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
2
Q
Define demand
A
Goods or services desired for purchase, lease, or trade
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
4
Q
What interacts continuously in a market?
A
Supply, demand, and price
5
Q
What influences supply, demand, and price?
A
The dynamics of value and the costs of producing goods and services
6
Q
What is it called when supply equals demand and price, cost, and value are identical?
A
Market equilibrium
