Property Rights Flashcards
1
Q
Ownership of property
A
- Has value (scarce)
- Definable and controllable
- Excludable
2
Q
Ownership grants these rights: (4)
A
- access, withdraw and use the property
- control who uses the property
- manage usage
- sell, rent or dispose to someone else
3
Q
Types of property (5)
A
- Private property
- Community owned property
- Public/state-owned property
- Open access
- Common heritage of humanity
