Economic Factors

Question 0

General swings in business activity resulting in expanding and contracting activity during its different phases

Answer 0

Business cycles

Question 1

4 Broad Forces That Effect All Markets Are:

Answer 1

P-Physical
E- Economical
G-Governmental
S- Social

Question 2

General swings in real estate activity resulting in increasing or decreasing activity and property values during different phases of it’s cycle.

Answer 2

Real estate cycles

Question 3

This law says when supply exceeds demand prices will fall and when demand exceeds supply prices will rise

Answer 3

Law of supply and demand

Question 4

Refers to the fact that there is a limited supply of real estate. The land that is on this earth is all that we have to work with and in areas where jobs, schools, transportation and perhaps family are nearby the available housing and buildings to address those needs or what would drive the price of real estate up or down.

Answer 4

Scarcity

Question 5

Refers to the fact that each piece of land, each building and each house is said to be a different piece of real estate.

Answer 5

Uniqueness

Question 6

A physical characteristic of real estate referring to the fact that real estate cannot move from one place to another. Customers also somewhat_____.

Answer 6

Immobility

Question 7

The housing market with a large selection of houses from which a buyer can choose. This type of market may be a result of a population demographic shift away from an area, over a building by the construction industry, or bad economic conditions such as a plant closing or layoffs by a local employer.

Answer 7

A buyers market

Question 8

A market where sellers enjoy several offers on the property and can sometimes hold out for higher than full price when there are more buyers than sellers

Answer 8

A sellers market

Question 9

An increase in the cost of goods and services because of the result of manufacturers and others passing along increases in their cost to the consumer. It is also defined as too much money chasing too few goods.

Answer 9

Inflation

Question 10

Is the interest rate people or businesses must pay to use another’s money for their own purposes.

Answer 10

Cost of money

Question 11

Is the main area of industry that’s responsible for bringing money into the area from outside sources.

Answer 11

Economic base