Question

Explain and give the economic considerations (i.e. costs) to how property rights are established and verified in the following situations:

1. Fugitive Property
2. Open Access resources
3. Break in the chain of title
4. Stolen property
5. Estray Statutes

Answer 1

Property rights are those rights which determine how a product or resource used and owned by an individual, organisations or business firms. It is also an attribute of an economic product.

Fugitive property means it is a type of property where the product is on moving around and have infinite boundaries. In this situation the property right is considering based on the life of that fugitive property.

Open access resources means that these are the resources which are freely available in the economy and free to use. So that the property right basis the margin is very low.

Break in the chain of title makes a property become a clouded title for the organisation. Through this property right the organisations can make new suggestions and improve their effectiveness in the market.

Stolen Property means that the property that deals with robbery and theft. Stolen property is a crime amoung the public. There is no property rights can be issued above these types of stolen property.

Estray statutes means that a wandering animal where the owner is unknown. These kind of property has to be noticed and make the correct decisions amoung the estray and it should be favorable for overall conditions.