ACTIVITY: Economic Principles and Theories (Term Paper Part 1)
For this assignme
ACTIVITY: Economic Principles and Theories (Term Paper Part 1)
For this assignment, you will simply type your paragraphs into the text box here. First, click the “Submit” button. A text box will appear. Type your contact information and then your two paragraphs. Then click the “Submit” button again. Remember, please SAVE a copy of your assignment to a Microsoft Word document or google doc. You will need a copy of it later for your final paper, “Real Estate Economic Forecast,” in which you will analyze the local real estate market and predict the future trends. Please use. the template. as a guide. do. not copy. from the template. please put in your own words. No plagiarism A I or chat bots. Also. please cite. the book do. not. use. the citations in the template. You. will need to cite. the book. I. don’t have the book, but you need the textbook is “Real Estate Economics” 6th Edition by Walt Huber, Levin P. Messick, and William Pivar. ISBN is 978-1626843264 and published in 2016 by Educational Textbook Company, Inc. SCROLL DOWN TO THE END TO VIEW A SAMPLE ASSIGNMENT.
Instructions
Begin with your name, date, class, and textbook at the top of the paper. Write 2 paragraphs about Economic Principles and Theories. Each paragraph must be at least 5 sentences long and include at least one citation (page number from the textbook).
In the first paragraph, answer the following prompts in complete sentences based on Chapter 1 of the textbook. Do NOT use numbering or bullet points and do NOT include these questions/prompts in your responses:
What is the importance of studying real estate economics?
Define the laws of supply and demand (pages 6 – 9), and explain how they influence the real estate market.
What is the difference between inflation, deflation, and stagflation?
Select one of the economic laws, principles, or economies from pages 17 – 20 and explain how it applies to real estate.
Identify the four real estate cycles (pages 20 – 25) to begin the process of forecasting the future market.
In the second paragraph, answer the following prompts in complete sentences based on Chapter 2 of the textbook. Do NOT use numbering or bullet points and do NOT include these questions/prompts in your responses:
Identify an influential economist from pages 33 and 37 – 39; and summarize one of his philosophies.
Compare and contrast the differences between capitalism and socialism as it relates to real estate (pages 40 – 44).
Define an imperfect competition, and explain why real estate sales is an imperfect market (pages 46 – 49).
Describe the term “highest and best use” as it relates to real estate value (you may use other textbooks or sources — and if so, the source must be cited).
Lastly, explain the difference between price and value. Remember to spell out numbers less than 10.
If you use any sources (other than your own original work), you MUST cite them in your paragraph, and reference them at the end.
EXAMPLE
Below is an example. Do NOT copy the wording, but you can use the structure as a template to follow.
Name: Ima Student
Date: January 1, 2022
Class: BRE-139-xxxx
Textbook: Huber, et al., 2016.
Economic Principles and TheoriesIt is important to study real estate economics because …. The law of supply and demand means that …. , and it affects the real estate market by …. (p. 6 – 9). The difference between inflation, deflation, and stagflation is …. Another important economic principle is … and it applies to real estate because …. (p. 18). The four real estate cycles required to begin the process of forecasting the future market are …. (p. 20-25).
Adam Smith was an influential economist and is known as the father of economics because he founded the concept of economic theory. From his best-selling book, “The Wealth of Nations,” he advocated for private ownership free from governmental influence — the philosophy known as laissez-faire (p. 33). Capitalism and socialism are similar because… and they affect real estate because of their differences …. (p. 40 – 44). Imperfect competition is defined as … and therefore real estate sales is an imperfect market because … (p. 46 – 49). The term “highest and best use” refers to the best usage of land to achieve the highest value of the real estate… There is a difference between price and value. Price refers to what a buyer paid the seller for a product or service; whereas, value reflects its actual worth (often determined by a real estate appraiser).
References:
Huber, W., Messick, L. P., & Piva, W. (2016). Real Estate Economics (6th ed.). Covina, CA: Educational Textbook Company.