Module Provider: |
School of Construction Management and Engineering |
Number of credits: |
10 [5 ECTS credits] |
Level: |
M |
Terms in which taught: |
Spring |
Module Convenor: |
Mr
D
Odebode |
Pre-requisites: |
|
Co-requisites: |
|
Modules excluded: |
|
Module version for: |
2007/8 |
Aims:
To introduce the concept of the construction firm as a microeconomic entity and to provide an understanding of the role of construction in the macro economy.
Gain understanding of basic microeconomic concepts, the construction firm as an economic entity and economic decision making by the firm
An appreciation of basic macroeconomic concepts and how the national economy works
Awareness of the importance of construction's role in the national economy
Develop an understanding of the effects of macroeconomic policies on construction firms and their response to such policies |
Assessable learning outcomes:
An overview of how macro and micro economic policies influence the construction sector. |
Additional outcomes:
|
Outline content:
Economic systems: free market, centrally planned and the mixed economy model
How the market works - product and factor allocation in a market economy, price and the concept of equilibrium
The theories of supply and demand, elasticity of supply and demand
Costs of the construction firm, short and long run costs
Market theory and the behaviour of construction firms
Market failures and government responses
Models of the national economy
Objectives of macroeconomic management
Instruments of government policy
Money supply and interest rates
Inflation and expectations |
Brief description of teaching
and learning methods:
lectures, tutorials and private study |
Contact hours:
| |
Autumn |
Spring |
Summer |
| Lectures |
|
18 |
|
| Tutorials/seminars |
|
2 |
|
| Practicals |
|
|
|
| Other contact (eg study visits) |
|
|
|
| |
|
|
|
| Total hours |
|
20 |
|
| |
|
|
|
| Number of essays or assignments |
|
1 |
|
| Other (eg major seminar paper) |
|
|
|
|
Assessment:
Coursework:
Not a part of final assessment
Relative percentage of coursework :Nil
Examinations:
Part of a three hour written examination paper in April/May
Requirements for a pass:
The students must obtain a mark of at least 40% in each written examination paper and an overall mark of 50% in the University examinations.
Reassessment arrangements:
Students who fail to obtain the minimum mark in any paper, or 50% overall are required to re-sit the failed paper in August/September. Such students are, however, permitted to proceed through the summer course phase and dissertation phase of the course. |
staff
UoR Home