Which of the following describes the right to own, use, and sell property under capitalism?

The correct answer is private property because it embodies the foundational principle of capitalism, which allows individuals or companies to own, control, and transfer assets. Under a capitalist system, private property is crucial as it provides the legal recognition and protection necessary for owners to utilize their resources, generate wealth, and engage in trade. This concept not only allows for personal use but also facilitates innovation and investment, driving economic growth.

Private property rights encourage individuals to take risks and invest in their properties since they have a guaranteed control over their use and the financial returns they provide. This contributes to a dynamic market environment where goods and services can be freely exchanged.

In contrast, public ownership refers to assets owned by the state or government, which does not align with the principles of capitalism focused on individual ownership. Common wealth denotes resources or assets considered to be shared by a community; it emphasizes communal benefits rather than private rights. Collective ownership implies shared ownership among a group, which can sometimes limit individual control and may not promote the same incentives as private property does in a capitalist framework. Thus, private property is central to the functioning and philosophy of capitalism.