McConnell_Brue_Chapter02

The process of private property ownership is

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Unformatted text preview: f private property ownership is facilitated through the use of contract law which allows individuals to create lawfully binding agreements among one another. Property rights facilitate exchange, and motivate owners to maintain and improve property so as to preserve or increase its value. Chapter 2 17 Learning Objective 2-2 Slide 18 Market Systems Protect Intellectual Property As Well Market systems recognize and protect intellectual property through the use of legal documents such as patents, copyrights, and trademarks. Such protective processes encourage the development of computer programs, books, music, new inventions, new products, and new production processes all of which provide a fertile foundation for economic growth. Chapter 2 In addition to the previously mentioned critical components of a market system, there also five key characteristics of market systems that run a close parallel. The first of these involves the ownership of private property. Most property in market systems is owned by individuals and firms. The government also...
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