Introduction to Capitalism
Explore the basic concepts of capitalism, including private ownership, free markets, and supply and demand, suitable for 6th-grade social studies students.
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Introduction to Capitalism
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Read each question carefully and answer to the best of your ability. This worksheet will test your understanding of basic economic principles related to capitalism.
1. In a capitalist system, who primarily owns businesses and resources?
The government
Private individuals and companies
A council of elders
Non-profit organizations
2. What is the main goal of businesses in a capitalist economy?
To provide free goods to everyone
To make a profit
To employ as many people as possible
To follow government orders
3. The concept of means that individuals have the right to own property and use it as they see fit.
4. In a free , prices are determined by supply and demand, not by government control.
5. When there is a high demand for a product and low supply, its price will likely .
6. In capitalism, the government makes all decisions about what goods and services are produced.
True
False
7. Competition among businesses is a key feature of capitalism.
True
False
8. Explain in your own words what 'private ownership' means in a capitalist economy.
9. Describe one way that supply and demand can affect the price of a popular toy.
Match each term on the left with its definition on the right.
10. Profit
a. The amount of a good or service available
11. Supply
b. The money a business earns after paying its costs
12. Demand
c. The desire of consumers for a good or service