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Ch 7: Holt McDougal Economics Chapter 2.3: Market Economies

About This Chapter

The Market Economies chapter of this Holt McDougal Economics Companion Course helps students learn the essential lessons associated with market economies. Each of these simple and fun video lessons is about five minutes long and is sequenced to align with the Market Economies textbook chapter.

How It Works:

  • Identify the lessons in the Holt McDougal Market Economies chapter with which you need help.
  • Find the corresponding video lessons with this companion course chapter.
  • Watch fun videos that cover the market economies topics you need to learn or review.
  • Complete the quizzes to test your understanding.
  • If you need additional help, rewatch the videos until you've mastered the material or submit a question for one of our instructors.

Students will learn about:

  • The pros of a market economy
  • Property rights
  • Traits of private goods
  • Definitions for laissez-faire and capitalism
  • The principle of voluntary exchange
  • Kinds of competition in free markets
  • Consumer sovereignty
  • Specialization and opportunity cost
  • What the consumer and resource markets are
  • The circular flow model

Holt McDougal is a registered trademark of Houghton Mifflin Harcourt, which is not affiliated with Study.com.

12 Lessons in Chapter 7: Holt McDougal Economics Chapter 2.3: Market Economies
Test your knowledge with a 30-question chapter practice test
What Are Property Rights? - Definition, History & Examples

1. What Are Property Rights? - Definition, History & Examples

The definition of property rights sounds simple; however, there is a lot more to property rights than meets the eye. This lesson will provide definitions, some historical information, and examples to help you better understand this important topic.

Private Good: Definition & Examples

2. Private Good: Definition & Examples

In this lesson, we will define private good. We will compare it to a public good and provide examples. This will be followed by characteristics and a conclusion that helps capture the main points.

Laissez Faire Economics: Definition & Examples

3. Laissez Faire Economics: Definition & Examples

Find out what 'laissez faire' means and why so many people feel strongly in this economic belief. Learn why the approach seems to come and go through history and where it got its origins.

Capitalism and the Free Market: Definition & Limitations

4. 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.

Voluntary Exchange: Definition, Principle, Model & Examples

5. Voluntary Exchange: Definition, Principle, Model & Examples

This lesson discusses the voluntary exchanges which occur in our lives almost every day. It discusses the importance of voluntary exchanges to the economy by presenting key definitions, the model, and relevant examples.

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.

Consumer Sovereignty: Definition & Limitations

7. Consumer Sovereignty: Definition & Limitations

In this lesson, we will explain what consumer sovereignty means. We'll then look at the limitations of consumer sovereignty and go over examples to help better explain the term.

Specialization in Economics: Definition & Concept

8. Specialization in Economics: Definition & Concept

How does one increase productivity? Why do nations focus on producing certain goods over others and then trade? These questions are addressed in the discussion of specialization in economics.

Circular Flow of Economic Activity: The Flow of Goods, Services & Resources

9. Circular Flow of Economic Activity: The Flow of Goods, Services & Resources

Learn about the simple model used to describe where money goes and what it is exchanged for in a market economy. The circular flow model of economic activity shows you the basic relationships between households, firms and the government.

What is Consumer Market? - Definition & Example

10. What is Consumer Market? - Definition & Example

Learn what a consumer market is in this lesson. Go over an example of a real consumer market and see how consumers are able to make purchasing and buying decisions within such a market.

Resource Market: Definition & Overview

11. Resource Market: Definition & Overview

Businesses cannot provide goods or services if they don't have resources. In this lesson, you'll learn about the resource market and related concepts.

The Market System in Economics: Definition, Characteristics & Advantages

12. 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.

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

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