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If the value of beach-front property in beach city decreases, initially the people of beach city will likely spend less causing incomes in Beach City to decrease.
Property refers to both the set of rights that grant individuals legal authority over valuable items as well as the actual valuable items themselves.
Depending on the type of property, an owner may have the right to use it properly under the granted property rights, consume it, change it, share it, redefine it, rent it, pawn it, sell it, exchange it, give it away, or destroy it.
However, regardless of the type of property, an owner may be able to prevent others from doing these things or abandon it altogether.
Private property, public property, and collective property are the three main types of property in economics and political economy.
It is possible to own or exercise control over property that is jointly owned by multiple parties.
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