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
Find out what a free enterprise system is and how you benefit as a consumer and business owner in this type of environment. Learn about some common examples of free enterprises.
2. Market vs. State-Controlled Economies
This lesson will highlight the differences between a market and a command economy. In doing so, it will explain communism, as well as the concept of a mixed market economy.
3. 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.
4. What is a Monopoly in Economics? - Definition & Impact on Consumers
In this lesson, you will learn about monopolistic markets and what a monopoly means for producers and consumers. After this lesson, you will understand why the name of one of our all-time favorite board games really makes perfect sense.
5. What is an Oligopoly? - Definition & Impact on Consumers
In this lesson, we will discuss a market structure that is actually quite common in the United States, as well as most other industrialized countries: oligopolies. Oligopolies are the market structures that sit somewhere between a monopoly and perfect competition. In this lesson, we will find out how.
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.
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Other chapters within the Praxis Business Education - Content Knowledge (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