Private property rights are defined and enforced:
A)only in a capitalist economy.
B)only in a command economy.
C)by the largest firm in an economy.
D)by the market forces of demand and supply.
E)by government, by informal social actions, and by ethical norms.

Question

Private property rights are defined and enforced:​
A)only in a capitalist economy.
B)only in a command economy.
C)by the largest firm in an economy.
D)by the market forces of demand and supply.
E)by government, by informal social actions, and by ethical norms.

Quizplus · Accepted Answer

Private property rights can be defined and enforced by government through laws and regulations, but they can also be enforced through informal social actions (such as social pressure or community norms) and ethical norms. Private property rights can exist in a variety of economic systems, not just capitalist economies, where the ownership and control of property are largely determined by the market forces of demand and supply. In a command economy, private property may be limited or non-existent as the state controls most, if not all, of the assets in the economy. Private property rights can also be enforced by firms, but this would only apply to their own assets, not necessarily the broader economy.

Private Property Rights Are Defined and Enforced:​

Private Property Rights Are Defined and Enforced: