Ch 65: HiSET: Modern Economic Systems

About This Chapter

A variety of key components to modern economic systems are covered in this chapter. Learn about these topics by watching engaging video lessons and taking brief quizzes.

Modern Economic Systems - Chapter Summary

Find out about the origins of manufacturing and different economic sectors by looking at this chapter's content. The short videos used in this chapter make the information easier to grasp. The lessons cover the following topics:

  • Services in early and modern urban and rural settlements
  • Information technology's economic impact
  • Primary, secondary and tertiary sectors
  • Industrial sites
  • Central place theory
  • Service industry types
  • Local distribution companies

This chapter's video lessons come with transcripts that feature key terms shown in bold to emphasize the major topic aspects. Take quick self-assessment quizzes to see how you're comprehending the chapter's content before you register for the HiSET Social Studies subtest.

HiSET Social Studies Objectives

The HiSET is a high school equivalency exam available in several states. It has five subtests, including social studies. On the HiSET Social Studies subtest, you'll find 50 total questions that are all multiple-choice. You will have 70 minutes to complete these questions. The exam may use timelines, graphs and reading passages to communicate information needed for answering the questions. After thoroughly reviewing this chapter you'll be ready for any questions dealing with modern economic systems. These questions are found in the economics content area, which makes up 18% of the exam.

9 Lessons in Chapter 65: HiSET: Modern Economic Systems
Test your knowledge with a 30-question chapter practice test
Economic Sectors: Primary, Secondary & Tertiary

1. Economic Sectors: Primary, Secondary & Tertiary

This lesson will seek to explain the different sectors of the economy. In doing so, it will concentrate on the primary sector, the secondary sector, and the tertiary sector. It will also highlight the service industry.

Industrial Sites: Land, Labor & Capital

2. Industrial Sites: Land, Labor & Capital

This lesson will seek to explain the factors that go into industrial site consideration. It will focus on land, labor, and capital. It will also highlight proximity of inputs and infrastructure.

Local Distribution Companies & Material Distribution Centers

3. Local Distribution Companies & Material Distribution Centers

This lesson will seek to explain local distribution companies and material distribution centers. In doing this, it will highlight tangible goods and legalized distribution of utilities.

Manufacturing Industry: Origin and Regions

4. Manufacturing Industry: Origin and Regions

This lesson will seek to explain the origins of industry, specifically the Industrial Revolution. In doing this, it will focus on Great Britain and inventions, like the Spinning Jenny and the steam engine. It will also highlight the exports of today.

Service Distribution: Central Place Theory & Market-Area Analysis

5. Service Distribution: Central Place Theory & Market-Area Analysis

This lesson seeks to explain the central place theory and market area analysis. In doing this, we will highlight range, threshold, competition, and transportation.

Service Industries: Origin and Types

6. Service Industries: Origin and Types

This lesson will seek to define the concept of the service industry. In doing so, it will focus on consumer, business, and public services while also defining division of labor, automation, and urbanization.

Services in Early and Contemporary Rural Settlements

7. Services in Early and Contemporary Rural Settlements

This lesson will seek to explain services and products in early and contemporary rural areas. In doing this, it will highlight the Industrial Revolution, commercialization, cash crops, and urbanization.

Services in Early and Contemporary Urban Settlements

8. Services in Early and Contemporary Urban Settlements

This lesson will explain services available in early and contemporary cities. It will highlight the terms urban, rural, urbanization, division of labor, and welfare systems.

Information Technology: Impact on the Economy

9. Information Technology: Impact on the Economy

Information technology has impacted the economy in a number of ways. The most noticeable changes involve e-commerce, marketing tactics, facilitation of globalization, job insecurity, and job design. This lesson will explore a variety of concepts pertaining to the changing economy, including downsizing, outsourcing, the use of cookies, the benefits and costs of globalization, and the impact of e-commerce.

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 HiSET Social Studies: Prep and Practice course

Support