Define the term “property rights” and explain why the lack of well-defined and enforceable property rights is detrimental to the smooth functioning of a market system.

Class- “Principles of Economics”- Unit 1 Essay-

This is the question that the essay is going to be about- Define the term “property rights” and explain why the lack of well-defined and enforceable property rights is detrimental to the smooth functioning of a market system.

– 12 pt font with double spacing