ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Property. A thing, tangible or intangible, that is subject to ownership and a group of related legal rights. Personal property.

Detailed explanation-2: -The ownership of material objects is called corporeal ownership whereas the ownership of right is called incorporeal ownership. Thus the ownership of a house, table, land, machinery, etc., is corporeal ownership and the copyright, patent, trademark, right of way, etc. is incorporeal ownership.

Detailed explanation-3: -Title is the legal way of saying you own a right to something . For real estate purposes, title refers to Ownership of the property, meaning that you have the rights to use that property . title also means that you can transfer or portion that you can transfer that interest or portion that you own to others.

Detailed explanation-4: -Ownership involves the absolute rights and legitimate claim to an object. It means to own the object by the owner. Possession is more the physical control of an object. The possessor has a better claim to the title of the object than anyone, except the owner himself.