Chapter 19, Problem 5AA

To determine

To Fill: The correct term in the given blank.

Answer to Problem 5AA

Fundamental

Explanation of Solution

The fundamental of property rights is the main and important among the seven rights. As property rights constitute whether the human property being owned by the government or by the individual itself. Thus if the property is owned and controlled by the government it has to face some legal actions by the agent.

On the other side, if the property is duly owned by the individual, thus it helps to gain the rental income, can resell its property at any time. Thus at private property, the rates are valued by the market force and can be negotiated by the owner, but during the property owned by the government, the property rates are assigned by the government itself.