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Homework answers / question archive / Use the economic way of thinking to answer two of the following three questions
Use the economic way of thinking to answer two of the following three questions. Be sure to answer each in one or two complete sentences. Provide page references to Common Sense Economics and other learning materials when appropriate. What would happen to the size of the cattle population if Americans decided to eat substantially less beef? Explain the logic underlying your answer. Does private ownership entitle the owners to do anything they want with their property? Why or why not? Do private owners, such as the owner of land from which timber is harvested, have an incentive to conserve resources for the future?
If Americans decided to reduce their consumption of beef substantially, then there would be a substantial decrease in the size of the population of cattle. A decline in demand for meat would have the effect of inducing a reduction in the supply of beef which would translate into farmers keeping less number of cattle. Such a phenomenon is in agreement with the economic laws of demand and supply. A decrease in demand for commodity always has the effect of discouraging the supply of the product and vice versa
Private ownership allows people to do what they please with their property. Ownership entails total control over the usage of a property. The absolute control over property is what makes private ownership relevant. Otherwise, it would make no difference if a person owns something subject to limitations on what they want to do with it. In a capitalist society, private ownership means a person can decide to sell, lease or even give out their property. Thus there is no government control over people?s property.