From the Text chapter on private property and the changing meaning of possession and ownership, respond to the following.

'The poorest man may in his cottage bid defiance to all the forces of the Crown. It may be frail, its roof may shake; the wind may blow through it; the storms may enter, the rain may enterbut the King of England cannot enter; all his forces dare not cross the threshold of the ruined tenement.' - William Pitt, 1st Earl of Chatham, speech in the British Parliament (1763).

1. What does this tell us about the meaning of private property?

2. What does this say about the ways we acquire and distribute goods?

3. Does it apply to people's homes in your country?

Capitalism is made possible by specialization and division of labor, as described in Chapter 1.8. That is, individuals can develop certain skills, that combined with other individuals with different skills, can produce goods quickly and efficiently.Imagine and describe the opposite of this arrangement (imagine no specialization or division of labor). What does it look like on an individual level? What does it mean for an economy?

One of the key assumptions in the traditional study of economics is that all parties in exchanges arePrice Takersand that markets arecompetitive. What does that mean? Does it always apply in your experience? Why or why not (be specific)?

In Chicago in the early 1900s, the meat-packing industry drew many individuals and families to the city. Where the industry once had nowhere near enough workers, in just a short time there were more people looking for work than there were jobs availabile in the industry. Use proper terminology to descrie what happened and the impact on wages.

This is an academic program in which you are learning to influence policy. Describe two reasons government as an institution would be compelled to intervene in the economy.