Final answer:
The term 'property' includes a range of assets encompassing real estate, physical assets, and intellectual assets, with items like houses and land also serving as forms of financial investment through capital gains.
Step-by-step explanation:
In considering what the term "property" typically encompasses, it is important to note that property can include a wide range of assets. It is not limited to just real estate; rather, it also covers physical assets such as houses, land, art, rare coins or stamps—items that can be bought and sold. Furthermore, property extends to intellectual assets, which comprise the rights to use one's training, experience, and any form of intellectual property one may hold.
These assets can serve as forms of investment, potentially providing financial returns such as capital gains. For example, housing is not just shelter; it can appreciate in value over time, thus offering a capital return. Additionally, economic growth is often facilitated by the protection of both property rights and contractual rights, indicating the breadth and importance of what is considered property.