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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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- Spring '09