What is the difference between normative and positive economics? What's scientific about economics? Can an argument be valid and not sound? Explain.
What are some synonyms for preferences? What are some synonyms for constraints? (See the movie about preferences and constraints.
Define: Ceteris paribus.
Why does voluntary trade increase utility? What are transaction costs and how can they reduce the benefits of trade? What are some examples of things provided by the market to reduce transaction costs?
What are property rights institutions? What are the four consequences of well-defined property rights, as discussed in class?
Read the summary to "Private Property Rights to Wildlife: The Southern Africa Experiment" by Muir-Leresche and Nelson. They write: "It is thus particularly significant that in the past 30 years Zimbabwe, Namibia, and South Africa have altered their legal regimes to give full control over the use of wildlife to the private owners of the land on which the wildlife are located. Prior to that, private landowners had limited incentives to increase wildlife populations, because the state denied them the full opportunity to profit from wildlife."
True or false and explain: The benefits that can accrue to society from well-defined property rights can occur as long as property owners hold a title to their property.
What are some synonyms for preferences? What are some synonyms for constraints? (See the movie about preferences and constraints.
Define: Ceteris paribus.
Why does voluntary trade increase utility? What are transaction costs and how can they reduce the benefits of trade? What are some examples of things provided by the market to reduce transaction costs?
What are property rights institutions? What are the four consequences of well-defined property rights, as discussed in class?
Read the summary to "Private Property Rights to Wildlife: The Southern Africa Experiment" by Muir-Leresche and Nelson. They write: "It is thus particularly significant that in the past 30 years Zimbabwe, Namibia, and South Africa have altered their legal regimes to give full control over the use of wildlife to the private owners of the land on which the wildlife are located. Prior to that, private landowners had limited incentives to increase wildlife populations, because the state denied them the full opportunity to profit from wildlife."
True or false and explain: The benefits that can accrue to society from well-defined property rights can occur as long as property owners hold a title to their property.
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