REE 3043 Chapter Notes - Chapter 5 & 7: Reconcile (Rapper), Market Participant
Document Summary
Economic base- the set of economic activities that a city provides for the world beyond its boundaries (often called export base) A city"s economic base drives local economic activity and land use through a multiplier process. Local economic activities (secondary activities)- activities in a city that serve the local businesses and households. Competes with existing facilities for the total business derives from export activity. Multiplier effect is larger as the city is. The base activity uses more local goods and services. Location quotient = employment % of city / employment national % Property is used as collateral for a loan. Market value- the price a property should sell for in a competitive market when there has been a normal offering time, no coercion, arm"s length bargaining, typical financing & informed buyers and sellers. Most probable selling price, assuming normal selling conditions. Value for the typical market participant, may not be fundamental value.
