Refers to having legal ownership rights over something (such as property or businesses) as well as having decision-making power regarding its use or management.
Related terms
Private Property: Legal ownership rights over tangible or intangible assets that are not owned or controlled by the government.
Public Ownership: Ownership and control of resources or industries by the government on behalf of the people.
Cooperative: An organizational structure where workers collectively own and manage a business for their mutual benefit.