lass, the Problem Based Learning Assignments will be individual PBLs. Instead of having one PBL that you will work on throughout the entire course you will complete a short PBL each week. In each PBL you will analyze a real-world example of how economic change, politics, and people can impact markets.
Topic: Capitalism vs. Socialism
This week you will compare and contrast the different economic strategies of Capitalism and Socialism. Complete each of the items below in your submission this week.
Summarize the economic and social systems of socialism and capitalism.
What are the main objectives of each economic and social system?
Which would be more likely to attempt to foster individualism: socialism or capitalism? Why?
What is the difference between socialism in theory and socialism in practice?
Contrast and compare the Keynesian & Austrian economic schools of thought. Which school of thought is more in line with Capitalism and Socialism?
Review where the United States stands in terms of freedom using the link below. Based on your research what type of economic strategy do you think the United States employs?
http://www.heritage.org/Index
Write a 2-page paper that answers each of the items above.
