Respuesta :
Markets and private ownership of property create incentives to work hard and can contribute to growth in an economy. This statement is true.
Why does private property promote economic development?
Private property refers to real estate that is owned by individuals or entities other than the government. Private property can include land, structures, items, and intellectual property (copyright, patent, trademark, and trade secrets).
Socialism, capitalism, and communism Because private property consists of things of value that people have the freedom to possess, use, and sell, it is crucial to our capitalist society. As a result, people have control over productive resources.
Private property encourages efficiency by providing the resource owner with an incentive to increase the value of their holdings. The more trading power a resource gives its owner, the more valuable it is.
To know more about private property, refer:
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