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Economics of the house building industry

            It has been commonly taught in schools that the three basic needs of mankind are food, shelter, and clothing along with the lessons on go, grow, and glow foods. A deeper understanding of its economic side is presented in two online articles entitled “Supply-side factors in the UK housing market” and “Unit 4-Elasticity,” where the former is without a by-line and the latter is by Jay Kaplan (n.d.).

            The first of the two sources is intended to inform people of the rationale behind the housing industry in UK and the relationship between the supply, the demand, and the prices. On the other hand, the second of the abovementioned sources provides for a general understanding of the topic of elasticity with a discussion on the industry of house building.

            The relevance of the two sources to the topic of price elasticity of supply in the housing industry became the primary criteria for choosing the articles. In addition to this, the level of writing it has, which gives the readers a better grasp of the ideas included within it, made the article a better source than the rest of those available in the internet. In simple terms, the relevance and the

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ability of the articles to make the readers appreciate complex ideas with regard to the topic makes it a good choice.

            According to the readings, the price elasticity of supply of the housing industry is inelastic such that changes in prices do not create significant changes in the production or output (Kaplan, n.d.). Likewise, the unresponsiveness of the output to the changes in prices creates an impact to the industry and the need for the output to change in increasing directions should be critically evaluated to make a balance between the supply and the demand (“Supply-side factors,” n.d.).

References

Supply-side factors in the UK housing market. (n.d.). Retrieved June 19, 2008, from http://www.infocheese.com/supplyofhousing.html.

Kaplan, J. (n.d.). Unit 4- Elasticity. Retrieved June 19, 2008, from http://spot.colorado.edu/~kaplan/econ2010/section4/section4-main.html.

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