About This Chapter
Economic Activities & Markets - Chapter Summary
Review the distinction between wants and needs and learn how a command economy differs from a market economy with this chapter's video lessons. We can help you gain full comprehension of these and other concepts through lessons on the following:
- Wants vs. needs
- Market demand schedule
- Market supply schedule
- Economic scarcity
- Free enterprise
- Market economies
- Command economies
- Mixed economies
- Circular flow model
Let our experienced instructors demonstrate some key economic concepts over the course of several entertaining video lessons and their matching transcripts. You can also complete a short quiz at the end of each lesson to find out if any topics require further attention.
1. Market Demand Schedule
Demand can often drive the cost up or down for a product or service. In this lesson, you'll discover what demand is, what it looks like, and how market demand schedules are created.
2. Market Supply Schedule
Supply and demand play big roles in the economy. In this lesson, you'll discover what supply is, how we describe it, and how market supply schedules are created.
3. Economic Scarcity and the Function of Choice
Discover the foundation of the social science of economics as we explore the basic economic problem of scarce resources and unlimited wants using key definitions that create a framework for understanding everyday behavior in a nation.
4. Circular Flow of Economic Activity: The Flow of Goods, Services & Resources
Learn about the simple model used to describe where money goes and what it is exchanged for in a market economy. The circular flow model of economic activity shows you the basic relationships between households, firms and the government.
5. 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.
6. Excess Reserves: Definition & Formula
Bank reserves are an important part of the banking system in the United States. In this lesson, you'll learn about excess reserves in the banking system and related concepts. You'll also have an opportunity to take a short quiz.
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Other chapters within the High School Business for Teachers: Help & Review course
- Fundamental Concepts in Accounting
- Recording & Planning in Accounting
- Accounting Analysis & Evaluation
- Business Markets & Globalization
- Banking & the Federal Reserve
- Business Types & Planning
- Entrepreneurship & Start-Ups
- Basics of Marketing Strategy
- Business Management Functions
- Management Theory for the Business Environment
- Concepts in Human Resource Management
- Resource Management & Training
- Compensation & Performance Review
- Principles of Business Ethics
- Principles of Business Law
- Employment Law Basics
- International Business Strategies
- Verbal Communication in the Workplace
- Written & Electronic Communication
- Presentations and Reporting
- Computer Use in Business
- Information Technology in the Business Environment
- Internet Technologies in Business
- Business Information Privacy and Security