Private Property

Definition

Private property refers to tangible assets or resources owned by individuals or businesses rather than the government. It includes land, buildings, vehicles, and personal belongings.

Analogy

Imagine your bedroom as private property. You have full control over what goes in it and how it is arranged. Others cannot enter without permission unless there are specific rules (like siblings borrowing clothes).

Related terms

Public Goods: Goods or services provided by the government for everyone's benefit (e.g., parks, streetlights).

Common Resources: Resources that are non-excludable but rivalrous in consumption (e.g., fish in the ocean).

Tragedy of the Commons: The depletion or degradation of shared resources due to individual self-interest.