The three main characteristics of an efficient property rights structure: exclusivity, transferability, and enforceability.
In standard economics, property rights refer to a bundle of entitlements defining an owner's rights, privileges and limitations to the use of a resource.
Property rights terms refers to social institutions and to not any inherent natural or physical qualities of the resource.
Exclusivity: All the prices and benefits from owning a resource should accrue to the owner.
Transferability: All property rights should be transferable from one owner to a different in an exceedingly voluntary exchange.
Enforceability: Property rights should be secure from seizure or encroachment by others.
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Answer:
Universal Adult Franchise means that the right to vote should be given to all adult citizens without the discrimination of caste, class, colour, religion or gender. It is based on equality, which is a basic principle of democracy.
There are two types of choices when one makes a vote:
- <u>The Rational Choice:</u> A "rational" voter is conscious that voting is a personal right that is attributed to each and every one of the citizens of a given country. It is up to that voter's criteria to discern which candidate to vote for.
- <u>The Collective Voting Choice:</u> A "collective" voter will probably tend to conform with a group he or she belongs and vote according to the choice that the group has convened to be the best. People that belong to political parties or other organizations tend to be collective voters.
Regarding the case mentioned in the question, when a voter assesses a candidate's past performance, regardless of the political affiliation of this candidate, he is engaging in a "rational" vote.
