Factor
- Ratios, Proportion, Exponents & Scientific Notation
- Mathematical Reasoning for Solving Word Problems
- Tools for Representing Mathematical Concepts
- Calculating & Interpreting Statistical Data
- Algebraic Patterns, Equations & Functions
- Properties of Geometric Shapes
- Converting & Graphing Units of Measurement
- Area, Perimeter & Volume of Geometric Shapes
- Health, Fitness & Nutrition
- Music, Drama, Theater & the Arts
- Ohio Assessments for Educators Elementary Education Flashcards