Question

Patrick lives in a nation whose government embraces capitalism. He owns his own home and car, as well as his own business and building. Patrick maintains ownership due to:Group of answer choicesThe Freedom of choice.Eminent domain.The freedom of competition.The right to own private property.

Answer 1

Answer:

The right to own private property.

Explanation:

A property right is the exclusive or sole authority which determines the legal ownership of resources and how these resources are to be used, whether by individuals or government.

Hence, when property rights are well defined and markets are competitive, the market equilibrium is consistent with economic efficiency.

This ultimately implies that, when the ownership of resources are well defined and markets are competitive, all benefits from trade between the consumers and producers of goods and services has been maximized, and each units creating more benefit to the consumers than cost have been produced in the economy.

In this scenario, Patrick lives in a nation whose government embraces capitalism. He owns his own home and car, as well as his own business and building. Patrick maintains ownership due to the right to own private property.