Property Rights
Definition
Property rights refer to the legal ownership and control individuals or businesses have over resources, assets, or intellectual property. They allow owners to use, transfer, or sell their property as they see fit.
Analogy
Think of property rights like having a ticket to a concert. Just like the ticket gives you exclusive access and control over your seat, property rights give you exclusive control over your resources or assets.
Related terms
Intellectual Property: Legal rights that protect creations of the mind such as inventions, artistic works, trademarks, and patents.
Eminent Domain: The government's power to take private property for public use with fair compensation.
Zoning Laws: Regulations that dictate how land can be used in specific areas (e.g., residential, commercial).
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