Those values that are obtained and/or kept by an individual or voluntary organization as a result of peaceful human action are known as property, and the individual or organization is called the owner. Originally, each individual has ownership of his or her life—including his or her mind, body, and labor. As indicated below, one may exchange one's labor services in exchange for a higher value, in which case ownership of those services passes to another. An individual also owns values that are necessary extensions to his or her life:

Since production normally requires at least one land factor (see p. 4.4:42), an individual may acquire land values that were previously unowned as a means to his or her actions. The specific mechanisms for establishing such ownership are explored by a highly technical area of study known as homesteading theory.
An individual retains ownership in any values—i. e., capital goods and consumer goods—that are generated solely by factors that he or she already owns.
Ownership of other values may be obtained through peaceful exchanges, contracts, or gifts.