What is meant by the term 'eminent domain'?

The term 'eminent domain' refers specifically to the government's power to take private property for public use, provided that the owner receives just compensation. This principle is rooted in the Fifth Amendment of the U.S. Constitution, which stipulates that private property shall not be taken for public use without just compensation. This means that if the government needs land—perhaps for a new road, school, or other public project—it can legally acquire that land, but it must provide fair payment to the owner.

Understanding this concept is crucial because it balances the need for public projects and infrastructure with individual property rights. While this power can sometimes lead to disputes regarding what constitutes "just compensation" or "public use," the fundamental principle remains that the government has the authority to act in the public interest while also recognizing the rights of property owners.

The other options refer to different powers and rights that do not encapsulate the essence of eminent domain, such as taxation, business regulation, or building permit regulation, which focus on economic and regulatory aspects rather than property acquisition.