please respond to Ishmael with 150. word sCh 3-4 ReflectionIsmael BRE-139-32360Real Estate Economics: Investor’s Silver Edition by Huber, Messick, & PivarCh 3: Money & FinancingCh 4: Cities: Their Origins and GrowthIntroduction: Ah yes, the foundation of economics: Money. It has been the blood of economics for as long as things had value. Economics is what made that value into money. It all starts somewhere. Over time the financial process is formed. It has only become sophisticated as the economy grows. How far have we come when it comes to money.Key Concept 1: History of Money. Money (or commerce as it was called) was originally based on trade values. This was prior to using paper or metal to indicate wealth. These more tangible commerce began with silver pieces being shaped with depictions on them. Hence, where the message, “in god we trust”, comes from and is put on currencies. This was still before Christ. 500 B.C. as stated. This was when materials (mainly metals) were seen with more commerce value. (Huber, Messick, Pivar, p. 86)Key Concept 2: Location of Cities. Settings play an indispensable role in economics. Especially in the early ages. First and foremost, the location must be somewhere that has the essentials of living. Easy access to water, farmland, mountains, etc. Transportation among these areas became essential with the trade system. Such as horseback or trains. Water was the most predominant method of transportation and still remains as such. It adds to the importance of harbors along the coastlines. Mountain access allows mining. It speaks for itself since mining was a substantial means of wealth. Nothing emphasizes it more than California’s Gold Rush. Location is a basic real estate principle. (Huber, Messick, Pivar, p. 124-125)Key Concept 3: Industrial Revolution. Thanks to this time period, transportation methods increased and improved tenfold. Especially with the railroads. This prosperity rallied more people to work in the factories, turning cities into hotspots for marketing businesses. As stated, transportation improved with railroads but also with automobiles. Furthermore, this prosperity allowed cities to expand. And with the development of “cheap electricity”, transportation was easily accessible which allowed more developments to flourish. It’s a marvel looking back on it nowadays when technology wasn’t so advanced. (Huber, Messick, Pivar, p. 128-129)by Ismael Meza MataSummary:The terminology of economics goes back thousands of years. Possibly more. It evolved as people evolved. But it wasn’t made predominant and uniform until more modern eras. Truely a mystery how it took so long to refine it despite it existing since the 11th century B.C.