2. In order to ensure an effective process of allocation of goods and services—in a well-functioning market economy—a working structure of property rights is important. It is said that, for a property right structure to be effective, three main characteristics need to be taken into account. Also, it is essential they are present at the same time for the same property owner; otherwise the system risks being inefficient. Identify the three characteristics. What do they mean in terms of property-right allocation?