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Property Rights
Property rights are legal entitlements that grant an owner or right holder the authority to control, use, and transfer property, whether tangible or intangible. These rights allow the owner to hold onto the property, sell it, rent it out, or transfer it to others as they choose.
Property rights define both the theoretical and legal ownership of resources, which can include physical items like houses, cars, and land (real property), personal possessions, and intellectual property such as inventions and creative works. Ownership can belong to individuals, businesses, governments, or groups.
These rights are secured and enforced by laws, which vary by jurisdiction, and they establish the benefits and responsibilities associated with owning property. Property rights form the foundation for market exchanges and influence how efficiently resources are used in society.
In summary, property rights:
- Provide legal ownership and control over property
- Allow the owner to use, alter, rent, sell, or transfer the property
- Apply to real property, personal property, and intellectual property
- Are protected and regulated by laws enforced by governments
- Can be held by individuals, groups, businesses, or governments
This legal framework is essential for defining ownership and enabling economic activity related to property.