part 1

Question 1

space market

Answer 1

the market where rights to use or rent properties (space) are traded

Question 2

Monopolistic competition

Answer 2

a market structure where many companies compete to sell similar but differentiated products

Question 3

oligopoly

Answer 3

a market structure where a small number of companies control prices and have a significant amount of market power

Question 4

elasticity

Answer 4

measures the responsiveness of one economic variable to a change in another

Question 5

externalities

Answer 5

Costs or benefits faced by third parties due to the actions of others

Question 6

information asymmetry

Answer 6

this occurs when one party in a transaction has more or better information than the other party.

Question 7

coase thereom

Answer 7

an economic & legal theory that states that private individuals can resolve market externalities through bargaining and negotiation, without government intervention

Question 8

macroeconomics

Answer 8

the branch of economics concerned with large-scale or general economic factors, such as interest rates and national productivity

Question 9

key roles of economics in relation estate

Answer 9

drives supply and demand