PRIVATE PROPERTY: A fundamental economic institution in which resources (property) are owned and controlled by households and businesses (the private sector) rather than government (the public sector). Private property provides critical incentives for the efficient operation of competitive market and a market-oriented economy. Under private-property ownership, control over resources is relinquished (that is sold) when the owners are compensated for their opportunity costs. And this is just the sort of thing that leads to an efficient use of resources.

     See also | institution | resources | ownership and control | household | business | private sector | government | public sector | efficiency | competitive market | market-oriented economy | opportunity cost |

PRIVATE PROPERTY, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2021. [Accessed: March 7, 2021].

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A change in the allocation of resources caused by placing taxes on economic activity. By creating disincentives to produce, consume, or exchange, taxes generally alter resource allocations. The allocation effect is typically used when governments seek to discourage the production, consumption, or exchange of particular goods or activities that are deemed undesirable (such as tobacco use or pollution). This is one of two effects of taxation. The other (primary) is the revenue effect, which is the generation of revenue used to finance government operations.

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