AGEC 3503 : Quiz 2 Spring 2015 Answers
Document Summary
In order to be efficient using natural resources, we have to be able to maximize their output and get every use out of them as possible. In order to do that you also have to work with private property owners to be on one accord when it comes to preserving natural resources, and still allowing them to do as they please with their own property. Boundaries already in existence; it is just up to the private owners to obey them. When it comes to private property rights, you can"t put a limit that excluded, but that doesn"t mean the owner can use their property in an illegal would decrease the motivation to maximize profits. Property rights should also be enforceable at reasonable cost meaning, that trespassers can be manner. Property rights also cannot be transferrable to third parties meaning that it enforces the caretaker of the land to maintain maximum market value of a natural asset.
