Define time preference, high time preference, low time preference, and time preference rate.

What are the two conditions necessary for capital formation to set in and continue?

What are the external and biological time preference factors? Why does it matter for these factors to be expected? What role is played by nutrition and health care?

Do you think that members of the military more likely or less likely to have high time preferences?

Why are property rights violations harmful to capital formation? What were the examples given in class? Can you think of others?