Ch 41: MTEL Business: Economic Systems & Theories in Macroeconomics

About This Chapter

Review the impact of global economic systems on business using our lessons and quizzes. Knowledge of this material is needed in order to answer these types of questions on the Massachusetts Tests for Educator Licensure (MTEL) Business exam.

MTEL Business: Economic Systems & Theories in Macroeconomics - Chapter Summary

The lessons in this chapter are designed to provide you with an opportunity to reinforce current knowledge of or learn new facts about economic systems and theories influencing business practices and operations. A firm grasp of these concepts will help you correctly answer relevant questions contained on the MTEL Business exam and result in the following abilities:

  • Differentiating between market and state-controlled economies
  • Relating facts about capitalism
  • Analyzing various economic systems
  • Explaining the growth of free trade and global capitalism
  • Summarizing the two models of economic growth
  • Defining monetarism
  • Detailing the economic theories of Karl Marx

The narrative text of the lessons is supported by examples of the concepts discussed, making the learning of this material easy and engaging. You can take the self-assessment quizzes accompanying each lesson as often as needed to help you gain proficiency in these concepts.

7 Lessons in Chapter 41: MTEL Business: Economic Systems & Theories in Macroeconomics
Test your knowledge with a 30-question chapter practice test
Market vs. State-Controlled Economies

1. Market vs. State-Controlled Economies

This lesson will highlight the differences between a market and a command economy. In doing so, it will explain communism, as well as the concept of a mixed market economy.

Capitalism and the Free Market: Definition & Limitations

2. 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.

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.

Globalization, Capitalism & Free Trade since 1990

4. Globalization, Capitalism & Free Trade since 1990

In this lesson, we explore the growth of capitalism and free trade since 1990. We'll also examine the globalization spurred by the removal of tariffs and trade barriers.

The Keynesian Model and the Classical Model of the Economy

5. The Keynesian Model and the Classical Model of the Economy

Economists use two basic models to describe economic growth. In this lesson, you'll find out more about each one of these models using real-world examples. So buckle up your seatbelts!

Monetarism: Definition & Overview

6. Monetarism: Definition & Overview

Economists are like most people: they don't always agree on how things work or should work. Monetarism is one of several schools of thought in economics. In this lesson, you'll learn about monetarism and its policy approach. A short quiz follows.

Economic Determinism and Karl Marx: Definition & History

7. Economic Determinism and Karl Marx: Definition & History

Understand the economic theory of Karl Marx, known as economic determinism, and how it related to historical materialism, the mode of production, the means of production, and Marxism.

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 MTEL Business (19): Practice & Study Guide course

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