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Unformatted text preview: believe) i. Every good or service is owned by a person or group ii. The right to control who uses an item and/or how it is used. Also called a right of ownership b. Options of a holder of a property right to a good or service (its owner): i. Use it ii. Sell it (give up the right, permanently) iii. Rent it (give up the right, temporarily) iv. Give it away v. Throw it away c. Systems for allocation and distribution i. Scheme for assigning property rights (allocating ownership) ii. Method for changing the assignments (transferring ownership) IV. Economic agent a. An individual or group that makes economic decisions b. Three types of economic agents i. Households ii. Firms iii. Government agencies...
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- Winter '09