Ch 46: NYSTCE Social Studies: Economic Systems

About This Chapter

Review types of economic systems using this chapter of the NYSTCE Social Studies exam study guide. You can use these video lessons to develop your understanding of these systems so that you can easily answer any related questions posed on the exam.

NYSTCE Social Studies: Economic Systems - Chapter Summary

As you gear up for the NYSTCE Social Studies exam, look over these lessons in this chapter that will explore economic systems. You will have the opportunity to review market and state-controlled economies, understanding types of economies, and resource allocation. These lessons will also discuss how societies organize their production, gross domestic product, and how GDP affects the standard of living. By the end of this chapter, you should be familiar with the aforementioned topics as well as:

  • Traditional, market, command and mixed economic systems
  • Socialism, communism, and mixed economies
  • Influence of economic systems on social structure
  • Definition, theories and indicators of economic growth and development
  • Advantages, expansion and impact of the global economy

These lessons are presented to you in the form of 5-10 minute videos that are each accompanied by a full transcript. You can consult the transcripts to take note of key terms in bold and to progress through the content at your own pace. If you have any questions, please contact our specialists for assistance.

11 Lessons in Chapter 46: NYSTCE Social Studies: Economic Systems
Test your knowledge with a 30-question chapter practice test
Economic Systems: Traditional, Market, Command & Mixed

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

The following lesson describes the four types of economic systems that are responsible for all of the buying, selling, and production of goods. A short quiz will follow the lesson to check your understanding of the material.

Market vs. State-Controlled Economies

2. 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.

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.

Understanding the Challenge of Resource Allocation

4. Understanding the Challenge of Resource Allocation

By now, you've probably figured out that all resources are scarce. But how do we allocate resources to make the most of that scarcity? This lesson explains how economists allocate resources, as well as three of the major philosophies influencing such choices.

How Societies Organize Their Production

5. How Societies Organize Their Production

This lesson will seek to explain the different ways in which societies organize their production. In doing so, it will define domestic, tributary, and capitalist production, as well as postindustrialism.

Gross Domestic Product: Definition and Components

6. 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?

How Real GDP per Capita Affects the Standard of Living

7. How Real GDP per Capita Affects the Standard of Living

Have you ever wondered why some countries are better off than others? In this lesson, explore the concept of real GDP per capita, an economic measure of a nation's standard of living, and discover how population, productivity, and the savings rate effect the standard of living.

How Economic Systems Influence Social Structure

8. How Economic Systems Influence Social Structure

Economic systems can have wide-reaching effects on how societies are organized. In this lesson, we'll examine how two economic systems — capitalism and socialism — influence the patterned social arrangements that exist across society.

What Is Economic Growth and Development? - Definition, Theories & Indicators

9. What Is Economic Growth and Development? - Definition, Theories & Indicators

A country's economic health can usually be measured by looking at that country's economic growth and development. This lesson defines and explains economic growth and economic development, including the role of U.S. foreign aid.

What is Economic Growth? - Definition, Theory & Impact

10. What is Economic Growth? - Definition, Theory & Impact

How do we measure and explain economic growth? This lesson will go through the various theories of economic growth which all try to explain how a country continues to increase production.

The Global Economy: Advantages, Expansion & Impact

11. The Global Economy: Advantages, Expansion & Impact

This lesson will explain the concept of economic globalization. We will look at both its positive and negative effects while also highlighting the terms 'import,' 'export,' and 'capital flight.'

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.
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Other chapters within the NYSTCE Social Studies (115): Practice & Study Guide course

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