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Ch 61: MTEL History: Economic Systems

About This Chapter

Make learning easy with these lessons on economic systems, which includes capitalism, socialism, communism, and more. The short lessons and quizzes in this chapter are a quick and easy way to get ready for an upcoming exam or prepare for a class discussion.

Economic Systems - Chapter Summary

While studying these lessons, you can heighten your understanding of economic systems, including topics like the structure of feudalism practiced in Europe and the 'underground economy.' This chapter can also help you understand mixed economic systems. After reviewing the lessons, you should be ready to do the following:

  • Differentiate between traditional, command, market, and mixed economies
  • Discuss the history of medieval feudalism
  • Provide examples of capitalism
  • Explain key concepts behind socialism and communism
  • Recall advantages and disadvantages of capitalism and socialism

The lessons in this chapter can help you quickly get up to speed on economic systems. In the video transcripts, you'll find key vocabulary words highlighted in bold print for easy reference and review. If you get stuck on a topic, you can submit questions to our instructors.

5 Lessons in Chapter 61: MTEL History: Economic Systems
Test your knowledge with a 30-question chapter practice test
Types of Economic Systems: Traditional, Command, Market & Mixed

1. Types of Economic Systems: Traditional, Command, Market & Mixed

Just like there are different political systems, there are also vastly different economic systems. This lesson introduces the differences between traditional, command, market, and mixed economies.

What is Medieval Feudalism? - Definition, Structure & History

2. What is Medieval Feudalism? - Definition, Structure & History

In this lesson, you'll learn about the historical background, basic structure, and general nature of feudalism as practiced in Medieval Europe between the 9th and 15th centuries.

What is Capitalism? - Definition & Examples

3. What is Capitalism? - Definition & Examples

This lesson explains what capitalism is and gives several examples to help illustrate how capitalism is executed in the business world. After completion of the lesson, take the quiz to gauge your learning.

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

4. 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.

Capitalism vs. Socialism: Differences, Advantages/Disadvantages & the 'Underground Economy'

5. Capitalism vs. Socialism: Differences, Advantages/Disadvantages & the 'Underground Economy'

This lesson explores formal and informal economies by discussing the differences between capitalism, socialism, and the underground economy. Key characteristics, advantages, and disadvantages of these economies will be covered.

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

Other chapters within the MTEL History (06): Practice & Study Guide course

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