Final answer:
Property rights are complete when they include the ability to use property, the right to contracts about it, and legal recourse. These rights are essential for transactions that support economic growth, with a proper legal system needed for enforcement.
Step-by-step explanation:
Property rights are considered complete when there are three key aspects present: the ability to use the property, the right to enter into contracts regarding its use, and legal recourse to ensure the terms of those contracts are met. These rights underpin economic activities, allowing individuals and firms to freely engage in transactions and exchanges that foster economic growth and contribute to a higher standard of living. A well-defined legal system supports these rights by ensuring that laws are clear, public, fair, enforced, and equally applicable, thus providing a reliable foundation for markets to operate efficiently. The famous economist Ronald Coase highlighted the importance of clearly defined property rights to resolve disputes and provide incentives for individuals or firms to efficiently allocate resources.