Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN: 9781305506725
Author: James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher: Cengage Learning
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Question
Chapter 2, Problem 6CQ
(a)
To determine
Meaning of private ownership right and its influence on the incentive of individuals in taking care of things.
(b)
To determine
The incentive of individual to conserve the resources for future on the basis of private property rights.
(c)
To determine
Reasons to develop and modify things that are beneficial to others by a private property owner.
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If you have a private-ownership right to something, what does this mean? Does private ownership give you the right to do anything you want with the things that you own? Explain. How does private ownership influence the incentive of individuals to (a) take care of things, (b) conserve resources for the future, and (c) develop and modify things in ways that are beneficial to others? Explain.
What is a resource that you share with your family or neighbors? Is it being over-consumed? And if not, what is preventing people from over-consuming it?
1. According to Paul Hawkins, why is it no longer plausible for corporations to pursue the maxim that the business of business is business?
2. What must be done by corporations, government, and individuals to create a sustainable economy?
3. How would the adoption of sustainable measures benefit business and society?
Chapter 2 Solutions
Economics: Private and Public Choice (MindTap Course List)
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Similar questions
- How does self interest affect societal interest?arrow_forwardProperty rights give the government the right to own, use, and dispose of resources in an economy. True or False?arrow_forwardAccording to Adam Smith’s The Wealth of Nations, when it comes to government oversight in the free market and regulations, the less intervention, the better. Does the government play an important role in encouraging businesses to behave in an ethical manner? Explain the basis for your answer. What role do environmental laws have in a capitalistic system?arrow_forward
- Why is private property and competition are the most important to a capitalist economy? Support your answer.arrow_forwardWhy should design be a part of public policy? Why do you say so? Give examples to support your answers.arrow_forwardWhy do property rights and the level at which choices about using resources occur matter to an economic society?arrow_forward
- Can you think of other situations where scarcity might affect the stability of a company?arrow_forwardWhy is private property so essential to the market system's functioning, and why must property rights be protected? What ways do property rights promote collaboration?arrow_forwardIf a company cannot succeed while also providing fair working conditions and operating in a sustainable manner, should it be allowed to succeed at all? Explain.arrow_forward
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