Property rights refer to the bundle of legal rights over the use to which a resource is put and over the use made of any income that may be derived from that resource.

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Property rights are a set of legal rights that an individual or entity has over a resource, which includes the right to use that resource, exclude others from using it, transfer ownership, and use any income generated from it. These legal rights are essential for the efficient allocation and management of resources in a market economy.

Property Rights Refer to the Bundle of Legal Rights Over