Lecture 4 - Property Rights and Econ Org (Student)

Lecture 4 - Property Rights and Econ Org (Student) -...

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Lecture IV Property Rights and Economic Organization (Ch. 2 pp. 33-38 and 46-47)
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The Importance of Property Rights Economic Organization Essentials for transition from command to market economy
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True or False: Elephant populations are more likely to thrive in a country where: Elephants roam free and hunting is illegal Elephants can be legally hunted by tribes with regional property rights to the elephant herds.
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I. The Importance of Property Rights Property Rights – the rights to _____, ________ and ________ the benefits from a good or service.
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Private Property Rights 1. The right to _________ use of the property 2. ____________ against invasion from others who would seek to use or abuse the property without the owner’s permission. 3. The right to _______, ______, ________, or mortgage the property
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Incentive effects of private property rights (crucial for economic progress) 1. Private owners can _____ by employing their resources in ways that are beneficial to others, and they bear the ____________ of ignoring the wishes of others.
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