1. On Economic Fundamentals - The Kitchen Sink a. Identify and discuss the factors of production and their importance as the bedrock of the national economy. L. Define and discuss the primary differences between the capitalist and socialist political economic systems within the context of the factors of production. What economic system best describes the US economy? b. Next, define and illustrate the laws of demand and supply in a working scenario demonstrating your knowledge of these laws as follows: L. Each in different representations of elasticity as well as combined in a market in surplus and shortage C. Lastly, among Mankiw's ten principles, what two help you understand economics best and why? Explain in detail