Ch. 7 Questions 1-10 - T he P roperty System 1. The Problem...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
The Property System 1. The Problem of Limited Resources a. According to political theory, why do governments exist? b. Identify two ways for dealing with the problem of limited resources. 2. Property and Prosperity Why does a property system produce more of what people want than a system that focuses on state planning? 3. Two Basic Divisions of Property What is the significance of the distinction between real and personal property? Is manufacturing equipment real or personal property? Or both, according to its context of sale? Explain. Acquiring Resources in a Property System 4. Acquiring Resources through Exchange a. What are the rules under which people exchange resources in a property system? b. Explain the functions of contract law in a property system. 5. Acquiring Resources through Possession a. Identify three different ways by which one can become an owner through possession. b. The Hardwood Timber Company learns that the Pulpwood Paper Company has constructed a fence along an 8-mile disputed boundary with
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 09/21/2011 for the course LEGL 2700 taught by Professor Reed during the Spring '07 term at University of Georgia Athens.

Page1 / 2

Ch. 7 Questions 1-10 - T he P roperty System 1. The Problem...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online