A
land
land and all the material on or under it
economic goods
those things that are wanted that are scarce
property rights
the right to make decisions about the things you own
common property
generally a public place open to the public and for the public to use
economics
the study of the effective productions of those goods most wanted with the least use of the scarce resources available
real property
land and the permanent structures on it
Name the six different types of property?
labor, money, real property (land, buildings), personal property (clothes, books, furniture, etc.), tangible property and intangible property (stocks, bonds, etc.).
labor
the work that goes into production.
morality
to behave in right conduct
scarcity
first principle of economics: our means for satisfying our wants are limited
thrifty
avoiding waste or extravagance; being economical
political economy
the conditions under which an economy exists in a country
frugality
being thrifty
consumer economics
attempting to approach economics from the mistaken view that abundance has replaced scarcity
problem of production
to allocate resources and manpower so a to produce what is most wanted from the scarce materials available
public property
public ownership is an illusion , the public does not have the right to use it in any way they want
means of production
the factors or elements that go into the production of any economic good.
capital
- wealth used in the production of more wealth
utilitarianism
idea that the goal of society should be to bring the greatest happiness for the greatest number of people
economic system
the political structure under which an economy exists
Communist Manifesto
One of the earliest works to attempt to make the false claim that abundance has replaced scarcity as the problem to be solved
labor (as property)
the work that goes into production, it includes manual labor, use of your time, energy and talents.
Karl Marx
father of Marxism and co-author of the Communist Manifesto
hedonistic calculus
the idea that any law or government program should be evaluated by adding up all the pleasure it would create and subtracting out any pain it might cause
common ownership
joint ownership of land/resources/company etc.
(True ownership of property would mean that you have the right to determine how it is used or consumed. Ownership of anything can not be completely common.)