REAL 4000 Test 2 (UGA Martin) Exam Questions and Answers | Already Passed
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Course
REAL 4000
Institution
REAL 4000
REAL 4000 Test 2 (UGA Martin) Exam
Questions and Answers | Already
Passed
Two real estate markets - the market for land and the market for space
the market for land - the market where those who supply space
compete with each other for locations
the market for space - the market where property...
demand - ✔✔the value of urban land is almost completely determined by
_____?
fixed - ✔✔supply is essentially
location - ✔✔what determines the demand for a particular piece of land?
access - ✔✔demand for a location is primarily a demand for _____?
pay the most - ✔✔developers compete for land with the best offers access
to a large population and the developer that wins ________
,who is willing to pay the most? - ✔✔the one whose users place the highest
value on the site, and the one with the ability to offset the high cost of the
land
offset the high cost of land - ✔✔use less of it by building upwards
Factor substitution - ✔✔substitute building materials for land
competitive advantage of building upwards - ✔✔office building, apartments,
hotels can but factories and warehouses cant
vertical space - ✔✔occupies most costly sites, most dense development,
they become more desirable because more people live there
city - ✔✔a location where the density of economic activity is significantly
greater than it is in the surrounding area
industry economies of scale - ✔✔average production cost falls as quantity
supplied increases.
small firms - ✔✔large firms are better than
optimal industry structure - ✔✔involves fewer larger firms rather than many
small firms
agglomeration economies - ✔✔individual firm becomes more efficient when
it is located close to other firms (localization or urbanization)
, localization economies - ✔✔Individual firm becomes more efficient as the
size of the local industry increases. Industry clusters
urbanization economies - ✔✔individual firm becomes more efficient as the
size of the city that is located in increases. firms are more efficient in larger
cities than in smaller ones
causes of localization economies - ✔✔lower input prices, support of
specialized services, more effect labor market matching, learning and
innovation
lower input prices - ✔✔large local industry presence input suppliers to
locate nearby. lower transport costs lead to lower input prices
support of specialized services - ✔✔large local industry presence creates a
large enough local market to enable providers of specialized services to
locate nearby. increases the quality of the services provided
more efficient labor market matching - ✔✔large shared demand for similar
skills draws workers with those skills to the city. easier for workers to find
jobs. easier for firms to fill vacancies
learning and innovation - ✔✔workers learn from friends and neighbors who
do similar jobs. learn how to do their jobs better. more innovation
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