REAL 4000 Test 2 (UGA Martin) Exam Questions With Correct Answers
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Course
UGA REAL 4000
Institution
UGA REAL 4000
REAL 4000 Test 2 (UGA Martin) Exam
Questions With Correct Answers
Two real estate markets - answerthe market for land and the market for space
the market for land - answerthe market where those who supply space compete with each
other for locations
the market for space - answerthe market where...
demand - answer✔✔the value of urban land is almost completely determined by _____?
fixed - answer✔✔supply is essentially
location - answer✔✔what determines the demand for a particular piece of land?
access - answer✔✔demand for a location is primarily a demand for _____?
pay the most - answer✔✔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? - answer✔✔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 - answer✔✔use less of it by building upwards
Factor substitution - answer✔✔substitute building materials for land
competitive advantage of building upwards - answer✔✔office building, apartments, hotels can
but factories and warehouses cant
vertical space - answer✔✔occupies most costly sites, most dense development, they become
more desirable because more people live there
city - answer✔✔a location where the density of economic activity is significantly greater than it
is in the surrounding area
optimal industry structure - answer✔✔involves fewer larger firms rather than many small firms
agglomeration economies - answer✔✔individual firm becomes more efficient when it is located
close to other firms (localization or urbanization)
localization economies - answer✔✔Individual firm becomes more efficient as the size of the
local industry increases. Industry clusters
urbanization economies - answer✔✔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 - answer✔✔lower input prices, support of specialized services,
more effect labor market matching, learning and innovation
lower input prices - answer✔✔large local industry presence input suppliers to locate nearby.
lower transport costs lead to lower input prices
support of specialized services - answer✔✔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 - answer✔✔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 - answer✔✔workers learn from friends and neighbors who do similar
jobs. learn how to do their jobs better. more innovation
causes of urbanization economies - answer✔✔greater innovation/entrepreneurial activity,
consumer externalities (congestion will eventually kick in)
consumer externalities - answer✔✔larger cities provide a more complete array of goods and
services than smaller cities. consumers are more likely to find exactly what they are looking for
basic premise - answer✔✔the long run economic fortunes of a city are most dependent on the
performance of those employers who trade with other local economies
economic base - answer✔✔those employers located within a city whose trade area extends
beyond the local economy. by trading with other local economy that is spent and re-spent an
generates a multiplier effect
service employers - answer✔✔employers whose trade area is limited to the local economy
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