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1st Semester Legal Enviroment of Buisness -
Daily Assignments
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Intro to Property Rights
We all own property of some kind. What is the value and importance of legally protecting property and ideas? Is the spirit of innovation linked to the protection that patents offer? (Patent: Gives an inventory the exclusive rights to make, use, or sell an invention for 17 years.) What would life be like if society did not protect property rights?
- Discuss what you would do if tomorrow there were no laws against taking whatever you wanted to take from anyplace.
- Discuss and list what would happen next week when people who are bigger, stronger, or better armed than you decide that they like what you have.
- A month or a year from now, who will have stores that “sell” anything? Who will make any merchandise or grow any food? Who will transport anything to places or locations where you can get it? In a society with no property rights, how long would it take for this final stage to occur?
- In the end, in a society with no rules about what you can take, do we end up with more material good or fewer material goods, a higher standard of living or lower? Why?
- How do we, in our society, prevent this breakdown?
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