Typology – Market, Land and Real Estate
Meaning of Market:–
Any body of persons who are in intimate business relations and carry on extensive transactions in any commodity.
According to French economists market is not only a place in which things are bought and sold but the whole of any region in which buyers and sellers are in such interchange with one another that the price of the same goods tend to equality easily and quickly.
The essentials of a market are:-
(a) Commodity which is dealt with;
(b) The existence of buyers and sellers;
(c) A place, be it a certain region, a country or the entire world;
(d) Such interchange between buyers and sellers that only one price should prevail for the same commodity at the same time.
Classification of markets:
Markets may be classified a:
(a) On the basis of area as local, national and world markets;
(b) On the basis of time, as market price on any particular date or moment, Short period price, long period price, or secular markets covering a generation and;
(C) On the basis of nature of competition obtaining therein as perfect and imperfect markets.
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•Real estate is a legal term that encompasses land along with anything permanently affixed to the land, such as buildings, specifically property that is fixed in location.
•Real estate is a part of an asset & determines the growth & economic strength of country.
•The main source of capital used by individuals and small companies is to purchase and improve land . A significant fraction of the total wealth is in the form of land and buildings.
•The word Real is derived from “royal”.
For hundreds of years the Royal family / King owned the land, and the peasants paid rent or property taxes to be on the Royal’s land. Today, just like hundreds of years in the past, we pay property taxes, or rent to be on the government’s land or the Royal Estate.
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