When town commons were broken up into private lots each farmer had to bear all the costs and all the benefits of his choices about how many animals to graze
<h3>What is private lots?</h3>
When non-governmental legal entities own property, it is referred to as private property. Private property can be distinguished from collective or cooperative property, which is owned by a collection of non-governmental enterprises, and from public property, which is owned by a state agency.
Capitalism, an economic system based on the private ownership of the means of production, is built on the principle of private property. Different political ideologies draw different distinctions between private and personal property, with socialist perspectives drawing a clear line between the two. Private property is a legal concept that is established and upheld by a nation's political system.
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Novak is referring to a system. A system is a complex union of several interrelated parts that have different specific functions, but share a common goal, and a more or less common mechanism.
Society is a system, a computer as well. Firms are systems, they have different parts: employees, stockholders and management that have specific functions but work together toward a common goal: generating revenue.
it is structured report on business output that describe about the goal achievement, illustrating the point that is beneficial for the project etc.
it consist of all details about any task, like quantity of material produce, how much of it delivered to the next level. it doesn't mentioned the internal factor like quality of work that would impact the stakeholder.
