'l. Beliefs and the Economy By some accounts, the rise of capitalism led to the adoption of new ideas. In contrast, others have made the argument that new beliefs enabled the development of modern capitalism. Briefly explain this debate about ideas and the economy. 2. Competition What is the impact of market competition on society? Please make sure to comment about the positive or negative aspects of market competition. Conversely, what happens in the absence of competition? 3. Capitalism and the market What is the difference between "capitalism" and "market system"? Make sure to define these two terms using ideas from the course. How are capitalism and the market system related to each other? 4. Inequality How is economic inequality produced? How can markets make inequality better or worse? What are some possible ways to reduce economic inequality