<p> Macro for Dummies Questions 1. Give three examples of failed socialist type countries, or systems that failed in the last 100 years? And, who is converting to a more market capitalism?</p><p>2. Briefly describe the concept of “created wealth”.</p><p>3. Please rewrite the term “Wealth Creation” in your own words.</p><p>4. What are three things needed to create wealth?</p><p>5. What is his example of “Wealth Consumption”? Name two more examples.</p><p>6. Please write his brief descriptions of “wealth creation” and wealth consumption”. - “Creation”-</p><p>-“Consumption”-</p><p>7. Where does Talley say all money comes from in order for government to spend it?</p><p>8. As we move into Macroeconomics, we will be looking further into government intervention into economic systems. It is important to understand why there is a constant argument over how much government should intervene. Talley gives his argument against socialized economies saying that there has never been, or never will be a successful country that moves closer to socialism. Do you agree with Talley, and why? (Use the back if you need more space)</p><p>Macro for Dummies Questions 1. Give three examples of failed socialist type countries, or systems that failed in the last 100 years? And, who is converting to a more market capitalism?</p><p>2. Briefly describe the concept of “created wealth”.</p><p>3. Please rewrite the term “Wealth Creation” in your own words.</p><p>4. What are three things needed to create wealth?</p><p>5. What is his example of “Wealth Consumption”? Name two more examples.</p><p>6. Please write his brief descriptions of “wealth creation” and wealth consumption”. - “Creation”-</p><p>-“Consumption”-</p><p>7. Where does Talley say all money comes from in order for government to spend it?</p><p>8. As we move into Macroeconomics, we will be looking further into government intervention into economic systems. It is important to understand why there is a constant argument over how much government should intervene. Talley gives his argument against socialized economies saying that there has never been, or never will be a successful country that moves closer to socialism. Do you agree with Talley, and why? (Use the back if you need more space)</p>