What are they?

In a nutshell, we can think of the three facets in these terms.

Ownership

When we think of ownership, we inevitably think of possession. I have a MacBook Pro, which I'm writing this text on currently. It is not part of any finance agreement, stolen, borrowed, or on a lease, therefore the ownership of it is mine.

Borrowing

Should I sell or dispose of my computer, I will release the ownership to the next party, or to the recycling facilities. If my son has a DVD that I want to use, I will borrow it from him—he has not released ownership to me, just given it to me for a finite period. He will keep a record, or a reference, that I have it.

Lifetime

This is how long something lasts and, unfortunately, virtually nothing lasts forever. Once the application or ownership ends, the time from taking ownership to removing ownership, which includes the borrowing of something, is considered the lifetime of that object or process.

Let's consider each of these facets in more detail.