1. Why is the right of private property an essential characteristic of a market?
2. Rivalry and excludability are two characteristics of goods that are produced through the competitive market system. Compare and contrast the difference in the private and public goods based on these two characteristics. than, explain the concept of the free-rider problem with the goods.
3. How do economists distinguish between the absolute and relative sizes of the united states public debit? Why is the distinction important?
4. Part b 1. State At least one economic benefit to increase international trade.