Economic Principles and Purchasing a House

Economics Principles and Purchasing a House

This essay discusses principles of economics as they apply to making decisions about purchasing a home. The essay also reviews the decision making process and how it is affected by marginal benefits and marginal costs. The health of the economy and also international trade are factors to think about too, along with looking at conditions which could have lead to making a different decision.

Supply and Demand

Buying a home is one of the single most important economic decisions that most people make. Because it is such a big decision, it is important to look at all the right considerations. The way to do this is to understand how economic principles apply. One principle that affected my decision was the law of supply and demand.

The number of homes available for sale is influenced by supply and demand....
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