$100 for a house? I’m moving to Detroit
Recommend on Google+
After living in London for a number of years, I have become desensitised to ridiculously high house prices. Just last week when a friend of mine bought a one bedroom maisonette in a dodgy part of the city for a quarter of a million pounds, we all congratulated him on getting such a great deal. Little did we know that for just $100 you can get a whole house in Detroit. This may be an extreme example but with property prices dropping by 80% to an average of just £4,900, it is clear that something is very wrong in the city. This article is fantastic and could be used on a lesson supply and demand to show how a change in people’s income can affect demand for houses. I hope to use it as a starter today to show the negative effects of unemployment.
blog comments powered by Disqus
Tags
activity, advertising, affordability, alistair darling, anti-competitive behaviour, anti-dumping, apple, appreciation, aqa gcse economics, articles, asia, balance of payments, balance of trade, bank of england, banks, basic economic problem, basket of goods, beat the teacher, benefits, bidet, birthrate, borrowing, budget, budget deficit, budget surplus, business growth, business objectives, capacity, capital, car industry, car manufacturing, cash cow, china, chocolate, christmas trees, class task, cocoa, competition, competition commission, competition in action, competitive markets, complements, conditions of supply, confidence, congestion, conspicuous consumption, construction, consumer confidence, consumer spending, consumers, costs, costs of production, costs, revenues and profits, cpi, credit crunch, cross price elasticity of demand, currency, data, data response, debt, deficit, delicious data, demand, demand and supply, demand and supply in action, demand for labour, demerit good, demerit goods, depreciation, derived demand, diagram, diagrams, diseconomies of scale, dollar, double dip, double-dip, downturn, easyjet, economic growth, economic gw, economic policies, economics, economies of scale, economy, elasticity, elasticity of supply, employment, end of term activity, enterprise, eu, euro, eurozone, exam advice, exam help, exam practice, exam style questions, exam technique, excess demand, exchange rate, exchange rates,All tags for the GCSE Economics Blog
