Final answer:
Common property refers to resources like Earth's oceans and shared fishing grounds that multiple individuals can use, while public property has no defined owner and is available to the public. Protection of property rights is essential for effective market functioning and involves the right of individuals and firms to own and use property as they see fit.
Step-by-step explanation:
To match each phrase with the correct type of property, we need to understand the nature of each type. Here's the matching based on the descriptions provided:
- A large portion of Earth's oceans would be classified as Common Property as they are not excludable but may be finite and are a shared resource.
- A shared fishing ground jointly owned and controlled by multiple individuals would also fall under Common Property, as it is a controlled shared resource, albeit by a smaller group than the general public.
- Something with no defined owner often refers to Public Property. This is because such property is provided for public use and theoretically owned by everyone.
It's important to consider the concept of the tragedy of the commons, which occurs when individuals, acting in their own self-interest, overuse and deplete a common resource, such as fishing grounds or public areas, resulting in long-term detriment to all.
Regarding the economic growth and laws, it's important to maintain the rule of law and protection of property rights for markets to function effectively. Property rights include the rights of individuals and firms to own property and use it as they deem suitable, as well as the right to enter into contracts.