Question

Match each phrase with the correct type of property. jointly owned and controlled by multiple individuals no defined owner a large portion of earth's oceans a shared fishing ground.

a. Public Property
b. Common Property
c. Private Property
1. A large portion of Earth's oceans.
2. A shared fishing ground jointly owned and controlled by multiple individuals.
3. No defined owner."

Answer 1

The answer maps phrases to property types: Earth's oceans are a Common Property, a jointly owned fishing ground is Private Property, and something with no defined owner is considered Public Property.

Step-by-step explanation:

The given phrases can be matched with the correct type of property as follows:

1. A large portion of Earth's oceans - Common Property
2. A shared fishing ground jointly owned and controlled by multiple individuals - Private Property
3. No defined owner - Public Property

• Common Property is a type of resource like earth's oceans and shared fishing grounds that is accessible to all members of a community. It is not excludable and can be finite.
• Public Property refers to goods that have no defined owner and are accessible to the public, such as the air we breathe.
• On the other hand, Private Property is owned by individuals or firms and can be used at their discretion.