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Under the modern traditional theory of the taking of property,a sovereign may take private property only where:
Labor Supplied
Refers to the total hours of work that workers are willing and able to provide at a given wage rate over a certain period.
Income Effect
The change in an individual's or economy's income and how that change will impact the quantity demanded of a good or service.
Substitution Effect
The change in consumption patterns due to a change in the relative prices of goods, leading a consumer to substitute one good for another.
Labor Supplied
Represents the total hours that workers are willing and able to work at a given wage rate.
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