About This Chapter
PLACE Marketing: Macroeconomics - Chapter Summary
From capitalism to competition, this chapter's video lessons guide you through several macroeconomic concepts so you'll be able to answer related questions on the PLACE Marketing Education test. Once you have put in the time to study our engaging lessons, you'll be ready to do the following:
- Define the modern economy's three sectors
- Describe forms of economic distribution
- List the types of economic systems
- Distinguish between the formal and substantive approaches to economics
- Recognize the limitations of capitalism
- Discuss forms of free market competition and their effects on business
- Explain the factors that impact the exchange rate
- Understand how economies carry out resource allocation
In videos that are usually less than 10 minutes long, our instructors explain each of these macroeconomic topics. Clear examples and entertaining graphics keep you interested while you explore concepts like resource allocation or economic distribution. Each video also contains tags so you can review specific points as needed.
PLACE Marketing: Macroeconomics Chapter Objectives
In Colorado, prospective marketing teachers have to pass the PLACE Marketing Education test as part of the state's licensing requirements. The exam covers several objectives spread among three content areas, which include marketing and marketing/business concepts as well as marketing education and careers.
You can expect to come across questions on the macroeconomic concepts discussed in the chapter within the marketing/business concepts portion of the exam. Both the PLACE test and our self-assessment lesson quizzes are in a multiple-choice format.
1. 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.
2. 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.
3. Economic Systems: Definition, Types & Examples
In this lesson, you'll learn about the three major forms of economic systems, including planned, market, and mixed market economies. You'll also explore the five factors of production and the roles they play in the exchange of products or services.
4. 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.
5. 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.
6. 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.
7. How The Competitive Environment Affects Business: Examples & Importance
Competition is essential for the successful operation of a market economy. Competition helps provide the best products and services at the best price. In this lesson, you'll learn about competition and some strategies employed by competitors.
8. Foreign Currency Exchange: Supply and Demand for Currency
In this lesson, you'll learn why money from different countries has different values of exchange. We'll cover the supply and demand for currencies and how changes in supply and demand can affect the exchange rates between currencies.
9. Exchange Rate: Determination and Conversion Across Countries
Understand what exchange rates are and the different types that can be used by governments and countries. See how they operate and how the conversion process works across countries.
10. How Fiscal and Monetary Policies Affect the Exchange Rate
Discover how fiscal and monetary policy can affect the exchange rate and ultimately the amount of money it costs you to buy goods and services. Find out the three paths that both fiscal and monetary policy can travel to impact the exchange rate.
11. 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.
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Other chapters within the PLACE Marketing Education: Practice & Study Guide course
- PLACE Marketing: Internal Marketing Principles
- PLACE Marketing: External Marketing Principles
- PLACE Marketing: Product & Services Marketing
- PLACE Marketing: Pricing Objectives & Strategy
- PLACE Marketing: Basic Math Concepts
- PLACE Marketing: Transportation, Distribution & Logistics
- PLACE Marketing: Sales Promotion
- PLACE Marketing: Entrepreneurship
- PLACE Marketing: Accounting
- PLACE Marketing: Finance
- PLACE Marketing: Microeconomics
- PLACE Marketing: International Trade & Global Marketing
- PLACE Marketing: Human Resource Management
- PLACE Marketing: Employee Staffing & Retention
- PLACE Marketing: Business Laws & Regulations
- PLACE Marketing: Business Technology
- PLACE Marketing: Computer Literacy
- PLACE Marketing: Information Systems
- PLACE Marketing: Business Communication
- PLACE Marketing: Education & Career Planning
- PLACE Marketing: Employment Skills
- PLACE Marketing: Career Development
- PLACE Marketing Education Flashcards