Select items that affect incentives for people to produce and exchange goods and services. liability rules, property rights, contract enforcement or standards for weights and measures

Property rights are an incentive to produce and exchange goods because:

One will want to produce more in order to get more profit, which leads to technological development.One has an incentive to invest in order to obtain more profit. Property rights should also be extended to intellectual property, in which intellectual work is rewarded through patents.

Contract enforcement

It provides assurance of the rights and obligations that both parties have to fulfill. It lowers the costs both for producing and exchanging goods, people know what to expect.Lowers the costs that come with uncertainty.

Standards for weights and measures

It provides a common trading ground lowering the costs that are associated with uncertainty. Makes trade easier by providing equivalences. Unifies trade and makes it faster.

Although nominated by the president, the courts are confirmed by congress