What is Capitalism?

Last updated over 6 years ago

19 questions

1

Discuss: What do you currently know about capitalism? Type your answers below. (There is no right or wrong answer and it's okay not to know anything.)

Review the cartoon.

What is being inferred by the cartoon?

Complete the Edpuzzle video, "What is Capitalism"?

gives you the right to buy and sell it.
without the right to own property.
exchange goods and services on the open market.
determine what prices will be.
what and how much gets produced.

Owning Something
Profit would be impossible
Buyers and sellers
The market forces of supply and demand
The government does not make rules about

REVIEW.

Jamie goes to the store and buys a new handbag.

Jack mows yards and does yard work for $10 an hour.

An automobile company made thousands of cars this year, but people have not been buying as many cars.

Frank could make $25 an hour helping his friend clean up construction site on Saturday, or he could attend his nephew's third birthday party. He decides to attend the birthday party, thus he doesn't reciev the money, but he makes his nephew very happy.

During the holidays last years, Hatchimals were a toys that sold out faster than others. Thus, people were paying ten times what it was worth.

Write a couple sentences about what you now know about capitalism that you did not know at the beginning of this lesson.

This is the way goods and services are produced and consumed.

A person who buys or pays someone to do something for them.

produceer

market

market economy

consumer

A person who makes or offers goods or services to others.

consumer

producer

market

market economy

Producers are free to decide what to produce, and consumer are free to buy whatever they need and want in this type of system.

market

market economy

producers

consumers

The entire activity of buying and selling that takes place out in the world.

consumer

producer

market 

market economy

This the number of consumers who want something.

supply

demand

market forces

The amount of something that is available.

supply

demand

market forces

Deciding to study for you GED instead of watching tv is an example of:

scarcity

command economy

opportunity cost

This is the limited amount of resources available.

opportunity cost

scarcity

command economy

This is a system where the government decides what will be produced, how much will be produced, and how much goods and services will cost.

scarcity

opportunity cost

command economy

gives you the right to buy and sell it.

without the right to own property.

exchange goods and services on the open market.

determine what prices will be.

what and how much gets produced.

Owning Something

Profit would be impossible

Buyers and sellers

The market forces of supply and demand

The government does not make rules about

Jamie goes to the store and buys a new handbag. 

supply and demand

consumer

scarcity

opportunity cost

producer

Jack mows yards and does yard work for $10 an hour.

supply and demand

consumer

scarcity

opportunity cost

producer

An automobile company made thousands of cars this year, but people have not been buying as many cars. 

supply and demand

consumer

scarcity

opportunity cost

producer

Frank could make $25 an hour helping his friend clean up construction site on Saturday, or he could attend his nephew's third birthday party. He decides to attend the birthday party, thus he doesn't reciev the money, but he makes his nephew very happy.

supply and demand

consumer

scarcity

opportunity cost

producer

During the holidays last years, Hatchimals were a toys that sold out faster than others. Thus, people were paying ten times what it was worth.

supply and demand

consumer

scarcity

opportunity cost

producer

A person who buys or pays someone to do something for them.

produceer

market

market economy

consumer

A person who makes or offers goods or services to others.

consumer

producer

market

market economy

Producers are free to decide what to produce, and consumer are free to buy whatever they need and want in this type of system.

market

market economy

producers

consumers

The entire activity of buying and selling that takes place out in the world. 

consumer

producer

market 

market economy

This the number of consumers who want something.

supply

demand

market forces

The amount of something that is available.

supply

demand

market forces

Deciding to study for you GED instead of watching tv is an example of:

scarcity

command economy

opportunity cost

This is the limited amount of resources available.

opportunity cost

scarcity

command economy

This is a system where the government decides what will be produced, how much will be produced, and how much goods and services will cost. 

scarcity

opportunity cost

command economy