thoughtfully. 1. Identify the meaning of needs and wants? List 4 examples of each? Do you think there are any products that can be seen as both a need and a want? List 2 and explain. 2. Think about a product/service you or your family really like and explain in detail why you like the product/service. Discuss the features you really love about that product or service. Are these features unique to that specific product? Do these reasons make you feel loyal to a product or brand? 3. Business competes on the basis of price and other factors. What influences your buying decisions? Think about marketing, social factors, income levels and specific product qualities. 4. Research and define monopoly, duopoly and oligopoly? Give examples to show your understanding. 5. How does economic system affect one's ability to do business in a country? Can an entrepreneur/business owner operate the same way in a free market economy as in a command economy? Ask Mr. Panovski or discuss within your breakout room if you're not sure how to approach the question. 6. What are the benefits of free market principles? 7. Name an industry or product line up that you really like which has greatly improved over time as a result of free market economics. Briefly explain the changes that occurred in the industry or product as a result of competition. 8. What are the benefits of regulation in a free market economy? Can there be downsides