Notion of property

The term "property" refers to two concepts: property in the economic sense, and property in the legal sense. It is more correct to present the economic relation of property as a detailed formula: subject (owner) - property - other subjects. Assignment relations apply primarily to such property, on which economic activity directly depends. It includes factors of production (both material goods and the fruits of intellectual labour). In some cases the human factor was referred to the objects of property (this was the case with slaves). In defining property in the legal sense, various categories of owners of property belonging to them are distinguished. Subjects of ownership are: a citizen (an individual) - a person as a subject of civil (property and non-property) rights and obligations; a legal entity - an organization (association of persons, enterprise, institution) that is a subject of civil rights and obligations; the state and municipalities (local government and self-government bodies).