Which of the following best describes private property in a free enterprise system?

• A. Property that can be freely shared among all citizens
• B. Assets owned by government for the common good
• C. Resources controlled exclusively by individuals or companies
• D. Goods traded without restriction in the marketplace

Answer: (C)

In a free enterprise system, private property is fundamentally about the rights of individuals and companies to own and control their assets. The concept of private property ensures that individuals have the legal right to use, manage, and dispose of their resources as they see fit. This control over property fosters innovation, investment, and economic growth, as property owners are incentivized to improve and utilize their assets efficiently.

This option accurately captures the essence of private property within a free market, where ownership is not simply about accessibility or government control. The emphasis on exclusivity highlights that the property is not collectively owned or managed by the government or other entities, which might otherwise disrupt the personal freedom and economic incentives that characterize free enterprise.

The other options do not correctly reflect the principles of private property in a free enterprise system. For example, sharing property among all citizens suggests communal ownership, which contradicts the very nature of private property rights. Similarly, goods traded without restriction relate more to market exchanges rather than ownership concepts, and government ownership implies a lack of individual control which is contrary to the definition of private property.