Sources may be found anywhere and each response must be a paragraph or less.

Economic Systems:

• Summarize the major elements of each of the three economic systems (capitalism, communism, and socialism). Which system do you believe best meets the needs of citizens? Why?

Factors of Production:

• Select a favorite business that you often patronize. Explain how the four factors of production influence the sustainability of that business.

Economic Stages:

• What are the four stages of the economy? How does each affect the business you selected?

Supply and Demand:

• Compare and contrast how supply and demand function in both free and planned market systems. Identify a supply issue you experienced due to the COVID-19 pandemic and explain how you responded.