Ch 4: Economic Activities & Markets

About This Chapter

Use this chapter as a study guide to prepare for a test covering economic activities and markets. Boost your knowledge of concepts like free enterprise, market supply and economic scarcity with our user-friendly video lessons and self-assessment quizzes.

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.

6 Lessons in Chapter 4: Economic Activities & Markets
Test your knowledge with a 30-question chapter practice test
Market Demand Schedule

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.

Market Supply Schedule

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.

Economic Scarcity and the Function of Choice

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.

Circular Flow of Economic Activity: The Flow of Goods, Services & Resources

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.

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

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.

Excess Reserves: Definition & Formula

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.

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

Earning College Credit

Did you know… We have over 160 college courses that prepare you to earn credit by exam that is accepted by over 1,500 colleges and universities. You can test out of the first two years of college and save thousands off your degree. Anyone can earn credit-by-exam regardless of age or education level.

To learn more, visit our Earning Credit Page

Transferring credit to the school of your choice

Not sure what college you want to attend yet? Study.com has thousands of articles about every imaginable degree, area of study and career path that can help you find the school that's right for you.

Support