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Essay / Research Paper Abstract
A 9 page paper discussing economics concepts as they apply to the US housing market 2004 – 2009. Topics addressed are price elasticity of supply and demand, positive and negative externalities, wage inequality, monetary and fiscal policies. Bibliography lists 9 sources.
Page Count:
9 pages (~225 words per page)
File: CJ6_KSeconHous09a.rtf
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Unformatted sample text from the term paper:
Chicago Tribune reported on "men who bought property at prices they knew perfectly well were fictitious, but who were prepared to pay such prices simply because they knew that some
still greater fool could be depended on to take the property off their hands and leave them with a profit" (Economics A-Z, n.d.). The article was not addressing Phoenix
or Florida in 2008. Rather, it was published in 1890. There is nothing new about the business cycle, and there is nothing
new about real estate bubbles or the pain they cause when they burst. The cycle grows beyond reason, until eventually people come to believe that prices have gone high
enough and that they are unlikely to rise further. The law of supply and demand then reminds us all it still exists, and it still functions. Demand cools,
but supply continues to increase. Less demand plus greater supply equals lower prices. It is an old law and never fails to work when not artificially prevented from
doing so. Its latest canvas is the US housing market. Skyrocketing Prices and Declining Demand It is the nature of real estate
to appreciate over time. Just as Adam Smith observed with the overall economy, the natural progression is expansion. The speed with which that expansion occurs influences the drama
exhibited when it stops. It appears that in what formerly were the "hottest" markets in the country, buyers and potential buyers finally have
come to the point of realizing that the emperor truly has no clothes at all. In the area of California containing Bakersfield and Sacramento, average home prices increased as
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