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Ch 32: PLACE Business Education: Economic and Political Systems

About This Chapter

Use the videos in this chapter to study economic questions that may show up on the PLACE Business Education exam. These lessons specifically cover how economic and political systems.

PLACE Business Education: Economic and Political Systems- Chapter Summary

You'll have the opportunity to study the modern economy and take a look at some different political systems. In addition, you'll review:

  • Economy types
  • Formal and substantive approaches to economic systems
  • Sectors in the modern economy
  • How economies function within society
  • The differences and similarities between socialism, communism and mixed economies
  • Pros and cons of a free market system

Our qualified instructors take you through each subject in short, engaging videos that never last for more than ten minutes. You can review the videos as often as you'd like to make sure you really understand the information presented. You'll also have the opportunity to print off video transcripts, so you can make sure you haven't missed any important vocabulary terms.

PLACE Business Education: Economic and Political Systems Objectives

The PLACE Business Education exam consists of five subareas. One of these subareas is Economics and Personal Finance. This section uses multiple-choice questions to test your understanding of finance and economics - including different economic and political systems.

Because each lesson ends with a quiz, you can review the types of questions that will appear on the PLACE Business Education exam. You can also use the quizzes to certify that you didn't miss any crucial information.

7 Lessons in Chapter 32: PLACE Business Education: Economic and Political Systems
Test your knowledge with a 30-question chapter practice test
What is Economy? - Definition & Types

1. What is Economy? - Definition & Types

We hear about the economy all the time, but what exactly is an economy? In this lesson, you'll learn about what an economy is and different types of 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.

The Modern Economy: Primary, Secondary & Tertiary Sectors

3. The Modern Economy: Primary, Secondary & Tertiary Sectors

The modern economy can be divided into three sectors that reflect the economic development of that society. This lesson will discuss and explore the interaction between the primary, secondary and tertiary sectors of the modern economy.

Forms of Economic Distribution & Exchange within Society

4. Forms of Economic Distribution & Exchange within Society

This lesson will seek to explain the different forms of economic distribution found across the globe. It will highlight generalized and balanced reciprocity as well as redistribution and market exchange.

Political System: Types & Definition

5. Political System: Types & Definition

How many different ways can human societies organize their governments? In this lesson, we'll examine some common political systems used throughout history and see how they compare.

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

6. 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 and the Free Market: Definition & Limitations

7. 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.

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 PLACE Business Education: Practice & Study Guide course

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