Individual Supply and Demand Paper
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- Category: Politics: Economics
- Date Submitted: 02/26/2013 12:30 PM
- Pages: 4
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Week Two XECO/212
Individual
Supply and Demand Paper
Robert Eaton
University of Phoenix
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Buying a new home is challenging enough without have family adding their opinion. There are many opinions coming from lots of different people, buy in this neighborhood and not that one. The ideal location is something everyone should think before making a discussion. Children should be first priority of which school is best for their future. The right school will not only help in their studies, but in their future. When subdivisions are built in areas with better schools the cost for new homes can increase in price. Everyone is searching for the best schools. The media has become aware of this practice by advertising for particular locations, just to entice new families. A particular home in one neighborhood would cost considerably higher than a not so established neighborhood, even for the same type home. The relationship between demand and supply underlie the forces behind the allocation of resources. In market economy theories, demand and supply theory will allocate resources in the most efficient way possible. A family willing to relocate to another city may not have the same opportunity as others. The need for substitutes is another option should be considered, apartments would be one substitute. A family could be just as comfortable, with the same square footage. The comfort level is the same, but the location may differ. The same could be considered for location in schools. On the other side a family could try locating a multi-family home, to share the cost. There are other factors that influence the amount of a particular home that people are willing to buy, such as the number of consumers in the market and their expectations about future prices, incomes, and quality changes. To get a complete list for any product might be...
Individual
Supply and Demand Paper
Robert Eaton
University of Phoenix
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
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Buying a new home is challenging enough without have family adding their opinion. There are many opinions coming from lots of different people, buy in this neighborhood and not that one. The ideal location is something everyone should think before making a discussion. Children should be first priority of which school is best for their future. The right school will not only help in their studies, but in their future. When subdivisions are built in areas with better schools the cost for new homes can increase in price. Everyone is searching for the best schools. The media has become aware of this practice by advertising for particular locations, just to entice new families. A particular home in one neighborhood would cost considerably higher than a not so established neighborhood, even for the same type home. The relationship between demand and supply underlie the forces behind the allocation of resources. In market economy theories, demand and supply theory will allocate resources in the most efficient way possible. A family willing to relocate to another city may not have the same opportunity as others. The need for substitutes is another option should be considered, apartments would be one substitute. A family could be just as comfortable, with the same square footage. The comfort level is the same, but the location may differ. The same could be considered for location in schools. On the other side a family could try locating a multi-family home, to share the cost. There are other factors that influence the amount of a particular home that people are willing to buy, such as the number of consumers in the market and their expectations about future prices, incomes, and quality changes. To get a complete list for any product might be...