Capitalism Definition For Elementary Students

Capitalism economic system dominant in the western world since the breakup of feudalism in which most means of production are privately held and production prices and incomes are determined by markets.

Capitalism definition for elementary students. These companies compete with other companies for business. During this period governments encouraged the development of capitalism through a policy called mercantilism. Learn more about the history and development of capitalism in this article. The goal of mercantilism was to use trade to increase a country s wealth and power at the expense of rival countries.

Capitalism gained importance in the 1500s with the growth of international trade industry and banking. Capitalism ignores external costs such as pollution and climate change. That is it is a system for dealing with money and wealth. Help students understand capitalism with the help of this lesson plan.

Students will read a text lesson that explains capitalism and how it compares to socialism then do a fun activity applying. An economic political and social system in which property business and industry are. An economic system in which the means of production and distribution are privately or corporately owned and development occurs through the accumulation. This makes goods cheaper and more accessible in the short run but over time it depletes natural resources lowers the quality of life in the affected areas and increases costs for everyone.

They also decide how much to charge for the goods and services and. They decide which goods and services to provide. Capitalism is the economic backbone in many modern countries including the united states and its influences reach nearly every aspect of citizens lives. In a capitalist country citizens not governments own and run companies.

The production of goods and services is based on supply and demand in the general market. An economic political and social system in which property business and industry are. Capitalism is an economic system. The basic concepts of capitalism are easy.