Principles of Economics

D​‌‍‍‍‌‍‍‌‍‌‌‍‍‍‌‍‌‌‌‍​efine the term "property rights" and explain why they lack of well-defined and​‌‍‍‍‌‍‍‌‍‌‌‍‍‍‌‍‌‌‌‍​ enforceable property rights is detrimental to the smooth functioning of a market system​‌‍‍‍‌‍‍‌‍‌‌‍‍‍‌‍‌‌‌‍​.