About This Chapter
ISTEP+ Grade 7 Social Studies: Economics - Chapter Summary
Your students will review what an economy is and the different economic systems when they use the lessons in this chapter. They'll also better their understanding of these topics for the ISTEP+ Grade 7 Social Studies test:
- Definition and types of economies
- Types and examples of economic systems
- Capitalism and the free market
- Socialism, communism and mixed economies
- Contemporary Africa and poverty
- Voluntary trade
- Trade agreements
- International trade regulations
Instructors break down economic principles for your students, making them easier to understand. The video lessons contain video tags, which help the students navigate to certain parts of a video quickly. This comes in handy for when your students need to refresh their mind on a specific topic. Lesson transcripts are also available, which contain highlighted key terms that are important to know for the test.
1. What is Economy? - Definition & Types
We hear about the economy all the time, but what exactly is an economy? In this lesson, you'll learn about what an economy is and different types of economic systems.
2. Economic Systems: Definition, Types & Examples
In this lesson, you'll learn about the three major forms of economic systems, including planned, market, and mixed market economies. You'll also explore the five factors of production and the roles they play in the exchange of products or services.
3. 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.
4. Gross Domestic Product: Definition and Components
Learn how economists measure the total production of an economy using gross domestic product (GDP). This lesson also outlines the components that make up a GDP. How do we calculate the economic value of a nation?
5. 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.
6. The History of Communism in China
In this lesson, you will explore the history of communism in China and discover how it has influenced China since 1945. Then, test your understanding with a brief quiz.
7. The People's Republic of China: Politics & Economy
The People's Republic of China was established in 1949. Since that time, the politics and economy of this country have shifted course several times, mainly due to the leaders of the country and their vastly different goals.
8. Life in Modern Japan & the Pacific
In this lesson, you will explore modern Japan and the Pacific, including the current economies, cultures and politics of the region. Then, test your understanding with a brief quiz.
9. Poverty in Contemporary Africa
Poverty is a major problem in Africa today. In this lesson, we are going to look at the roots of this issue and see how it is impacting modern African populations.
10. Voluntary Trade: Definition, Use & Specialization in Struggling Economies
The global economy may seem complex, but it can be summarized as a series of individual choices. In this lesson, we'll look at how voluntary trade impacts this economy, and learn how different nations use it to their advantage.
11. What is Global Trade? - Definition, Advantages & Barriers
Global trade of goods and services are worth trillions of dollars each year. In this lesson, you'll learn about global trade and its advantages, as well as barriers to trade. A short quiz follows.
12. Trade Agreements: Definition & Effects
A country's economy can benefit from both importing and exporting goods. In this lesson you'll learn how countries use trade agreements to coordinate the exchange of goods between producers and consumers in both markets.
13. International Trade Regulations & Restrictions
Importing and exporting are vital elements to a healthy U.S. economy. Businesses should be familiar with international laws regarding trade. This lesson defines imports and exports and discusses international trade regulations and restrictions.
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 within the ISTEP+ Grade 7 - Social Studies: Test Prep & Practice course
- ISTEP+ Grade 7 Social Studies: Early Human Civilizations
- ISTEP+ Grade 7 Social Studies: Ancient Egypt
- ISTEP+ Grade 7 Social Studies: Ancient India
- ISTEP+ Grade 7 Social Studies: Ancient China
- ISTEP+ Grade 7 Social Studies: Understanding Religion
- ISTEP+ Grade 7 Social Studies: Buddhism
- ISTEP+ Grade 7 Social Studies: Hinduism
- ISTEP+ Grade 7 Social Studies: Christianity
- ISTEP+ Grade 7 Social Studies: Islam
- ISTEP+ Grade 7 Social Studies: Judaism
- ISTEP+ Grade 7 Social Studies: History of Sub-Saharan African Civilizations
- ISTEP+ Grade 7 Social Studies: The Silk Road & Trade Routes
- ISTEP+ Grade 7 Social Studies: History of Islamic Civilization
- ISTEP+ Grade 7 Social Studies: History of Slavery Globally
- ISTEP+ Grade 7 Social Studies: The Mongols
- ISTEP+ Grade 7 Social Studies: China's Dynasties
- ISTEP+ Grade 7 Social Studies: Japan's History & Development
- ISTEP+ Grade 7 Social Studies: Conquest of the New World & Global Trade
- ISTEP+ Grade 7 Social Studies: European Colonization & Imperialism
- ISTEP+ Grade 7 Social Studies: Japanese Imperialism & Role in WWII
- ISTEP+ Grade 7 Social Studies: The Middle East Post-WWII
- ISTEP+ Grade 7 Social Studies: The Gulf Wars & War on Terror
- ISTEP+ Grade 7 Social Studies: Modern International Conflicts & Wars
- ISTEP+ Grade 7 Social Studies: Types of Government
- ISTEP+ Grade 7 Social Studies: Asian Governments
- ISTEP+ Grade 7 Social Studies: Fundamentals of Geography
- ISTEP+ Grade 7 Social Studies: Physical & Human Systems in Geography
- ISTEP+ Grade 7 - Social Studies Flashcards