Ownership - Page 63

Ownership refers to the legal right or state of possessing something, typically implying control, use, and transferability of property or assets. It signifies the relationship between an individual or entity and an item, granting the owner the authority to make decisions regarding that item, such as how it is used, modified, or disposed of. Ownership can apply to tangible items, such as land, buildings, and personal possessions, as well as intangible items, such as intellectual property, shares in a company, or digital assets. The concept is often grounded in legal frameworks, which define the rights and responsibilities of owners and may differentiate between full ownership and partial ownership, such as joint ownership or leasing. Ownership is fundamental in economic systems, shaping interactions in markets and influencing social structures.