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24 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Who could realize the gains achieved from property? |
The party who is entitled to the property. |
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What is real property? |
Property that is not moveable |
Example: land or buildings |
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What is personal property? |
Property that is moveable. |
Example: intellectual property |
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When do we need property rights? |
When exchange takes place. |
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What is an important aspect of owning property? |
The desire of rational actors to increase the value of their properties for social welfare. |
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What is the commons? |
A valuable resource with no assigned rights and open access. |
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Under the commons ... |
No single individual stands to benefit from developing the commons because of its undefined property rights and open access. |
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What is the problem of open access and common property? |
It causes a continuous decline in the value of the commons. People may profit until there is no value left in the commons. |
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What is the problem of open access and common property? |
It causes a continuous decline in the value of the commo |
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What is the tragedy of the commons? |
The detrimental effect to social welfare. |
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What is a property right? |
An enforceable entitlement to a resource. |
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What is the importance of establishing property rights? |
To turn inefficient use of resources into welfare maximizing outcomes (efficiency). |
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What is a property right? |
An enforceable entitlement to a resource. |
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What is the importance of establishing property rights? |
To turn inefficient use of resources into welfare maximizing outcomes (efficiency). |
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How can property rights be acquired? |
Property rights can be acquired through private agreements. |
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Why is common law important? |
There is a need for courts to allocate entitlement and enforce rights in the interest of social welfare. |
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Why are statutes important? |
In order to preserve our resources. |
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What are the three types of ownership? |
Private Ownership Public Ownership Community Ownership |
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What is private ownership? |
Private ownership is property owned by a single person or by a small group of individuals. |
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What is public ownership? |
Public ownership of property, managed by government. |
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What is community ownership? |
It is private property owned by a group of individuals. Known as common property, that can be owned and managed by a smaller group or community. |
Example: A neighbourhood irrigation system. |
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What does the term "nobody's land" mean? |
It is property owned by no one – open access. |
Example: abandoned property |
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What is the meaning of mixed property system? |
A system made up of two or more of the other systems. (Other systems include private, public, community or nobody's property) |
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What does the law reserve intellectual property rights for? |
High capital costs of development Great social value |
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