How do economists differentiate between absolute and

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1. Why is the right of private property an essential characteristic of a market system?

2. Rivalry and excludability are the two characteristics of goods that are produced through the competitive market system. Compare and contrast the difference in private and public goods based on these two characteristics. Then, explain the concept of the free-rider problem with public goods.

3. How do economists distinguish between the absolute and relative sizes of the United States public debt? Why is the distinction important?

Reference no: EM13396088

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