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Sagot :
Private property and its protection rights are very important for a market system to work because it enables individuals and businesses to make exchanges in the market.
What is the significance of the property rights?
Private property refers to the legal designation for the ownership of property by non-governmental legal entities.
Property rights are the legal ownership that defines how the resources and property can be used. These rights consists of some basic rights such as exclusive right to choose how property will be used, right to exchange with someone else on the basis of mutual agreement etc.
Basically, property rights states the legal rights related the property of an individual.
Learn more about property rights here:-
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