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The first fundamental theorem of welfare economics states that
Conditional Estate
An ownership interest in which the holder has the same interest as that in a fee simple absolute except that this interest is subject to a condition.
Patent
Protection that grants the holder the exclusive right to produce, sell, and use the object of the patent for 20 years; can be obtained for a product, process, invention, machine, or a plant produced by asexual reproduction.
70 Years
A measure of time often associated with copyright duration, extending 70 years beyond the life of the creator.
Easement
An irrevocable right to use some part of another’s land for a specific purpose without taking anything from it.
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