Read and mark chapter 1 of Economics in One Lesson. (Your family may own this book from last year’s economics class or you can find a free version here. If you use the online version, print pages 18-22.)
Read The Tuttle Twins Learn About the Law. (This is the book that I showed you at vision days. If you borrowed a copy from the Lees, please bring it to return to them on Thursday.) Come prepared to discuss the book in class.
One of the most important ideas in an economic system is that of property ownership. As Americans, we often take for granted the idea that we can own property and determine what happens to it. Watch the first 11 minutes of the video below of a lecture by Walter Williams. (You can stop just before 11:00, when he starts talking about his book and race.) After watching, please summarize in writing his thoughts on private property.
Read and understand this web page, ending where the section “Common Violations of Property Rights” begins. Watch the video on that page entitled “What are Property Rights?”.
Identify five items of private property that you or your family owns. Choose one that is particularly meaningful to you. Write a paragraph explaining why your right to own and use that item is important in your life and how things would be different if that right were not protected. (Remember, property rights also include intellectual property.)
See you Thursday!
