Understanding Capitalism

An introductory worksheet for 5th graders to learn about the basic principles of capitalism, including private ownership, competition, and supply and demand.

Grade 5 Social studies EconomicsCapitalism

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Includes

Multiple ChoiceFill in the BlanksTrue / FalseShort Answer

Standards

D2.Eco.1.3-5. Explain how economic decisions affect the well-being of individuals and society.D2.Eco.2.3-5. Describe how individuals and groups respond to economic incentives.

Topics

capitalismeconomicssocial studiesgrade 5

6 sections · Free to use · Printable

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Understanding Capitalism

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Read each question carefully and answer to the best of your ability. This worksheet will help you understand the basics of capitalism.

1. In a capitalist system, who typically owns businesses and resources?

The government

Private individuals

All citizens equally

A small group of leaders

2. What is a key motivation for businesses in a capitalist economy?

To provide free goods to everyone

To make a profit

To ensure everyone has a job

To follow government orders

3. The amount of a product or service available is called .

4. The desire of consumers for a product or service is called .

5. When businesses try to sell similar products to the same customers, it's called .

6. In capitalism, the government makes all decisions about what goods are produced.

True

False

7. Competition among businesses can lead to lower prices and better products for consumers.

True

False

8. Explain in your own words what 'private ownership' means in a capitalist society.

9. How does 'supply and demand' affect the price of a toy?