The term "property rights" refers to the physical possession of a house or any other property which the owner legally purchased. the right of a business not to have its assets confiscated by the government in the event that the business is accused of committing fraud. the ability to exercise control over one's own resources within the confines of the law. the government's right to appropriate land from wealthy land owners to redistribute to peasants.

The term property rights describes the ability to exercise control over one's own resources within the confines of the law.

Explanation:

Property in economics can be defined as ownership and control over a resource.

Property rights can be defined as the theoretical and legal ownership of resource or good and its use. It includes a number of components such as

1. The right to use the property in a legal way

2. Right to generate income from the property

3. The right to transfer property to some other person or organization

4. The right to enforce property rights,

all within the confines of the law.