ADM 614 Topic 1 Assignment, Private Ownership and Markets

ADM 614 Week 1 Assignment Private Ownership and Markets

 Read the case study on page 27 “Protecting Endangered Species with Private Property Rights.” Write an essay 1,000-1,250 words, answering the following questions:

1. Economists argue that scarcity is different than poverty. To understand why many wild animals are scarce we need to look at scarcity in the context of private property. Explain how scarcity is affected by private property rights in the case study.
2. Compare and contrast how incentives accompanying private property rights can both help protect and endanger the rhino, an endangered species.