2. Pick a country (past or present) that is not the United States, and describe the main features of its economic system: What is the dominant form of ownership there? What type of coordination does it use? What kinds of incentives motivate most people?

3. Alright, I can't not ask this question. It's this week's elephant in the room: Capitalism or socialism? Which one would you prefer to live in, and why? Or perhaps you'd prefer a third option - in that case, present this option and explain why you prefer it. Either way, it doesn't have to be a long or complex argument, after all we're not going to settle this debate here.