Ch 27: PLACE Elementary Education: Economics

About This Chapter

Let us help you develop a deeper understanding of economic systems as you study for the PLACE Elementary Education exam. Our video lessons and quizzes review concepts you will be tested on when taking this Colorado teacher certification exam.

PLACE Elementary Education: Economics - Chapter Summary

You can use the lessons in this chapter to refresh your knowledge of domestic and global economies, including types and models of economic systems. Once you have reviewed these lessons, you should be able to answer questions on the PLACE Elementary Education exam related to:

  • Defining economics
  • Detailing the types of economic systems
  • Explaining the flow of goods and services in a market economy
  • Identifying how business, government and society interact and influence each other
  • Summarizing the characteristics of a global economy

These lessons provide definitions and examples to help simplify the material and make the learning experience fun and easy. You can take self-assessment quizzes to gauge what you have learned and identify any areas in which you might need further review before taking the PLACE Elementary Education exam.

PLACE Elementary Education: Economics - Chapter Objectives

PLACE are educator licensing exams used in the state of Colorado to assess an aspiring teacher's knowledge level of and ability to teach content in K-12 grades. The Elementary Education exam include sections in literacy/language arts, math, science, social studies, humanities, and wellness & physical education. This Economics chapter covers basic concepts in and the affects of economics that you can expect to be addressed in the social studies section. The test is paper based and consists of all multiple-choice questions.

5 Lessons in Chapter 27: PLACE Elementary Education: Economics
Test your knowledge with a 30-question chapter practice test
What is Economics? - Definition & Types

1. What is Economics? - Definition & Types

Few things affect the day-to-day lives of everyone more than the economy. In this lesson, you'll learn about economics, including some of its foundational topics and concepts. You'll also have a chance to take a quiz after the lesson.

Types of Economic Systems: Traditional, Command, Market & Mixed

2. Types of Economic Systems: Traditional, Command, Market & Mixed

Just like there are different political systems, there are also vastly different economic systems. This lesson introduces the differences between traditional, command, market, and mixed economies.

Circular Flow of Economic Activity: The Flow of Goods, Services & Resources

3. Circular Flow of Economic Activity: The Flow of Goods, Services & Resources

Learn about the simple model used to describe where money goes and what it is exchanged for in a market economy. The circular flow model of economic activity shows you the basic relationships between households, firms and the government.

Business, Government & Society: Interactions and Influences

4. Business, Government & Society: Interactions and Influences

Business, government, and society interact and influence each others' specific objectives and goals. In this lesson, you will learn the three different models that can impact how they influence each other.

The Global Economy: Advantages, Expansion & Impact

5. 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.
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 Elementary Education: Practice & Study Guide course

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