Final answer:
The right to refuse others access to your property is known as exclusion, which is a component of broader property rights that prevent others from infringing upon your property without compensation.
Step-by-step explanation:
The right to refuse others access to your property is known as exclusion. This right is part of broader property rights, which are the legal rights of ownership that allow a property owner to deny access to their property without having to pay compensation. According to economist Ronald Coase, clearly defined property rights are essential for resolving disputes between parties, such as a farmer and a railroad, because they establish who has the legal responsibility for actions affecting the property.
Property rights encompass the concept that individuals have the freedom to use their property as they wish, such as the right to be let alone, provided it doesn’t infringe on the rights of others. In contrast, disposition, which is not the answer to the student's question, refers to the right of a property owner to transfer ownership, whether by selling, giving away, or bequeathing through a will.
The right called when you refuse others access to your property is exclusion. Exclusion is the act of preventing or denying someone from entering or using your property. It is a property right that allows individuals to control and restrict access to their own property.
Property rights play a crucial role in resolving conflicts between individuals who have competing interests. For example, if a farmer wants to prevent his field from being burned, he can exercise his property right to exclude others from setting fire to it without his permission.
This concept is highlighted by economist Coase, who argued that property rights must be clearly defined in order to resolve disputes and determine who bears the responsibility of preventing potential damages.