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Economics Chapter 2 Essential Questions 1. List and explain what the three economic questions are? 2. Land, labor, capital, and entrepreneur are the four factors of production. List and explain the four factor payments that accompany the factors of production. 3. How can innovation lead to economic growth? 4. According to Adam Smith, what is the driving force (motivating force) for consumers and the regulating force for producers? So why is their no need for government interference? 5. Why does the free market economy result in the availability of a wider variety of goods and services? 6. What beliefs did Karl Marx hold about Capitalism? 7. What changes led to economic growth in China? 8. Describe what a capitalist economy looks like. What countries would be considered capitalist? 9. Why is the United States said to have a free enterprise system?