Explain why the buffalo almost became extinct while cattle did not, even though both provide similar goods for people.

What will be an ideal response?

 

ANSWER:

Cattle have been privately owned for most of human history while the buffalo was a common property resource. A person obtained private property rights on a buffalo by killing it, so they were overhunted. With private property rights, people have an incentive to husband the resource so there will be animals available in the future.