Download file to see previous pages...
In ancient days however, when trade and commerce were still at their primitive stage, market competition was nearly absent and people distinguished the quality of goods according to the craftsmanship of the artisans. Property in those days mainly indicated physical commodities or tangible assets. But with the progress of civilization and the storm of globalisation sweeping over almost every nook and corner of the world, many transformations started taking place simultaneously. These transformations resulted to a renaissance of the social relations and some stringency in the rights of the people, including that of their ownership rights. So, property got a new definition as well. With greater and greater competition seeping into the eventually liberating market structure, people started ruminating way-outs to protect their respective domains in order to stick back in the market competition. That was when the concept of intangible assets got introduced. Intangible assets imply those that do not have a physical existence but which can be legally owned by an entity. Hence today, the term ‘property’ actually implies tangible as well as intangible assets.
The present paper deals with the short-run equilibrium or the market clearing conditions in the property market today. In economic terms, short-run is the span when one or more factors are fixed, so that people have to operate in a more constrained framework. The present study aims to clarify how equilibrium is attained in the short run in the property market and how even a slight external disturbance is capable of shaking its very roots.
Broadly speaking, property comprises of two kinds of assets – tangible and intangible. However, a further dissection reveals that there are four main categories of the same, namely - stock of houses (for business or residential purpose), financial assets, developmental assets and
...Download file to see next pagesRead More
This theory focuses on the choice which individuals make in addition to the justification of those choices. The modeling of social behavior is normally based on the understanding and application of the rational choice theory. In microeconomics, the rational choice theory is used to describe human nature in relation to the behavior of people of having a desire and need for more good than bad (Dowding and Andrew 451).
However, the two are interdependent in that they both examine impacts of business activities in terms of demand and supply. Microeconomics can be defined as a branch of economics which studies the behavior of individuals and the firms in making business decisions regarding resource allocation and price of goods and services.
Hence, microeconomics relates to the study of allocation of funds by different sections of users, which include domestic households, firms and industries. Their decision making pattern is thoroughly studied to make assessment and observation for the future forecast of market condition, particularly when resources are limited.
This paper explores economic reasons behind Apple`s domination of the tablet market. In addition to its price advantage, Apple had the advantage of being able to sell its merchandise through its own stores. Apple mastered its manufacturing process. The iPad has firmly seated itself as the global leader amongst tablet PCs.
Accounting identities always exhibit equality regardless the magnitude or value of its variables. Or in other words accounting identities are statements that by definition are always true. In a closed or Keynesian economy the savings-investment
It also offers suggestions regarding areas of further research.
Tariffs are government taxes that are obligatorily levied for imported products. They are part of the government revenue sources. The amount of tariff
Microeconomics can be defined as the study that analyses the actions of the individual players and the market structure where the agents operate. Microeconomics takes into consideration the private, domestic as well
8 Pages(2000 words)Term Paper
GOT A TRICKY QUESTION? RECEIVE AN ANSWER FROM STUDENTS LIKE YOU!
Let us find you another Term Paper on topic Microeconomics and property market for FREE!