Question

Economic Brief Title (Enter your introduction text here. It should be no more than a paragraph or two. Please delete these instructions before submitting your paper.) Industry Goods and Services (In this section you should describe the goods and/or services produced by an industry that you pick from this list from the North American Industry Classification System. Please delete these instructions before submitting your paper.) Market Structure and Characteristics (Your text here should identify this industry's market structure and two or more market characteristics. Please delete these instructions before submitting your paper.)

I need to prepare an economic brief on Real Estate. Rental, and Leasing answering the questions in the photo.

It's an economic brief on Real Estate, rental , and leasing.

Answer 1

Real Estate(leasing and rental)

Industry's goods and services

Real estate when talked about the leasing side is purely a service providing industry because the ownership of any related good does not change in the whole process, The empty plots and built structures are the goods of exchange in this industry which is leased to the demand drawer. Why we call this this industry service providing, let us understand through an example. When we go for a stay in hotel we lend a room for a specific amount of time and so the supplier provides us with that room for a specific amount of time same way the leasing and rental works in the real estate.

Market structure and characteristics

First of all we must discuss its character then we will find out the structure. The number of sellers in the market are many, buyers are also many, product differentiation is also their, and the price is majorly decided by the supplier.All these characteristics show that it is a Mixed Imperfect competitive market.

Trends

Like Clothing industry market Which have boom in different subjects in different seasons, same way the market of real estate leasing is mostly dependent upon favourable government policies, which afterwards affect the different things, like when migrations are more the demand for houses are more for rentals, when the businesses are at boom the commercial lending is more etc.

Government policies

Government policies are those sets which affects almost every business and such a dynamically demanded and supplied sector is so sure to be affected by even a small change in policies. The government's specifically migrants policy affects the most because most of this industry in run by the rental houses are accomodation only which targets the migrant population which may consist of country outsiders, home aways etc. the commercial rentals or leasing is mostly affected by the government's favour to the secondary and tertiary sector market,like changes in taxes or subsidies, these are the basic reasons for the change in demand and supply