Hi. Im learning about economics, and I am not really strong in this area. So I would like to know what this term means.

Question

Private Property.

Please try to simplify it as much as possible so that I understand.

Answer 1

Private property is anything owned by an individual or a company.

Your clothing is private property.
Your home and yard is private property.
A company's buildings and grounds are private property.

Answer 2

Thanks so much. Love the explanation =)

Answer 3

You're very welcome. :-)

Answer 4

Compare North and South Koreans economic provisions on private property and how it relates to the economic provisions of the U.S. On private property?
Please help I am really confused and I don't understand this.
Thank you :-)