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Ch 46: OAE Middle Grades Social Studies: Economic Systems

About This Chapter

Looking at this chapter allows you to effectively prepare for the OAE Middle Grades Social Studies test. Throughout the chapter, you will come across material relating to economic systems.

OAE Middle Grades Social Studies: Economic Systems - Chapter Summary

Exploring the content in these lessons, you will enhance your understanding of different economic systems. Some topics you will investigate include:

  • State-controlled vs. market economies
  • Socialism, communism and mixed economies
  • Free enterprise economy
  • Gross domestic product
  • The business cycle
  • Free market competition

Tackling economic-related information is made simple thanks to our lessons. Featuring a 5-10 minute video format, these lessons let you learn in a fun manner. Effectively remember economic system material for the exam by reviewing our lessons multiple times. Then, assess your knowledge by using our self-assessment quizzes.

7 Lessons in Chapter 46: OAE Middle Grades 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.

Free Enterprise Economy: Definition & Examples

4. Free Enterprise Economy: Definition & Examples

Our economic system has a major impact on how society functions. It determines how we feel and how we act. They say, 'Money makes the world go round.' Let's take a look at the free enterprise economy and see why that is.

Competition Within Free Markets: Types & Summary

5. 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.

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?

The Business Cycle: Economic Performance Over Time

7. The Business Cycle: Economic Performance Over Time

Learn the economic terms that describe economic performance over time and how indicators such as unemployment and inflation behave throughout these economic fluctuations.

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 Ohio Assessments for Educators - Middle Grades Social Studies (031): Practice & Study Guide course

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