About This Chapter
Types of Economies - Chapter Summary
This chapter gives you the opportunity to review definitions and examples of several economic forms. You'll find information related to the origins of these economies, as well as lessons that compare the different economies to one another. Our instructors designed these lessons to ensure you understand:
Our lessons were designed by subject-matter experts to cover the important topics associated with economies. These lessons also focus on familiarizing you with the vocabulary words you need to know about this subject. The timeline included with each video allows you to immediately locate the information you'd like to focus on.
1. What is Capitalism? - Definition & Examples
This lesson explains what capitalism is and gives several examples to help illustrate how capitalism is executed in the business world. After completion of the lesson, take the quiz to gauge your learning.
2. Origins of Modern Capitalism
In this lesson, we will learn about the origins of modern capitalism. We will see how the modern capitalist system developed, and we will highlight key themes.
3. Capitalism and the Free Market: Definition & Limitations
Capitalism is an economic system that has played a dominant part in building the world in which we currently live. In this lesson, you'll learn about some key concepts of capitalism, as well as its limitations.
4. Socialism: Definition & Leaders
This lesson defines and explains the 19th century political ideology socialism. In doing this, it will highlight the roles of the Industrial Revolution and the socialist experiments of Robert Owen and Charles Fourier.
5. Communism: Definition & Examples
In this lesson, we'll learn the meaning of communism while briefly comparing it to capitalism. We'll then discuss different examples of communism. Finally, we'll discuss the significance of communism in the context of the Cold War.
6. Capitalism vs. Socialism: Differences, Advantages/Disadvantages & the 'Underground Economy'
This lesson explores formal and informal economies by discussing the differences between capitalism, socialism, and the underground economy. Key characteristics, advantages, and disadvantages of these economies will be covered.
7. Communism vs. Socialism: Similarities & Differences
People often confuse socialism and communism. In this lesson, you'll learn about the differences and similarities between each of these theories. You'll also have a chance to take a short quiz after the lesson.
8. 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.
Earning College Credit
Did you know… We have over 200 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.
Other chapters within the AEPA Geography (AZ004): Practice & Study Guide course
- Geography Literacy
- Geography Tools
- Geography & Weather
- Overview of Water Cycle & Balance
- Overview of Geomorphology
- Tectonic Processes
- Understanding Volcanoes
- Rocks & Weathering
- Landforms & Biomes
- Biological Processes of Ecosystems
- The Environment & Society
- Environmental Hazards & Pollution
- Key Earth & Space Concepts
- Technology Through History
- Overview of Human Geography
- Population & The Environment
- Human Settlement Patterns
- History of Transportation & Communication
- Land Resources
- Agricultural History & Types
- Issues & Trends in Modern-Day Agriculture
- Fishing & Aquatic Resources
- Understanding Cultural Geography
- The Impact of Religion on Geography
- The Economy & Geography
- Politics & Geography
- Basics of American Politics
- Understanding Globalization
- Global Trade
- International Players in Global Politics
- Understanding Industrialization
- Regional Geography: Continents
- Regional Geography: Subregions of the World
- United States Regional Geography
- Arizona's Geography & Society
- AEPA Geography Flashcards