Ch 42: WEST Business & Marketing Education: Economic & Political Systems

About This Chapter

Analyze the relationship between political systems and economics by reviewing these transcripts and video lessons. Use our assessment quizzes and chapter exam to gauge your readiness for the WEST Business and Marketing Education exam.

WEST Business & Marketing Education: Economic & Political Systems - Chapter Summary

Get a better handle on the inner workings of economic and political systems by browsing the test prep materials in this chapter. As you make your study schedule for the WEST Business and Marketing Education exam, be sure to set aside some time with our materials that go over these key topics:

  • Economy definition and types
  • Types of economic systems
  • The three sectors of a modern economy
  • Societal exchange and distribution within the economy
  • Major political systems
  • Differences between mixed, communism, and socialism economies
  • Limitations in capitalism and the free marke

As long as your devices can connect to the Internet, you can get onto our site and study wherever you are and at any time. Use our video lessons as a fun way to refresh your memories on economic and political systems. The lesson transcripts found below the videos can be used as notes, and you can skim over the transcripts for all of those last-minute or late-night cram sessions. Each lesson takes only a few minutes to complete, so you can make significant progress studying without feeling as overwhelmed. In addition, all of our materials are designed by instructors who have extensive experience. These instructors are intimately familiar with the format of the WEST Business and Marketing Education exam, so you can be certain that our test prep materials have been tailor-made to this specific exam.

WEST Business & Marketing Education: Economic & Political Systems Chapter Objectives

Becoming endorsed to teach business and marketing classes in Washington requires licensed educators to fulfill all necessary requirements, which include getting a passing score on the WEST Business and Marketing Education exam. The test has about 110 multiple-choice questions, and the questions are divided among five key categories. About 17% of the questions are part of the international law and economics section, which is the section where you can find questions related to the topics in this chapter. Study the materials in this chapter to make sure you can successfully answer questions concerning economic and political systems.

7 Lessons in Chapter 42: WEST Business & Marketing Education: Economic & Political Systems
Test your knowledge with a 30-question chapter practice test
What is Economy? - Definition & Types

1. What is Economy? - Definition & Types

We hear about the economy all the time, but what exactly is an economy? In this lesson, you'll learn about what an economy is and different types of economic systems.

Economic Systems: Formal & Substantive Approaches

2. Economic Systems: Formal & Substantive Approaches

Today's lesson on the substantive versus formal approaches to economics is rather simple to grasp despite the way these names may sound. Learn about these terms and their origin and see some tangible examples of each.

The Modern Economy: Primary, Secondary & Tertiary Sectors

3. The Modern Economy: Primary, Secondary & Tertiary Sectors

The modern economy can be divided into three sectors that reflect the economic development of that society. This lesson will discuss and explore the interaction between the primary, secondary and tertiary sectors of the modern economy.

Forms of Economic Distribution & Exchange within Society

4. Forms of Economic Distribution & Exchange within Society

This lesson will seek to explain the different forms of economic distribution found across the globe. It will highlight generalized and balanced reciprocity as well as redistribution and market exchange.

Political System: Types & Definition

5. Political System: Types & Definition

How many different ways can human societies organize their governments? In this lesson, we'll examine some common political systems used throughout history and see how they compare.

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

6. 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.

Capitalism and the Free Market: Definition & Limitations

7. 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.

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.

Other Chapters

Other chapters within the WEST Business & Marketing Education (038): Practice & Study Guide course

Support