Property rights give the government the right to own, use, and dispose of resources in an economy.Difficulty: 01 Easy
Learning Objective: 02-02 List the main characteristics of the market system.Test Bank: II Topic: Characteristics of the Market System

Question

Quizplus · Accepted Answer

Property rights typically refer to the legal rights of individuals or entities to own, use, and dispose of resources, not the government. In a market system, property rights are crucial for the functioning of markets and are usually held by private individuals or businesses.

Property Rights Give the Government the Right to Own, Use