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This class is Macroeconomics please make this apply to Macroeconomics: The Term we are using is...

This class is Macroeconomics please make this apply to Macroeconomics: The Term we are using is Property Rights: (1) Define the assigned term. (2) Provide an original, economics-based explanation of the term. (3) Provide a real/hypothetical contextual example (different from that provided in the text) of the term as it is applied to economics. Thank You!

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Answer #1

Property Rights:-

1. Property rights are those legal privileges which the proprietor holds on his own property. example; house, land, etc.

2. Economically based, Property rights are those authorities which helps in determining that how a resource is being used. It tells us that regardless of the fact the owner of the resource is owned by government or an individual.

3.Example:- In China?? there exists a non private property regime and resources or economic goods are owned by the government.

Sale of private property such as Building, farms, etc can also be used as an example.

Best of luck!! Thank you!!

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