The ability of an individual to own and exercise control over scarce resources is called

A) market failure.
B) property rights.
C) externality.
D) market power.

Property Rights

Legal rights to use, control, or dispose of property, including real estate, intellectual property, and personal assets.

Scarce Resources

Fundamental economic problem of having seemingly unlimited human wants in a world of limited resources, leading to the necessity of allocation decisions.

Individual

A single human being apart from a society or community, often considered as an independent entity in economic theories.