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In a market system, well-defined property rights are important because they:
Phobia
An extreme or irrational fear or aversion to a particular object, situation, or activity, significantly impacting an individual's life.
Delusion
A false belief held with strong conviction despite superior evidence to the contrary, often occurring as part of a psychiatric condition.
Agoraphobia
A fear of being in situations or places where escape might be difficult or that help wouldn't be available if things go wrong.
Brontophobia
An excessive fear of thunder and lightning, categorized as a type of specific phobia.
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