ECO 205 Final - Granite and Stone 1 Granite and Stone...

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Granite and Stone 1 Granite and Stone Industry Research Lisa McClure Axia College of University of Phoenix ECO 205 Nathan Janysek November 16, 2008
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Granite and Stone 2 The granite and stone industry is affected by the economy in several different ways just like other industries like automotive, airline, and the housing industry. The granite and stone industry is affected by supply and demand, wage inequality, and monetary policies, just like the other industries. Although the granite and stone industry has been around longer than the airline industry or the automotive industry, the industry remains strong during hard times. The records show granite mining around back in the 1800’s. The Egyptian pyramids were built from quarried stone in about 2800 B.C.; the largest pyramid contains 2.3 million blocks with an average weight of 2.5 tons. The Babylonians used cut stone in 600 B.C. to build the renowned Hanging Gardens. The Greeks and the Romans also used cut and finished stone widely as construction, decorative, and statuary material. In fact, the Greeks quarried marble as early as 447 B.C. ( www.answwers.com , 2003). The American granite and stone market has seen a lot of growth in the last decade, the principal increase has been in the residential market, especially for granite counter tops (Mathews, J, 2005). Over 3000 new small companies have entered the market to fabricate granite kitchen countertops and bathroom multicolored or granites with movement. A significant portion of cut stone is shaped and finished into surfaces for floors, walls, tables, and counters. The three main materials utilized in this industry are granite, marble, and limestone. Granite products accounted for more than 50 percent of industry output in the 1990s. Granite is a light-colored rock—usually found in mountainous regions
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Granite and Stone 3 —that is comprised primarily of varying amounts of quartz and feldspar ( www.referenceforbusiness.com , 2004). Limestone, a sedimentary rock, is comprised primarily of calcite that resulted from the sedimentation of coral and dead organisms. Limestone varies greatly in texture and color ( www.referenceforbusiness.com , 2004). Marble is metamorphosed limestone and is usually quarried from the core of young mountains in the Rockies or from the exposed roots of ancient mountains in the Appalachians ( www.referenceforbusiness.com , 2004). The price elasticity of supply and demand in the granite and stone industry is very high. Granite is one of the greatest industries in the United States. Tradition is still used in many of the granite shops today, along with new technologies to help production increase to meet their demands (starts, C, 2000). There has been increasing demand for other granite applications, including
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This note was uploaded on 05/10/2009 for the course ECONOMICS 205 taught by Professor Janysek during the Spring '09 term at University of Phoenix.

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ECO 205 Final - Granite and Stone 1 Granite and Stone...

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