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Ch 5: Government & Economic Systems

About This Chapter

Review information on the role and purpose of the U.S. government and aspects of the modern economy. Learn about differences between democracy and fascism in the featured text and video lessons.

Government & Economic Systems - Chapter Summary

This chapter explores the main functions of the U.S. government as outlined in the preamble of the Constitution in great detail. The lessons also explain the emergence of capitalism following World War II and the significance of the General Agreement on Tariffs and Trades (GATT) for the Western world. A thorough background on democracy is also included in the chapter's video and text formats as well as information on how capitalism and democratic freedom go hand in hand.

Our instructors also go on to cover the comparison of capitalism and pluralism and how the U.S. is not completely capitalistic due to some pluralistic tendencies. Learn about the modern economy and the different roles of the primary, secondary and tertiary sectors. You should be comfortable dealing with the following topics following completion of the chapter:

  • GATT and its importance in removing economic barriers between several countries
  • Discussing differences between direct and representative democracies
  • Explaining the free enterprise system and identifying other names for it
  • The positives as well as potential drawbacks of nationalism
  • Describing the characteristics of fascism

The text lessons highlighted in this chapter are supported with video segments that add to the overall effectiveness of the chapter for achieving comprehension as well as being able to hold the information in memory. Become increasingly familiar with the key terms that are directly linked to text lessons to ensure that you are focusing on the main ideas. You can track your progress being made with the material by participating in self-assessment quizzes.

8 Lessons in Chapter 5: Government & Economic Systems
Test your knowledge with a 30-question chapter practice test
What is Government? - Definition, Role & Functions

1. What is Government? - Definition, Role & Functions

In this lesson, we will examine the various definitions of government. Then we will take a close look at the functions of the U.S. government and the role it plays in citizens' everyday lives.

A Capitalist Plan for a World Economy & the Soviet Alternative

2. A Capitalist Plan for a World Economy & the Soviet Alternative

In this lesson, we explore the capitalist plans for the global economy of Western nations in the aftermath of WWII while also discovering the Eastern communist response.

What is Democracy? - Definition, Types & Principles

3. What is Democracy? - Definition, Types & Principles

In this lesson, we will study the nature of democracy. We will define the term, take a look at the types of democracy, and examine its basic principles.

Capitalism, Pluralism & Democracy: Definitions & Differences

4. Capitalism, Pluralism & Democracy: Definitions & Differences

Businesses live in a multi-framework environment consisting of capitalism, pluralism and democracy. In this lesson, you will learn about each framework and how their differences present a unique challenge for a company's survival.

What is the Free Enterprise System? - Definition & Examples

5. What is the Free Enterprise System? - Definition & Examples

Find out what a free enterprise system is and how you benefit as a consumer and business owner in this type of environment. Learn about some common examples of free enterprises.

The Modern Economy: Primary, Secondary & Tertiary Sectors

6. The Modern Economy: Primary, Secondary & Tertiary Sectors

The modern economy can be divided into three sectors that reflect the economic development of that society. This lesson will discuss and explore the interaction between the primary, secondary and tertiary sectors of the modern economy.

How Nationalism Impacts World Politics

7. How Nationalism Impacts World Politics

Nationalism has the ability to provide tremendous benefits to a society, but also the capacity to wreak devastation if its power is misused. In this lesson, we'll take a look at nationalism's impact on the world stage.

Fascism: Characteristics, History & Rise

8. Fascism: Characteristics, History & Rise

In this lesson, we explore the characteristics of the form of government known as fascism, including briefly examining history's best example of fascism: Hitler's Germany.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
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Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
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