The ownership use is termed as the property rights. Without property rights things will be difficult. To trade without interference, this is necessary. An organized trade completely needs the property rights.
There are three types of properties.
The three types:
- The real properties: These properties exist physically. Properties like buildings and lands are known as Real properties.
- Financial properties: These are different of course. They represent the finances that one own. The things like stocks and bonds come under this.
- Intellectual properties: These are intangible. Things like books and copy patents come under these. These actually represent the creative effort.
All types of properties are absolutely necessary for people.