Property Rights and Transactions

Property rights refer to the legal ownership and control over assets, such as land, buildings, or intellectual property. These rights allow individuals or organizations to use, sell, or lease their property as they see fit, while also protecting them from unauthorized use by others. Transactions involve the exchange of property rights, typically through buying, selling, or renting. Clear rules about property rights are essential for a functioning economy, as they provide security and encourage investment, innovation, and responsible use of resources. Overall, they help delineate ownership and ensure fairness in economic activities.