Property rights are important because they

A) ensure an equal distribution of income.
B) encourage cooperation by improving the chances of mutually agreeable transactions.
C) guarantee that any exchange will make all parties better off than prior to the exchange.
D) allow the government to control how resources are allocated.

Property Rights

Legal rights to possess, use, and dispose of assets including physical, intellectual, and real property.

Mutually Agreeable Transactions

Exchanges between parties that both sides consent to because they are beneficial.

Equal Distribution

The concept of ensuring that resources, wealth, or opportunities are evenly distributed among all members of society.