I don't understand the concept of private property with economy.?

Question

How does private property provide an incentive in a market economy? In other words, how does private property affect the economy? Why is it important? What would life be like today without private property rights? How would your life be different? What kinds of things would you or would you not be able to do?

I don't understand anything about private property and economy, can someone please explain these to me and help with these questions.

Answer 1

What is this, homework?

Answer 2

Beyond all other considerations, private property is a natural right.

In terms of incentive, if you own a means of production, you will attempt to maximize it with labor. Increased income either increases consumption or investment. Either way, it benefits the market and the people in it.

Answer 3

if you don't have private property, people cannot develop a business interest in anything other than their own labor.  They as individuals cannot own the factors of production.  This seems to have a large impact on the willingness of people to work harder than they otherwise might.  In a communist society, where the state owns everything but your personal belongings, basically the contents of your apartment, you only have incentive to strive to produce what will allow you a collection of posessions to amuse you when you are not working and when you can retire.  free time is better spent reading and visiting and enjoying the time away from work.

when you can own property, it triggers within you a sense of a greater purpose, of building a tangible legacy, a business you can hand down to your children, a family estate, whatever you may dream of.  you are driven to take more risk, and to work harder, because you can enjoy the fruits of not just your own labor, but a share of the labor of others who you pay to help you realize this dream