Principles of Microeconomics / Unit 1 MIC 0013 short lesson, about 20 seconds
Property Rights
Captions available
The idea
A property right is the protected power to use, keep and sell a resource. Markets need it first: nobody invests in what they cannot securely own.
In practice
A farmer plants a slow orchard only if the land stays hers.
Where people slip
Where nobody owns a resource, no one can sell it and no price exists; units eleven and twelve show why.
Your place on the trail
Every lesson rests on earlier ones and opens later ones. Tap any to jump.
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