Unit 1 The Real Estate Market

Question 1

Market

Answer 1

A place where goods can be bought and sold and a price established.

Question 2

Supply

Answer 2

The amount of goods available for sale in the market.

Question 3

Demand

Answer 3

The amount of goods people are willing to buy at a given price.

Question 4

Factors affecting supply

Answer 4

1. Demand
2. Construction costs
3. Interst rates

Question 5

Factors affecting demand

Answer 5

1. Demographics
2. Economy
3. Wages