Property rights are the legal rights that individuals or entities have to own, use, and manage their possessions, such as land, houses, or personal belongings. These rights allow people to control what happens to their property, including the ability to sell, lease, or improve it. Property rights are essential for promoting investment and economic growth, as they provide security and encourage individuals to take care of their assets. When property rights are well-defined and protected, they help prevent disputes and conflicts over ownership. For example, if two people claim the same piece of land, clear property rights can determine who is the rightful owner. This clarity fosters trust and stability in the economy, allowing people to engage in transactions with confidence.