What are the elements of property rights that help markets function?

The answer is explained below.

Explanation:

Theoretical and legal ownership of resources and how they can be used is called property rights, it includes both tangible and intangible resources.

The important elements of the property rights is 1) the ability of the individual to exchange and transfer  the rights as per their will and  2) rights of the individuals to use their resources as per their wish as long as they do not violate rights of the other people.  

Fundamental property rights are important because they eliminate the destructive competition for the control of economic resources, it helps to avoid the use of violence in the competition and makes it peaceful.

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