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AR50122: Economics in construction

Follow this link for further information on academic years Academic Year: 2014/5
Further information on owning departmentsOwning Department/School: Department of Architecture & Civil Engineering
Further information on credits Credits: 6
Further information on unit levels Level: Masters UG & PG (FHEQ level 7)
Further information on teaching periods Period: Modular (no specific semester)
Further information on unit assessment Assessment Summary: CW 60%, EX 40%
Further information on unit assessment Assessment Detail:
  • Coursework (CW 60% - Qualifying Mark: 30)
  • Examination (EX 40% - Qualifying Mark: 30)
Further information on supplementary assessment Supplementary Assessment: Like-for-like reassessment (where allowed by programme regulations)
Further information on requisites Requisites:
Further information on descriptions Description: Aims:
To explore the relevance of economics to construction in respect to macro and micro economics.

Learning Outcomes:
After taking this unit the student should be able to:
* Compare and contrast the working of a planned economy with those of a market economy.
* Relate the ways in which growth occurs to various types of economy.
* Discuss the main microeconomic factors which affect construction.
* Outline the ways in which government policy affects demand for construction.
* Understand and compare the major difference between the economics of a contracting firm and those of a manufacturing firm.

Skills:
Written communication, problem solving, working independently.

Content:

ECONOMIC SYSTEMS:
Prevailing systems, changes in economic practice throughout the world.
MEASURES OF ACTIVITY:
Economic data available nationally and internationally, GDP, GNP, PPP.
SCHOOLS OF THOUGHT IN ECONOMICS:
Role of money. Classical school, Keynesianism, monetarism.
GROWTH, CYCLES AND UNEMPLOYMENT:
Reasons for cycles, links with unemployment.
SAVING, INVESTMENT, MULTIPLIER AND ACCELERATOR:
Performance factors in the economy. Using construction industry to regulate overall economic performance.
INFLATION:
Relationship between inflation and macroeconomics. remedies for inflation: price and wage control, increased tax, increased competition, reduced government spending. Measuring inflation. Control of inflation.
INTERNATIONAL TRADE:
Balance of payments, exchange rates.
DEMAND FOR CONSTRUCTION:
Goods and services. Difference between demand and need. Influencing factors.
CONSTRUCTION INDUSTRY OUTPUT:
Output by end product, client, agencies, size, duration, geographical distribution, construction techniques used.
STRUCTURE AND SUBCONTRACTING:
Structure which results from construction process.
INPUTS AND PRODUCTIVITY:
Labour, management, materials, plant and equipment, finance.
GOVERNMENT INTERVENTION AND RESOURCE PLANNING:
Within the economy and within the industry.
ECONOMIES IN TRANSITION:
Iso product curves, aid to developing countries, economies in transition: FSU, Vietnam, China.
TYPES OF FIRM, TYPES OF BUSINESS:
Housing, property development, minerals, materials, international construction.
DEMAND AND SUPPLY:
Demand and supply curves.
COSTS OF THE FIRM AND MARKET SUPPLY CURVES:
Cost structures and cost curves in manufacturing and construction industries.
TYPES OF MARKET SITUATION AND EQUILIBRIUM:
Equilibrium and market situations (from perfect competition to monopoly).
INPUTS TO THE CONSTRUCTION FIRM:
Materials, plant and equipment, labour.
CHOICE OF SPECIFIC MARKETS:
Construction markets. Diversification.
ECONOMIC DECISIONS:
Market economies. Planned economies.
Further information on programme availabilityProgramme availability:

AR50122 is Compulsory on the following programmes:

Department of Architecture & Civil Engineering

AR50122 is Optional on the following programmes:

Department of Architecture & Civil Engineering
  • TEAR-ADC02 : PG Cert International Construction Management

Notes:
* This unit catalogue is applicable for the 2014/15 academic year only. Students continuing their studies into 2015/16 and beyond should not assume that this unit will be available in future years in the format displayed here for 2014/15.
* Programmes and units are subject to change at any time, in accordance with normal University procedures.
* Availability of units will be subject to constraints such as staff availability, minimum and maximum group sizes, and timetabling factors as well as a student's ability to meet any pre-requisite rules.