Briefly on the fundamentals of economics

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Reference no: EM133751504

OVERVIEW
Both Chapter 1 and 2 touch briefly on the fundamentals of economics and what are some common cycles that occur in the real world. Economics are very important to understand especially when it comes to real estate. Many things go hand to hand with the market and what is going on in the economy. Some important topics are real estate economics, supply and demand and economic theories.

KEY CONCEPT FROM CHAPTER 1
Some important concepts when it comes to the economics in real estate are the production, distribution, and the consumption of the goods and services. A lot of data can easily be found online about our current world and the economy. "Real estate economics analyzes national, regional, city, and neighborhood trends in an effort to interpret what effect these trends will have on the real estate market" (Huber, 1).

KEY CONCEPT FROM CHAPTER 1
Supply and demand has always affected the state of the market over the years in real estate. For example, "In response to higher prices in real estate, more owners are willing to place their property on the market for sale, and developers will be encouraged to produce more units" (Huber, 6). We are currently in a situation where the demand is so low because prices continue to rise leaving people not interested and not able to afford it.

KEY CONCEPT FROM CHAPTER 2
There are many economical theories that have been passed down from generation to generation and one man responsible for many well known theories is Adam Smith. "Smith held that if the price of a good was so high that the demand for it was less than the available supply, the invisible hand would lower the price so that demand would increase to equal the supply" (Huber, 37). Supply and demand is an important concept in the real estate world and crucial for buyers and sellers to understand.

SUMMARY
The importance of economics is important when it contributes to knowing when is a good time to buy or sell. Social media is one of the best ways of finding out in what direction the economy is heading towards and the approach one can take with that.

Reference no: EM133751504

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