11_18_Notes - Education is a public good as it would be too...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
Education is a public good as it would be too expensive to train workers and if you did they could be hired by someone else for a higher salary. But it was compulsory for all students. Not only is education offered but it is mandated. People say keep the govt. out of the education: private schools avoid rubbing noses with the poor. 5 provisions needed to participate in market. Dealing with question of injury and tort (can’t do business if sued whenever someone gets hurt at your store). Tort you are responsible for unintended injuries in the normal pursuit of behavior. Corporations benefit from economy of scales and lots of people can own the company. Individuals that run corporations are not affected directly by lawsuits. Only liable up to how many stocks you own. There are all kinds of advantages to forming your company into a corporation. State can’t change contracts for corporations except for following regulations. US is not absolutely a free market. How can Americans believe we used to have an entirely free
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

Ask a homework question - tutors are online