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Ch 15: The American Economic System

About This Chapter

Use this short chapter to enhance your understanding of various aspects of the U.S. economic system, such as taxation, production and distribution. These lessons are great tools you can use to support your economics class studies or to review material before taking professional certification exams.

The American Economic System - Chapter Summary

This chapter is designed to help you analyze the American economic system. You will find lessons focusing on such topics as pricing, costs and the distribution system. You will review definitions and examples to facilitate your understanding of these concepts.

You will also learn more about the sales process and taxation systems. Once you complete your study of this chapter, you should be able to:

  • Discuss the cyclical phases of the U.S. economy
  • Provide details about different pricing structures
  • List objectives that affect pricing decision strategies
  • Differentiate between marginal costs and average and total costs
  • Define and describe types of distribution systems
  • Detail the steps of the sales process
  • Understand how tax systems work

Access these lessons from any device 24/7 and view them as frequently as necessary to gain a full understanding of each topic. You also have the option to print lesson transcripts for quick reference purposes. Determine how much you have learned and whether you need further study in any area by taking self-assessment quizzes found in each lesson.

7 Lessons in Chapter 15: The American Economic System
Test your knowledge with a 30-question chapter practice test
The Cyclical Phases of the US Economy

1. The Cyclical Phases of the US Economy

Ever wish the economy would just stay still long enough for you to make some sense of it? As nice as that sounds, a stagnant economy is not a good thing. This lesson will explain why that is and examine the cyclical phases of the US economy.

Pricing Structure: Examples & Overview

2. Pricing Structure: Examples & Overview

Companies use different pricing structures to achieve different objectives. In this lesson, you'll learn about some different pricing structures and be provided examples.

Pricing Decisions: Profit-Oriented, Sales & Status Quo

3. Pricing Decisions: Profit-Oriented, Sales & Status Quo

Companies need to determine the main objective of their pricing strategy. The different objectives can be based on profit, sales, competition or customers. The end result should be customer satisfaction.

How Marginal Costs Differ from Average & Total Costs

4. How Marginal Costs Differ from Average & Total Costs

A major concern for producers is trying to figure out how much something costs to make. Through using marginal costs, total costs, and average costs, producers get a much better idea of the prices they should charge.

Distribution System: Definition & Types

5. Distribution System: Definition & Types

In this lesson about distribution systems we will grasp how the collaboration of various procedures is linked together to aid supply of products and services to meet demand. An ensuing quiz will test your knowledge.

What Is the Sales Process? - Steps & Example

6. What Is the Sales Process? - Steps & Example

Almost everyone has been subjected to the sales process. In this lesson, you'll learn about the steps in the sales process and be provided an example. A short quiz follows the lesson.

Principles and Systems of Taxation

7. Principles and Systems of Taxation

In this lesson, you'll gain a better understanding of how our tax system works. Look into the different levels of taxation from the federal government to state and local governments.

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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