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Economic Definition of property rights. Defined.

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Term property rights Definition: The legal ownership of resources, which entitles the owner to receive the benefits or pay the cost of the resources' productive activities. The notion of property rights came originally from the ownership of land (and the natural resources of the land), but it's equally important for labor and capital resources. In other words, your labor ownership gives you the right to be paid a wage for your work.

 

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