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.

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Property rights

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.

BAM 223 Prinicples of Economics is the course and course book is Essentials of Economics