Ch 38: ORELA Business Education: Economic Systems & Theories

About This Chapter

Study these lessons to refresh your knowledge of different economic systems and theories. Reviewing this information will help you become well-equipped for any pertinent questions on the ORELA Business Education exam.

ORELA Business Education: Economic Systems & Theories - Chapter Summary

In this chapter, you will learn about the economic systems and theories on which the ORELA Business Education exam may test you. In addition to detailing different types of economies, these lessons will address the following topics:

  • Capitalism, socialism, mixed economies, and communism
  • Globalization since 1900
  • Economic models
  • Monetarism and economic determinism

These lessons are written by our subject-matter experts, and they feature both videos and transcripts. Each version highlights key terms that will increase your knowledge of this subject. After you review each lesson, be sure to take the self-assessment quiz to determine how well you comprehend the information you've reviewed.

7 Lessons in Chapter 38: ORELA Business Education: Economic Systems & Theories
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.
Not Taken
Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

Earning College Credit

Did you know… We have over 200 college courses that prepare you to earn credit by exam that is accepted by over 1,500 colleges and universities. You can test out of the first two years of college and save thousands off your degree. Anyone can earn credit-by-exam regardless of age or education level.

To learn more, visit our Earning Credit Page

Transferring credit to the school of your choice

Not sure what college you want to attend yet? Study.com has thousands of articles about every imaginable degree, area of study and career path that can help you find the school that's right for you.

Other Chapters

Other chapters within the ORELA Business Education: Practice & Study Guide course

Support