Question

Why might buying a home during a recession be a good decision for some consumers? Check all that apply.

*Housing prices are down

*It is easier to get a mortgage.

*Less demand means more options for buyers.

*Less demand means less competition with other buyers.

*More houses are on the market.

Answer 1

Answer

• Housing prices are down  
• Less demand means more options for buyers.  
• Less demand means less competition with other buyers

Explanation

In business cycle, when contraction when there is general slowdown in economic activity is determined as Recession. Recession normally occurs when the economy significantly declines for at least six months. This decline in economy shows that there is drop in the major economic indicators which are the income,real GDP,Manufacturing,employment and retail sales. The major causes of Recession is inflation that is when there is general rise in the prices of goods and services over a period of time.

Answer 2

The conditions that apply during the time of recession are :

Housing prices are down.

Less demand means more options for buyers.

Less demand means less competition with other buyers.

Buying their own home is a very common dream for every individual. At least once in a lifetime , every individual dreams of buying own house.

What is recession?

There are four stages in the cycle of economy. These stages are expansion,boom, contraction and recession. The stage when their is a very slow rate in the economy is called as economic recession. It is also termed as slowing down of an economy.

In this situation of recession, the GDP of a country falls down and the major sectors that results heavily in the growth of GDP also slows down and this results in the decrease in price level.

There is less demand in the economy because people do not have money to make heavy investments that also results in less competition in the market.

Therefore , the conditions that apply during the time of recession are 1) Housing prices are down. 2) Less demand means more options for buyers. 3) Less demand means less competition with other buyers.

Learn more about recession here:

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