Utilizing what you have learned so far from this course and your previous thoughts and opinions on our current economic model, asnwer the following question.Be sure to defend your opinion with specific reasoning and rationale using the concepts, ideas, and knowledge you have gained so far from this course.Please note that there is no correct answer, but you need to explain your response.I am looking for you to use the economic definitions and concepts outlined the text thus far in this course, and your ability to support your ideas.Also, think about and discuss any biases or misconceptions that might arise in this discussion of economics as a social science.

In your opinion, amodern economic system should:

1. meet the needs of everyone before consideration of individual wants.
2. let free markets determine prices, what and how much is produced, and who gets what output from the economy.
3. set price ceilings that are lower than the market equilibrium price on all necessity goods.
4. equally distribute aggregate output among each of its citizens.

Meet the needs of everyone before consideration of individual wants.