Property Rights

Definition

Property rights refer to the theoretical and legal ownership of specific property by individuals and the ability to determine how those items are used. In many countries, including the United States, individuals generally exercise private property rights – the rights of private persons to accumulate, hold, delegate, rent or sell their property.

Related terms

Real Property: This refers to land and anything permanently attached to it such as buildings, trees, minerals etc. It's like owning Boardwalk in Monopoly - you own not only the space but also any hotels or houses built on it.

Personal Property: This is movable property. It’s anything that can be subject to ownership and isn't fixed permanently to one location. Like your tokens in Monopoly - they belong to you and move around based on your decisions.

Public Property: This is property that is owned collectively by the population through their government. Think about 'Free Parking' spot in Monopoly; everyone has equal access to this spot when they land on it.