RE-160 Lecture Notes - Lecture 3: Comparative Advantage, Richard Laver
18 Dec 2020
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Document Summary
Many buyers and sellers who are pricetakers. Easy access to price, supply and demand information. Amount or quantity of the good or service that will be offered at various prices. Amount or quantity of the good or service that will be desired at various prices. Ideal competitive market the price/quantity combination at which quantity demanded equals quantity supplied. No two parcels of real estate are ever exactly alike. Property cannot be relocated to satisfy demand where supply is low. Price of land that can be developed. Real estate taxation primary sources of revenue for governments. Demographics: # of adults, children, retirees, lifestyle. Stay informed about business plans of local employers. Scarcity, improvements, permanence of investment, area preference or location, inelastic regarding supply in the short term. As demonstrated by the google real estate index. Principle of the economic ability of a region or city to compete with other regions or cities in the production of goods and services.
