Ch 8: Praxis Business: Economic Systems & Market Structures

About This Chapter

Explore the differences between market and command economies, oligopolies and monopolies with this chapter's video lessons and quizzes. Our instructors discuss these topics and more to help you study for the Praxis Business Education exam.

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.

6 Lessons in Chapter 8: Praxis Business: Economic Systems & Market Structures
Test your knowledge with a 30-question chapter practice test
What is the Free Enterprise System? - Definition & Examples

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.

Market vs. State-Controlled Economies

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.

Understanding Socialism, Communism, and Mixed Economies: Comparison & Analysis

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.

What is a Monopoly in Economics? - Definition & Impact on Consumers

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.

What is an Oligopoly? - Definition & Impact on Consumers

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.

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.

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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