Ch 28: ISTEP+ Grade 7 Social Studies: Economics

About This Chapter

Help your students get ready for the ISTEP+ Grade 7 Social Studies exam by having them utilize this chapter. It is designed to help your students quickly review economic-related material.

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
  • GDP
  • 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.

13 Lessons in Chapter 28: ISTEP+ Grade 7 Social Studies: Economics
Test your knowledge with a 30-question chapter practice test
What is Economy? - Definition & Types

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.

Economic Systems: Definition, Types & Examples

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.

Understanding Socialism, Communism, and Mixed Economies: Comparison & Analysis

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.

Gross Domestic Product: Definition and Components

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?

Capitalism and the Free Market: Definition & Limitations

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.

The History of Communism in China

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.

The People's Republic of China: Politics & Economy

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.

Life in Modern Japan & the Pacific

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.

Poverty in Contemporary Africa

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.

Voluntary Trade: Definition, Use & Specialization in Struggling Economies

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.

What is Global Trade? - Definition, Advantages & Barriers

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.

Trade Agreements: Definition & Effects

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.

International Trade Regulations & Restrictions

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.

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.
Not Taken

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Other Chapters

Other chapters within the ISTEP+ Grade 7 - Social Studies: Test Prep & Practice course

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