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Economics

Home Economics Text

What is property?

by Anaarkei

Definition

Property is a thing or things belonging to someone. Specifically, it is a physical and tangible object owned by an individual or jointly by a group of individuals. Property can also be referred to as possessions, belongings, things, effects, stuff, gear, chattels, movables, resources, assets, valuables, fortune, capital, riches, wealth, buildings, premises, houses, land, estates, realty, or real estate.

Origin

Property is derived from the following process:

Use

There are various valid uses of property, however they can be condensed into four general categories:

Violation

A violation of property is an invalid use of property. A violation generally consists of either occupation or theft and as such amounts to retrospective slavery. This is the case because the owner's exclusive claim to property is violated by an individual taking possession of the property without voluntary consent from the owner. An individual who takes unjust possession of property claims ownership not only to the property in question but also to the individual they took it from. This is true because part of the rightful owner's life has been mixed with the property and part of that life is claimed through unjust possession of property.

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Resources

You can make use of the following text and video to expand your knowledge and understanding of the topic covered in this unit.

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