New User Special Price Expires in

Let's log you in.

Sign in with Facebook


Don't have a StudySoup account? Create one here!


Create a StudySoup account

Be part of our community, it's free to join!

Sign up with Facebook


Create your account
By creating an account you agree to StudySoup's terms and conditions and privacy policy

Already have a StudySoup account? Login here

The Role of Private Property in a Free Market Economy

by: Kerrigan Unter

The Role of Private Property in a Free Market Economy ECON 1011

Marketplace > George Washington University > Economcs > ECON 1011 > The Role of Private Property in a Free Market Economy
Kerrigan Unter
GPA 3.0
Foster, I

Almost Ready


These notes were just uploaded, and will be ready to view shortly.

Purchase these notes here, or revisit this page.

Either way, we'll remind you when they're ready :)

Preview These Notes for FREE

Get a free preview of these Notes, just enter your email below.

Unlock Preview
Unlock Preview

Preview these materials now for free

Why put in your email? Get access to more of this material and other relevant free materials for your school

View Preview

About this Document

Covers all aspects of property claims, property rights, and the role the government has in protecting property.
Foster, I
Class Notes
25 ?





Popular in Economcs

This 2 page Class Notes was uploaded by Kerrigan Unter on Friday October 16, 2015. The Class Notes belongs to ECON 1011 at George Washington University taught by Foster, I in Summer 2015. Since its upload, it has received 13 views. For similar materials see INTRODUCTION TO MICROECONOMICS in Economcs at George Washington University.


Reviews for The Role of Private Property in a Free Market Economy


Report this Material


What is Karma?


Karma is the currency of StudySoup.

You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!

Date Created: 10/16/15
ECON 1011 Chapter 7 Theory of Market Demand Demand Each good or service has its own special characteristics that determine the quantity people are willing and able to consume 1 Price and the Demand Curve Quantity demanded the quantity buyers are willing and able to buy of a good or service at a particular price during a particular period all other things unchanged ceteris paribus The quantity demanded at each price would be different if other things that might affect it such as the population of the town were to change That is why we add the quali er that other things have not changed to the de nition of quantity demanded Demand schedule table that shows the quantities of a good or service demanded at different prices during a particular period all other things unchanged Demand curve a graphical representation of a demand schedule shows the relationship between the price and quantity demanded of a good or service during a particular period all other things unchanged Price alone does not determine the quantity of coffee or any other good that people buy To isolate the effect of changes in price on the quantity of a good or service demanded we show the quantity demanded at each price assuming that those other variables remain unchanged Change in quantity demanded movement along a demand curve that results from a change in price Law of demand for virtually all goods and services a higher price leads to a reduction in quantity demanded and a lower price leads to an increase in quantity demanded inversely proportional 12 Changes in Demand change in any one of the variables held constant in constructing a demand schedule will change the quantities demanded at each price Change in demand shift in a demand curve Demand shifter variable that can change the quantity of a good or service demanded at each price 0 When these other variables change the allotherthingsunchanged conditions behind the original demand curve no longer hold 0 Demand shifters consumer preferences the prices of related goods and serVices income demographic characteristics buyer expectations 0 Complements two goods for Which an increase in price of one reduces the demand for the other 0 Substitutes two goods for Which an increase in price of one increases the demand for the other 0 As incomes rise people increase their consumption of many goods and serVices and as incomes fall their consumption of these goods and services falls 0 Normal good good for Which demand increases When income increases 0 Inferior good good for Which demand decreases When income increases 0 An increase in income shifts the demand curve for a normal good to the right it shifts the demand curve for an inferior good to the left


Buy Material

Are you sure you want to buy this material for

25 Karma

Buy Material

BOOM! Enjoy Your Free Notes!

We've added these Notes to your profile, click here to view them now.


You're already Subscribed!

Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'

Why people love StudySoup

Bentley McCaw University of Florida

"I was shooting for a perfect 4.0 GPA this semester. Having StudySoup as a study aid was critical to helping me achieve my goal...and I nailed it!"

Amaris Trozzo George Washington University

"I made $350 in just two days after posting my first study guide."

Steve Martinelli UC Los Angeles

"There's no way I would have passed my Organic Chemistry class this semester without the notes and study guides I got from StudySoup."


"Their 'Elite Notetakers' are making over $1,200/month in sales by creating high quality content that helps their classmates in a time of need."

Become an Elite Notetaker and start selling your notes online!

Refund Policy


All subscriptions to StudySoup are paid in full at the time of subscribing. To change your credit card information or to cancel your subscription, go to "Edit Settings". All credit card information will be available there. If you should decide to cancel your subscription, it will continue to be valid until the next payment period, as all payments for the current period were made in advance. For special circumstances, please email


StudySoup has more than 1 million course-specific study resources to help students study smarter. If you’re having trouble finding what you’re looking for, our customer support team can help you find what you need! Feel free to contact them here:

Recurring Subscriptions: If you have canceled your recurring subscription on the day of renewal and have not downloaded any documents, you may request a refund by submitting an email to

Satisfaction Guarantee: If you’re not satisfied with your subscription, you can contact us for further help. Contact must be made within 3 business days of your subscription purchase and your refund request will be subject for review.

Please Note: Refunds can never be provided more than 30 days after the initial purchase date regardless of your activity on the site.