Question

Individual private property rights provide people incentives to?

(A) meet societal goals rather than pursue their own self-interest
(B) produce goods and services regardless of market demand
(C) achieve equitable distribution of goods and services through competitive markets
(D) focus only on benefits without regard to costs produce goods and services that are valued in markets

Answer 1

People are encouraged to work toward social goals rather than their own self-interest thanks to individual private property rights.

In a system of property rights, each individual must pay for her own activities. When a resource is privately owned, its owner is free to use it for her own purposes, but she is responsible for the associated costs. Common property, or state or public property that is not properly private property enforced, self-interest results in resource depletion because there is no incentive for any one individual user to preserve the property and enjoy the benefits of preservation.

Due to the private property rights system's ability to preserve resources, society as a whole benefits in addition to individual interests. People are self-interest encouraged to work toward social goals rather than their private property own self-interest thanks to individual private property rights.

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