People own goods and services {personal property, economics} {property}. Property can be things, land, minerals, people, labor, capital, and products. Property rules give rights to people and prescribe methods to acquire, transfer, and lose rights. People acquire rights by first use, claim, gift, bequest, and exchange.
States or associations can own property {communal property}|.
People typically can do whatever they want with what they own {private property}|, with no interference from state, as long as it does not affect others' rights.
Leases {closed-end lease}| can have definite end date.
Party can loan property for set period to another party {lend-lease}| and can defer payments.
Others can pay to use inventions {licensing, rent}|.
Leases {open-end lease}| can have no definite end date.
Businesses account for short-term returns on capital stock {quasi-rent}|.
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Date Modified: 2022.0225