About This Chapter
Georgia Milestones: Types of Economic Systems- Chapter Summary
Before you take the Georgia Milestones exam on economics, business and free enterprise, you should ensure that you understand the different types of economic systems. If you are looking for comprehensive and informative study guides on the systems you will need to know for the exam, look no further than this chapter's short text and video lessons. Each will teach you about a different topic that might be included on the exam, such as:
- Socialism, communism and mixed economies
- Traditional, command, market and mixed economies
- The definition, characteristics and advantages of the market economy
- Production in different economic systems
- The different types of competition in free markets
- The definition and limitations of capitalism and the free market
We have also provided you with practice quiz questions that you can use to assess your understanding of some main points from the lessons. If you can do well on the practice quizzes, you will be that much closer to doing well on the actual Georgia Milestones exam!
1. 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.
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. The Market System in Economics: Definition, Characteristics & Advantages
There are areas of the world where the government controls everything. Others give the people freedom to choose. The type of economy is a major part of how a society runs. This lesson discusses a market economy and how it functions.
4. Production in Traditional, Market, Command & Mixed Economic Systems
This lesson discusses how market, traditional, mixed, and command economic systems operate. The key features, benefits, and drawbacks of each are summarized. Learn how the economic systems answer the three basic economic questions that face all economies.
5. Free Market: Definition, Advantages & Examples
This lesson explains what a free market system is, the basics of how it affects consumers and business owners, and offers some basic examples of businesses in a free market system.
6. 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.
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.
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Other chapters within the Georgia Milestones - Economics/Business/Free Enterprise EOC: Test Prep & Practice course
- Georgia Milestones: Introduction to Economics
- Georgia Milestones: Scarcity, Choice & the Production Possibilities Curve
- Georgia Milestones: Consumer Behavior & Microeconomics
- Georgia Milestones: Supply & Demand
- Georgia Milestones: Economic Interdependency
- Georgia Milestones: Economic Price & Income Elasticity
- Georgia Milestones: Government's Role in Economic Systems
- Georgia Milestones: Market Structures in the US Economy
- Georgia Milestones: Business Organizations
- Georgia Milestones: Making Business Decisions
- Georgia Milestones: Understanding Production in Microeconomics
- Georgia Milestones: Comparative vs. Absolute Advantage
- Georgia Milestones: Macroeconomic Equilibrium
- Georgia Milestones: Scarce Economic Resource Markets
- Georgia Milestones: Measuring Economic Activity
- Georgia Milestones: Economic Growth & Productivity
- Georgia Milestones: Inflation Measurement & Adjustment
- Georgia Milestones: Understanding Unemployment
- Georgia Milestones: Aggregate Supply & Demand
- Georgia Milestones: Fiscal & Monetary Policies
- Georgia Milestones: Expansionary & Contractionary Policies
- Georgia Milestones: Money, Banking & Financial Markets
- Georgia Milestones: Central Bank & the Money Supply
- Georgia Milestones: Foreign Exchange & the Balance of Payments
- Georgia Milestones: Trade Barriers & Regulations
- Georgia Milestones: Consumer Decision Making
- Georgia Milestones: Savings & Investments
- Georgia Milestones: Credit & Interest Rates
- Georgia Milestones: Insurance
- Georgia Milestones: Taxation
- Georgia Milestones - Economics/Business/Free Enterprise EOC Flashcards