Final answer:
Property rights are a crucial aspect of a market system, defining individuals' rights over assets and fostering resource allocation efficiency.
Explanation:
Property rights are a fundamental characteristic of the market system. They detail what individuals can and cannot do with assets in a market economy. Laws, institutions, and enforcement mechanisms ensure the validity of these rights, fostering economic transactions.
In a market system, property rights play a crucial role in resource allocation efficiency. When individuals have clear rights over their assets, they are motivated to use them productively, leading to a more efficient allocation of resources.
Government intervention through central planning by setting wages and prices goes against the principles of a market system. Such intervention restricts the autonomy of market participants and distorts the natural mechanisms of supply and demand.
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