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CHANGE IN DEMAND: A shift of the demand curve caused by a change in one of the demand determinants. In essence, a change in demand is caused by any factor affecting demand EXCEPT price. This concept should be contrasted directly with a change in quantity demanded. You should also review the terms change in quantity supplied and change in supply, too. A change in demand is a change in ALL demand price-quantity demanded pairs, meaning that each price is matched up with a different quantity (which is illustrated as a shift of the demand curve). And this change in demand is caused by a change in any of the demand determinants. In contrast, a change in quantity demanded is a change from one price-quantity pair to the another (which is illustrated as a movement along a given demand curve).
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PRIVATE PROPERTY An economic institution in which goods, resources, commodities, or other assets (property) are owned and controlled by households and businesses (the private sector) rather than government (the public sector). Private property is a key institution, along with individual freedom and competitive markets, that helps to form the structure of capitalism.
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Al Capone's business card said he was a used furniture dealer.
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"You can't build a reputation on what you are going to do." -- Henry Ford, automaker
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EER
European Economic Review
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