Property is a system of rights that gives people legal control of valuable things, and also refers to the valuable things themselves.
Property rights are constructs in economics for determining how a resource or economic good is used and owned, which have developed over ancient and modern history, from Abrahamic law to Article 17 of the Universal Declaration of Human Rights. Resources can be owned by (and hence be the property of) individuals, associations, collectives, or governments.
Public property is property that is dedicated to public use. The term may be used either to describe the use to which the property is put, or to describe the character of its ownership (owned collectively by the population of a state).
Private property is a legal designation for the ownership of property by non-governmental legal entities. Private property is distinguishable from public property, which is owned by a state entity, and from collective or cooperative property, which is owned by one or more non-governmental entities.
In political/economic theory, notably socialist, Marxist, and many anarchist philosophies, the distinction between private and personal property is an important one. In capitalism private and personal property are considered to be of equal importance and significance without the need for making a distinction.
Common ownership refers to holding the assets of an organization, enterprise or community indivisibly rather than in the names of the individual members or groups of members as common property.