The two basic ways of coordinating economic activity in an industrial economy are by:
central regulation and the market. supply and demand. technology and the law. costs and benefits.
Mainstream economists argue that private property:
developed as a way to coordinate decisions. developed as a way of solidifying unequal class relations. institutionalized the exploitation of one social class by another. exists because humans have an instinct to own things.
Governments restrict the number of wild animals that people can kill. From the economic point of view, this restriction is:
a way of overcoming the problem of the commons. an unwarranted restriction of human freedom. necessary because animals are scarce. necessary only in market economies but not in socialist economies, which follow different economic laws.
