Property ownership leads to incentives, which lead to trade and competition, which lead to market efficiency. In this assignment consider how these concepts apply to some real-world circumstances.
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Consider illegal immigration. How would illegal immigration be affected if all countries had property ownership rights as well defined as in the United States?
Consider the following statement by Charles Wheelan, author of the Naked Economist: “The problem with Asian sweatshops is that there are not enough of them.” How is Wheelan’s statement illustrative of fundamental economic concepts?
Describe the types of information that market prices provide.
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