Ch 7: Georgia Milestones: Types of Economic Systems

About This Chapter

You can use our online lessons in this chapter to learn about some different economic systems. Questions on this subject will be included on the Georgia Milestones exam on economics, business and free enterprise.

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!

7 Lessons in Chapter 7: Georgia Milestones: Types of Economic Systems
Test your knowledge with a 30-question chapter practice test
Understanding Socialism, Communism, and Mixed Economies: Comparison & Analysis

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.

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.

The Market System in Economics: Definition, Characteristics & Advantages

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.

Production in Traditional, Market, Command & Mixed Economic Systems

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.

Free Market: Definition, Advantages & Examples

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.

Competition Within Free Markets: Types & Summary

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.

Capitalism and the Free Market: Definition & Limitations

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.

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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Other Chapters

Other chapters within the Georgia Milestones - Economics/Business/Free Enterprise EOC: Test Prep & Practice course

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