Ch 66: MTTC Social Studies (Secondary): Economic Systems

About This Chapter

Economic systems and related subject matter are highlighted in this refresher chapter. The short, fun video lessons explore key topics that you may come across on multiple MTTC Social Studies (Secondary) questions.

MTTC Social Studies (Secondary): Economic Systems - Chapter Summary

As you're checking out the videos, you'll be getting reacquainted with types of economic systems along with content regarding competition. The lessons will help ensure you're familiar with these possible MTTC Social Studies (Secondary) question topics:

  • Market, command and mixed economic systems
  • Characteristics and types of entrepreneurs
  • Microfinancing
  • Perfectly competitive markets
  • How oligopoly and monopoly are different
  • Examples of unfair competition

Video tags allow you to quickly locate portions of any lessons that you want to review again. Answer the practice questions from each lesson's self-assessment quiz to verify your familiarity with the lesson topics.

MTTC Social Studies (Secondary): Economic Systems Chapter Objectives

The MTTC Social Studies (Secondary) test establishes if your subject expertise makes you qualified to teach in the state of Michigan. The economics subarea of the test affects about 13% of an examinee's score. This subarea has objectives concerned with economic systems as well as competition. Questions written about such issues will be in multiple-choice format.

10 Lessons in Chapter 66: MTTC Social Studies (Secondary): Economic Systems
Test your knowledge with a 30-question chapter practice test
Understanding Socialism, Communism, and Mixed Economies: Comparison & Analysis

1. 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.

Economic Systems: Formal & Substantive Approaches

2. Economic Systems: Formal & Substantive Approaches

Today's lesson on the substantive versus formal approaches to economics is rather simple to grasp despite the way these names may sound. Learn about these terms and their origin and see some tangible examples of each.

Entrepreneurship & the Economy: Definition & Importance

3. Entrepreneurship & the Economy: Definition & Importance

Entrepreneurs fill a vitally important role in market economies. In this lesson, you'll learn about the importance of entrepreneurship, different types of entrepreneurs and how they add value to an economy.

What is an Entrepreneur? - Definition, Characteristics & Examples

4. What is an Entrepreneur? - Definition, Characteristics & Examples

Entrepreneurship is an important engine of growth in the economy. In this lesson, you'll learn about what an entrepreneur is and the key characteristics and skills that a successful entrepreneur possesses. Some examples of entrepreneurs will also be given.

Microfinance for Entrepreneurs & Small Businesses

5. Microfinance for Entrepreneurs & Small Businesses

In this lesson, we define what microfinancing is and explore the uses and goals of this incredibly new and exciting form of economic assistance geared toward helping those in the third world.

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.

Unfair Competition: Methods, Elements & Laws

7. Unfair Competition: Methods, Elements & Laws

Unfair competition refers to several different types of intentional torts that cause economic injury to another person's business. These torts are various forms of deceptive business practices. This lesson explains unfair competition.

Foreign and Domestic Business Competition: Definition and Regulations

8. Foreign and Domestic Business Competition: Definition and Regulations

Marketers have to understand the environmental factors that can affect a marketing plan. The competitive landscape has a dramatic impact on a marketer's overall strategy for pricing, product development, promotion and logistics.

What is a Monopoly in Economics? - Definition & Impact on Consumers

9. What is a Monopoly in Economics? - Definition & Impact on Consumers

In this lesson, you will learn about monopolistic markets and what a monopoly means for producers and consumers. After this lesson, you will understand why the name of one of our all-time favorite board games really makes perfect sense.

What is an Oligopoly? - Definition & Impact on Consumers

10. What is an Oligopoly? - Definition & Impact on Consumers

In this lesson, we will discuss a market structure that is actually quite common in the United States, as well as most other industrialized countries: oligopolies. Oligopolies are the market structures that sit somewhere between a monopoly and perfect competition. In this lesson, we will find out how.

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 MTTC Social Studies (Secondary)(084): Practice & Study Guide course

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