1: The "factors of production" are as follows:
             · Natural resource (land, oil, etc.)
             A mixed market (free) economy is much more efficient than a command and control
             (planned) economy. With a mixed market, comes the law of supply and demand.
             Products will only be produced if there is a demand for them. In a mixed economy
             there is opportunity and room for invention, growth, and evolution because there is a
             chance for pay-off. But with a command and control economy, the government
             allocates the resources and leaves the people with limited or no choice and
             opportunity to grow and further the economy.
             2: The three economic systems are as follows:
             · Capitalism: Capitalism is driven by the law of supply and demand, and it is a
             mixed market. All five factors of production are applied freely within this
             economic system, and each individually driven. Capitalism provides freedom of
             choice, ownership and entrepreneurs. Americans have the opportunity to invent,
             innovate and evolve because government interference is limited. "Government and
             business are mutually inclusive, not exclusive." These are the reasons that Capitalism
             is most efficient; "Give a man a fish and you'll feed him for a day. Teach him how
             to fish and you'll feed him for life."
             · Socialism: Socialism holds each factor of production, but freedom of choice and
             entrepreneurship is hindered. The government keeps the economy so
             heavily regulated that it leaves little room for risk takers, invention or growth. It
             is big government over small individual. While socialism strives to make
             everyone equal, it becomes nearly impossible to deliver this goal.
             · Communism: With communism supply and demand does not exist. It is central
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