Economics: A Foundation Course for the Built Environment

✍ Scribed by J.E. Manser

• Publisher: Spon Press
• Year: 1994
• Tongue: English
• Leaves: 247
• Edition: 1st ed
• Category: Library

✦ Synopsis

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

Book Cover......Page 1
Half-Title......Page 2
Title......Page 4
Copyright......Page 5
Contents......Page 6
Preface......Page 14
Dedication......Page 15
Using this book......Page 16
Acknowledgements......Page 18
SCARCITY, CHOICE AND COSTS......Page 19
THE PROCESS OF PRODUCTION......Page 20
TRANSFORMATION CURVES......Page 21
PRODUCTION POSSIBILITY FRONTIER......Page 23
A NOTE ON TERMINOLOGY......Page 24
WORKSHOP......Page 26
PREVIEW......Page 27
MARKET FAILURE......Page 28
PLANNED ECONOMIES......Page 29
CHANGING CIRCUMSTANCES......Page 30
POSTSCRIPT......Page 31
WORKSHOP......Page 33
THE MARKET......Page 35
DEMAND......Page 36
SUPPLY......Page 38
PRICE DETERMINATION......Page 40
PRICE ELASTICITY......Page 41
OTHER TYPES OF ELASTICITY......Page 44
A FURTHER NOTE ON CALCULATING ELASTICITY......Page 45
WORKSHOP......Page 47
DEMAND FOR FACTORS OF PRODUCTION......Page 49
THEORY OF RENT......Page 50
LAW OF DIMINISHING MARGINAL RETURNS......Page 54
WORKSHOP......Page 55
LABOUR SUPPLY......Page 57
EFFECTS OF WAGE RATES (PRICE OF LABOUR) ON LABOUR SUPPLY......Page 58
JOB OPPORTUNITIES AND MARGINAL REVENUE......Page 59
WORKSHOP......Page 63
CAPITAL AS A FACTOR OF PRODUCTION......Page 64
DEMAND FOR CAPITAL......Page 65
WORKSHOP......Page 69
THE ROLE OF COMPETITIVE MARKETS......Page 70
COMPETITION NOT ALWAYS PREFERABLE......Page 71
CONTROLLING MONOPOLY POWERS......Page 72
EUROPEAN COMPETITION POLICY......Page 73
WORKSHOP......Page 75
FIRMS AND THEIR OBJECTIVES......Page 76
SATISFYING DIFFERENT INTERESTS......Page 77
MERGERS AND TAKEOVERS......Page 78
WORKSHOP......Page 80
COSTS AND OUTPUT......Page 82
PERFECT COMPETITION......Page 84
MONOPOLY......Page 85
DISCRIMINATING MONOPOLY......Page 87
MONOPOLISTIC COMPETITION......Page 88
WORKSHOP......Page 89
THE SCALE OF OPERATIONS......Page 92
ECONOMIES OF SCALE......Page 93
DIVERSIFICATION......Page 94
DISECONOMIES OF SCALE......Page 95
THE CONSTRUCTION INDUSTRY......Page 97
WORKSHOP......Page 101
A STATISTICAL SNAPSHOT OF THE INDUSTRY......Page 102
CONSTRUCTION AND OTHER INDUSTRIES......Page 104
DEMAND FOR CONSTRUCTION WORK......Page 106
SUPPLY SIDE CHARACTERISTICS......Page 107
WORKSHOP......Page 109
PRICING BY TENDER......Page 110
ALTERNATIVE METHODS OF PROCUREMENT......Page 111
CHOICE OF SYSTEM......Page 113
COMPETITION IN CONSTRUCTION MARKETS......Page 114
WORKSHOP......Page 117
SMALLER FIRMS: SOLE PROPRIETORS AND PARTNERSHIPS......Page 119
LIMITED LIABILITY COMPANIES......Page 120
PUBLIC SECTOR CONSTRUCTION ENTERPRISES......Page 122
WORKSHOP......Page 124
LOOKING AT MARKETING......Page 126
LOOKING AT CUSTOMERS......Page 127
LOOKING AT OTHERS......Page 128
LOOKING INWARD......Page 129
LOOKING AHEAD......Page 130
WORKSHOP......Page 133
PRODUCTIVITY AND EFFICIENCY......Page 134
USEFULNESS OF PRODUCTIVITY MEASURES......Page 135
SITE PRODUCTIVITY......Page 136
PRODUCTIVITY AT INDUSTRY LEVEL......Page 138
WORKSHOP......Page 139
WORKFORCE PLANNING......Page 141
SUBCONTRACT LABOUR......Page 143
TRAINING AND SKILLS......Page 144
WORKSHOP......Page 147
WHAT IS ‘CAPITAL’?......Page 148
SUBSTITUTION OF LABOUR BY CAPITAL......Page 149
PLANT HIRE......Page 150
INDUSTRIALIZED BUILDING METHODS......Page 151
WORKSHOP......Page 154
DETERMINING THE VALUE OF LAND......Page 156
LAND VALUES AND LAND USE......Page 157
ROLE OF PLANNING......Page 160
CHANGES OF USE AND REDEVELOPMENT......Page 161
Development costs......Page 163
Residual for land purchase......Page 164
WORKSHOP......Page 166
CIRCULATION OF FUNDS IN A BUSINESS: WORKING CAPITAL......Page 167
COMPANY GEARING......Page 169
SOURCES OF LONG-TERM FUNDING......Page 171
SHORT-TERM FUNDS......Page 172
RECENT TRENDS......Page 173
WORKSHOP......Page 175
EXTERNALITIES......Page 176
COST-BENEFIT ANALYSIS......Page 178
VALUE OF COST-BENEFIT TECHNIQUES......Page 183
WORKSHOP......Page 187
MEASURING ECONOMIC PERFORMANCE......Page 188
DETERMINING THE LEVEL OF NATIONAL INCOME......Page 192
DEMAND MANAGEMENT POLICIES......Page 195
TRADE CYCLES......Page 197
WORKSHOP......Page 203
THE VALUE OF MONEY......Page 204
CREDIT CREATION......Page 205
THE NEED FOR MONETARY CONTROLS......Page 207
INSTRUMENTS OF MONETARY POLICY......Page 208
MONETARY POLICY AND THE ERM......Page 209
SUPPLY-SIDE MEASURES......Page 210
WORKSHOP......Page 211
ORIGINS OF PUBLIC POLICY ON HOUSING......Page 213
GROWTH OF PUBLIC SECTOR HOUSING......Page 214
EFFECTS OF RENT CONTROLS......Page 216
STATE SUBSIDIES FOR HOUSING......Page 218
RECENT TRENDS......Page 219
SUBSIDIZING OWNER-OCCUPIERS......Page 220
‘A PROPERTY OWNING DEMOCRACY’......Page 221
WORKSHOP......Page 223
REASONS FOR INTERNATION AL TRADE......Page 224
THEORY OF COMPARATIVE ADVANTAGE......Page 225
GROWTH OF OVERSEAS CONSTRUCTION MARKETS......Page 227
OPPORTUNITIES IN THE EUROPEAN UNION......Page 228
INTERNATIONAL COMPETITION......Page 229
APPENDIX: COMPETITION IN THE SINGLE EUROPEAN MARKET......Page 231
WORKSHOP......Page 233
Further reading......Page 239
Index......Page 242