US History Grade 5 Unit 11 Test

Match the vocabulary word to its definition.

• Businesses produce similar good/service

• Demand

• How goods/services are used.

• Supply

• To have freedom to make economic choice

• Economics

• Needs and wants of a good/service.

• Free Enterprise System

• Amount of goods/services available.

• Industry

How did the free enterprise system begin in America?

• The government controlled everything.

• People had limited freedom in business.

• Entrepreneurs started small businesses and participated in trade.

• Everyone shared resources equally.

How does the free enterprise system work?

• The government makes all he decisions.

• Everyone gets the same amount of money.

• Prices and production are controlled by the government.

• People and businesses make their own choices.

What are the benefits of the free enterprise system?

• Less competition among businesses

• New ideas and better technology

• People have fewer choices

• Everything stays the same

Match the vocabulary word to its definition.

• Focus on specific task to become better

• Specialization

• Growing crops and raising animals

• Agriculture

• Break down of job to manage better

• Division of Labor

• Goods in large quantities using standard

• Plantation System

• Large estate where crops are grown

• Mass Production

How does supply and demand affect shoppers in America?

• Shoppers can't change prices

• High demand means lower prices

• More supply means less to buy

• Prices go up and down based on what people want

How do immigrants help the country's economy?

• They don't help

• There are fewer jobs for people already there

• They bring new skills and ideas

Why is mass production good for the U.S. economy?

• It lowers the cost of making the goods.

• It makes it harder to get things done.

• They stop the economy from growing.

• It doesn't make a difference.

How has the free enterprise system impacted your community?

Think about a product or service you use regularly. How do supply and demand affect it availability and price?