Define the term “property rights” and explain why the lack of well-defined and enforceable property rights is detrimental to the smooth functioning of a market system.

Define the term “property rights” and explain why the lack of well-defined and enforceable property rights is detrimental to the smooth functioning of a market system.

Identify and list the question you are answering.
Outline your thoughts to provide a framework for your response.
Use a standard essay response to answer the question.
While you may use other sources to help you answer the question, the primary source for answering the
question must be your textbook.
The average length is 2 pages and 300-500 words
Double space your work using a standard font and 12 point type

Textbook: Survey of Accounting Carl S. Warren, 2018 Cengage