Making no assumption of your prior knowledge, Economics introduces the basics of economics as they relate to the built environment. Looking at the principles of microeconomics (markets, price mechanisms, resource allocation, theory of the firm, etc.), these principles are put into the context of construction firms and property markets. Lively, real-life case studies are built into the text to provide concrete examples of the theories being explained and macroeconomics are also covered.
Key features of this easy-to-use book include:
- clear chapter structure
- tutorial questions linking the case histories to basic principles
- extracts from newspaper and journal articles to show the relevance of economics to the construction industry
- 100% construction orientation
- a useful bibliography, glossary of economic terms
- preview questions at the start of each chapter and exercises and discussion topics at the end to test your understanding.
Economics will enable you to understand the working of economic forces as they relate to the construction industry.
Table of Contents
Why Economics? Economic Systems. The Market Mechanism. Factor Markets: Land. Factor Markets: Labour. Factor Markets: Capital. Competition and Monopoly. Theory of the Firm. Profit Maximisation. Size of Firms. The Construction Industry. Competition and Pricing in the Construction Industry. Forms of Business Organisation. Marketing. Productivity. The Workforce. Capital Equipment. Land and Site Values. Financing the Firm. Externalities and Cost-Benefit Analysis. The National Income. The Money Supply. Housing Policy. International Trade. Index.
"a bright, well structured and clear introduction to economics and its relationship to construction.....a very useful addition to the literature and would be appropriate for all students up to and including first year undergraduates in all construction disciplines" - Campus Construction