Why economics. Preview. Scarcity, choice and costs; The process of production; Transformation curves; Production possibility frontier; A note on terminology; Case study; Workshop. Economic systems. Preview. Market economies; Market failure; Planned economies; Changing circumstances; Postscript; Case studies; Workshop. The market mechanism. Preview; The market; Demand; Supply; Price determination; Price elasticity; Other types of elasticity; A further note on calculating elacticity; Case studies; Workshop. Factor markets: labour. Preview; Labour supply; Effects of wage rates (price of labour) on labour supply; Job opportunities and marginal revenue; Case studies; Workshop. Factor markets: capital. Preview; Capital as a factor of production; The cost of investment in capital goods; Demand for capital; Case studies; Workshop.L Competition and monopoly. Preview. The role of competitive markets; Competition not always preferable; Controlling monopoly powers; European competition policy; Case studies; Workshop. Theory of the firm. Preview; Firms and their objectives; Satisfying differenct interests; Mergers and takeovers; Case studies; Workshop. Profit maximization. Preview; Costs and output; Perfect competition; Monopoly; Discrimination monopoly; Monopolistic competition; Case studies; Workshop. Size of firms. Preview; The scale of operations; Economies of scale; Diversification; Diseconomies of scale; Small firms; The construction industry; Case studies; Workshop. The construction industry. Preview; A statistical snapshot of the industry; Construction and other industries; Demand for construction work; Supply side characteristics; Case studies; Workshop. Competition and pricing in the construction industry. Preview; Pricing by tender; Alternative methods of procurement; Choice of system; Competition in construction markets; Case studies; Workshop. Forms of business organisation. Preview; Smaller firms: sole proprietors and partnerships; Limited liability companies

It will introduce you to the basics of economics as they relate to the built environment by looking at the principles of microeconomics ( markets, price mechanisms, resource allocation, theory of the firm, etc.) and then put these principles into the context of construction firms and property markets. Macroeconomics are also covered and lively case studies are drawn from real life and built into the text to provide concrete examples of the theories being explained. Economics: a foundation course for the built environment makes no assumption of your prior knowledge of economics and will enable you to understand the working of economic forces as they relate to to the construction industry. In it you will find: a clear structure to each chapter, making it easy to follow and absorb information tutorial questions linking the case histories to basic principles so you can see how they work in real life. Extracts from newspaper and journal articles to show the relevance of economics to the construction industry. 100 per cent construction orientation. In addition there is a useful bibliography, a glossary of economic terms, preview questions at the start of each chapter and exercises and discussion topics at the end to test your understanding.