The First Step in the Home-Buying Process Should Be to

question 26

Multiple Choice

The first step in the home-buying process should be to

• A) identify the specific home you want to purchase.
• B) determine a realistic price range of homes you can afford.
• C) compare the cost of buying to renting.
• D) find a good real estate broker.

---

Definitions:

Calculate Elasticity

The process of determining the measure of responsiveness of the quantity demanded or quantity supplied of a good to a change in one of its determinants, such as price or income.

Unit Elastic

A situation in economics where a change in the price of a good leads to a proportional change in quantity demanded or supplied.

Total Revenue

Total revenue refers to the entire amount of money generated by a firm or entity from its business activities, such as sales of goods or services, before any expenses are subtracted.

Ideally

In a perfect or most suitable way, often used to describe an optimal condition or scenario.