The term that indicates ownership, either by individuals or by a business, is private property.

Private Property:
Private property refers to the legal ownership of assets or resources by individuals or businesses. It is a fundamental concept in capitalist economies, where individuals have the right to own, use, and dispose of property.

Importance of Private Property:

1. Individual Ownership:
Private property allows individuals to have exclusive rights over their possessions. It provides a sense of security, as individuals know that their property cannot be taken away without their consent. This ownership right incentivizes individuals to work hard and invest in their property, leading to economic growth and development.

2. Economic Freedom:
Private property promotes economic freedom by allowing individuals to use their resources as they see fit. It enables them to engage in productive activities, such as starting businesses, investing, and trading. This freedom drives competition and innovation, leading to economic prosperity.

3. Wealth Creation:
Private property ownership allows individuals to accumulate wealth over time. They can buy, sell, and trade their assets to generate income and increase their financial well-being. This accumulation of wealth not only benefits individuals but also contributes to overall economic growth.

4. Resource Allocation:
Private property plays a crucial role in resource allocation. When individuals own property, they have the incentive to use it efficiently and effectively. They are more likely to invest in its maintenance, improvement, and development. This leads to optimal utilization of resources, as individuals strive to maximize their returns on investment.

5. Legal Protection:
Private property rights are protected by the legal system. The law ensures that individuals and businesses have the right to use and enjoy their property without interference from others. If someone violates these rights, the legal system provides mechanisms for dispute resolution and compensation.

Conclusion:
Private property ownership is a fundamental aspect of capitalism and free-market economies. It provides individuals and businesses with the right to own, use, and dispose of property. This ownership right incentivizes economic activity, promotes wealth creation, and ensures efficient resource allocation.