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3 concepts for functioning market - 🧠 ANSWER ✔✔Law- most significant
and formal rules established by the gov
Rule of Law - laws generally and equally applicable to all
Property -enables party that owns property to keep other from interfering
3 Types of Property - 🧠 ANSWER ✔✔Public, Private, Common
jurisprudence - 🧠 ANSWER ✔✔philosophies that explain the origin of law
and its justification
,ownership - 🧠 ANSWER ✔✔the right to turn to public authorities like the
police or the courts to help you keep others from interfering with what you
own
public property - 🧠 ANSWER ✔✔public resources owned by the
government (parks, monuments, etc.)
private property - 🧠 ANSWER ✔✔resources owned by an individual
common property - 🧠 ANSWER ✔✔resources that more than one individual
own jointly (land)
What does property represent in its broadest sense? - 🧠 ANSWER
✔✔individual rights (speech, worship, right to bear arms, etc.)
natural law - 🧠 ANSWER ✔✔type of jurisprudence; universal moral
principles
positive law - 🧠 ANSWER ✔✔type of jurisprudence; commands of
government and enforcement
historical school - 🧠 ANSWER ✔✔type of jurisprudence; the law reflects
culture and customs of certain people
, sociological jurisprudence - 🧠 ANSWER ✔✔type of jurisprudence; law
meets the needs of society
legal realism - 🧠 ANSWER ✔✔type of jurisprudence; how the law is
enforced
common law - 🧠 ANSWER ✔✔legal system that emphasizes the role of
judges in determining the meaning of laws and how they apply. Rely on
prior judicial decisions.
civil law - 🧠 ANSWER ✔✔legal system that relies more on legislation rather
than prior judicial decisions to determine what the law is.
What do all common law nations have in common? - 🧠 ANSWER ✔✔All
were colonized by England
What is the only state that does not follow the common law system? - 🧠
ANSWER ✔✔Louisiana (quasi-common law system) because of historical
ties with France
public law - 🧠 ANSWER ✔✔includes those matters that involve the
regulation of society as opposed to individuals interacting
Types: constitutional, administrative and criminal
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