1. Why does no one know how to make a pencil? 2. What is the 'miracle' that allows pencils to be made (in your response you should use/define the following terms: specialization, self-interest, competition, mutual gains from trade, market coordination, and the price mechanism. 3. In what way does John Kenneth Galbraith's description of corporations cause capitalism to behave like a command economy instead of the purely competitive economy posed by Milton Friedman and modeled in your textbook? 4. What does James Galbraith (John Kenneith Galbraith's son) say about the role of government in a well-functioning economy? How do James Galbraith's comments compare to those of Mariana Mazzucato from the video in the Chapter 1 discussion? 5. After watching the videos by the Galbraiths, what do you think the textbook model of competitive markets has to say about the world we actually live in