LAW 601 Final: Law 601- Study Notes.docx

• School: Ryerson University
• Department: Law and Business
• Course: LAW 601
• Professor: Tim Lowman

Document Summary

Exclusive possession: characterizes an individual"s ability to exercise power over a thing to the exclusion of all others (i. e can stop someone from using laptop by locking it into an office) Exclusive possession is possible in case of tangible goods b/c they can occupy space and can remain in sole control of whoever possesses them. Non-rivalrous: something is non-rivalrous when my possession and enjoyment of it does not diminish your ability to do the same. There becomes less of an incentive for creator to toil in creation of ideas if once developed, they can be universally possessed without compensation. Natural scarcity: occurs when the supply of a natural resource is inadequate. Natural resources are finite and market value usually increases when supplies become inadequate. Ideas can be possessed by the world at large, at virtually zero cost without any loss of enjoyment. Artificial scarcity: occurs when an idea is rendered exclusives and rivalrous, thereby rendering its supply inadequate.