These questions have to be in own words with proof of findings.

1.What is the difference between laissez-faire capitalism, the command system, and the market system.

2. What is the origin of both consumer surplus and producer surplus? How do properly functioning markets maximize consumer and producer surplus while optimally allocating resources?

3. How can the government’s power to coerce (influence economic behavior) be economically beneficial

4.What is the usefulness of the total revenue test for price elasticity of demand?

5.What are the factors that affect price elasticity of demand and price elasticity of supply? What are some applications of each?

6.Why is Federal Reserve independence important?

7.What are the components of U.S. money supply