Final answer:
Private property is owned and controlled by individuals or corporations, while public property is controlled by the government. Property rights, including contractual rights, are essential for economic growth as they provide security for ownership and transactions.
Step-by-step explanation:
The ownership and control of private property usually lie with the individual or entities such as a corporation that legally acquire it. On the other hand, the ownership and control of public property lie with government entities, since it's meant to serve and be accessible to the general public.
Property rights are crucial for economic growth as they provide the legal framework for individuals and firms to use, trade, and sell their properties. Economic growth is supported by this system where individuals have the assurance that their private ownership will be protected and that contracts related to that property will be enforced. Moreover, private companies, including corporations without publicly issued stock, thrive on the security that their property rights are legally protected, thus facilitating transactions that foster growth and prosperity.