Unit 1: California’s Diversity Flashcards
Megalopolis
A large, densely populated metropolitan area consisting of a number of major urban areas and smaller surrounding cities.
Capitalism
An economic system in which most of the economy’s resources are privately owned and managed.
Net Worth
The value of all assets minus all liabilities.
Appreciation
Increase in market value of real estate.
Inflation
An increase in the general price level of goods and services, or a decrease in purchasing power of the dollar.
Affordability Index
Shows how many households will be able to afford a median-priced home in California.
Median Home Price
The price that is middle value of a sample of sales, with one-half of the sales below and one-half of the sales above the median home price.
California Association of Realtors (C.A.R.)
A trade association dedicated to the advancement of professionalism in real estate. They track the median home sales price for several geographic areas, as well as the unemployment rate, job growth and population change.
Unemployment Rate
The percentage of the people classified as unemployed as compared to the total labor force.
Demographics
Information from a variety of sources used to create a broad profile of any community.
California’s economy is so large that it actually competes with:
Countries
The most populous state in the country is:
California
The real estate housing market is influenced by:
The inventory of available housing, the affordability of housing, and mortgage interest rates.
Which of the following is not considered one of California’s top industries?
Textiles
California’s oil wells are known as “___ gold”
Black
