Ch 11: PLACE Marketing: Macroeconomics

About This Chapter

Use the video lessons in this chapter to prepare for questions on macroeconomics that appear on the PLACE Marketing Education test. Instructors discuss the modern economy, types of economic systems, foreign currency exchange and more.

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.

11 Lessons in Chapter 11: PLACE Marketing: Macroeconomics
Test your knowledge with a 30-question chapter practice test
The Modern Economy: Primary, Secondary & Tertiary Sectors

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.

Forms of Economic Distribution & Exchange within Society

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.

Economic Systems: Definition, Types & Examples

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.

Economic Systems: Formal & Substantive Approaches

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.

Capitalism and the Free Market: Definition & Limitations

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.

Competition Within Free Markets: Types & Summary

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.

How The Competitive Environment Affects Business: Examples & Importance

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.

Foreign Currency Exchange: Supply and Demand for Currency

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.

Exchange Rate: Determination and Conversion Across Countries

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.

How Fiscal and Monetary Policies Affect the Exchange Rate

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.

Understanding the Challenge of Resource Allocation

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.

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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