Supply and Demand and the Economic Characteristics of Real Estate Flashcards

1
Q

Define supply

A

Goods or services available for sale, lease, or trade

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2
Q

Define demand

A

Goods or services desired for purchase, lease, or trade

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3
Q

What are the economic characteristics of real estate?

A

Governed by supply, demand, price, costs, value components, and government influence

Inherent value, unique appeal, immovable supply, illiquid, slow response to cycles, decentralized, local market

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4
Q

What interacts continuously in a market?

A

Supply, demand, and price

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5
Q

What influences supply, demand, and price?

A

The dynamics of value and the costs of producing goods and services

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6
Q

What is it called when supply equals demand and price, cost, and value are identical?

A

Market equilibrium

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