About This Chapter
Praxis Business Education: Economic Systems & Market Structures - Chapter Summary
Study the allocation of resources in various economic systems and analyze how market structure affects competition with lessons designed to prepare you for the Praxis Business Education test. Topics of discussion cover the following:
- Definition of free enterprise
- Characteristics of a market economy
- Types of command and mixed economies
- Differences between monopolies and oligopolies
- The effect of pricing structures on the quality of goods
Our study guide introduces you to business education exam topics via short, engaging video lessons and their matching transcripts. There are also multiple-choice quizzes that link back to video content, so you can reinforce your understanding of the main ideas covered in each lesson and determine which topics will require additional study.
Praxis Business Education: Economic Systems & Market Structures Objectives
Now that you're wrapping up your teacher education program, use the lessons included here to prepare for the Praxis Business Education exam. Passing scores on the test are among some states' requirements for teacher licensing in this subject area.
The 2-hour test assesses your knowledge in eight content domains, including economics. Roughly ten percent of the exam's 120 multiple-choice questions fall under this category and address topics including market, command and mixed economies as well as monopolies and oligopolies.
1. What is the Free Enterprise System? - Definition & Examples
An economic system with limited governmental restrictions on citizen participation in business activities and ownership is called a free enterprise system. Learn more about the definition, characteristics, and examples of free enterprise economic systems, such as the one used in the United States.
2. Market vs. State-Controlled Economies
Market-based economics involves pricing based on supply and demand, while state-controlled, or command economies, such as in communist countries, are examples of government-directed economics. Learn how to differentiate between market-based and command economies and explore the characteristics of mixed economies.
3. Understanding Socialism, Communism, and Mixed Economies: Comparison & Analysis
Economies can be set up using different systems, including socialism or communism, as well as capitalism. Gain understanding of socialism and communism by comparing and analyzing their features. Recognize that in reality, economic systems are mixed economies with features of more than one system.
4. What is a Monopoly in Economics? - Definition & Impact on Consumers
In economics, monopoly refers to a market structure in which there is only a single seller of a certain product or service. Learn about the definition, see examples of a monopoly, and understand its impact on consumers.
5. What is an Oligopoly? - Definition & Impact on Consumers
An oligopoly is characterized by a few firms that have control over the price and output level of a market. Explore the definition and examples of oligopoly, and learn about the impact of a market's oligopolistic behavior on consumers.
6. Competition Within Free Markets: Types & Summary
In economics, market competition occurs when more than one business produces identical or similar goods and/or services and competes to sell their products to the same target group of consumers. Learn about the types of competition within free markets, and understand how competition differs in perfect, monopoly, monopolistic, and oligopoly markets.
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Other chapters within the Praxis Business Education (5101): Practice & Study Guide course
- Praxis Business: Accounting
- Praxis Business: Personal Finance
- Praxis Business: Business Finance
- Praxis Business: Foundations of Communication
- Praxis Business: Written & Oral Communication
- Praxis Business: Employment Communication & Career Research
- Praxis Business: Economic Allocation of Resources
- Praxis Business: Role of the Government in Economics
- Praxis Business: Economic Indicators of Growth
- Praxis Business: Entrepreneurship
- Praxis Business: Information Technology Operations and Concepts
- Praxis Business: Technology Tools
- Praxis Business: Computer Applications
- Praxis Business: Programming & Design
- Praxis Business: Foundations of International Business
- Praxis Business: International Business Environment
- Praxis Business: Contract Law
- Praxis Business: Consumer & Computer Law
- Praxis Business: US Court System
- Praxis Business: Marketing
- Praxis Business: Management
- Praxis: Professional Business Education
- Praxis Business Education: Content Knowledge Flashcards