Technical Indexes
Business pages of National Newspapers
Websites: www.dti.gov.uk/construction/stats/objectives.htm

Delivery will comprise lectures (24 hours), which will include student centred exercises. Case studies, demonstrations, and practical sessions to integrate theoretical considerations with practical outcomes.

Independent study and guided learning will support each session. You can expect to spend around 36 hours in preparation for the workshops. Self-tuition through a Study Pack is expected to take approximately 24 hours and access to tutor and work-based guidance will take place. It is expected that in-house support will facilitate the learning environment and you could expect to spend about 24 hours on work-based learning. Additionally you can expect to utilise some web-based enquiry as part of your independent learning.

Economic nature of the construction industry:
Structure and organisation of the construction industry, Introduction to micro/macro economic theory; Factors of production, resource allocation, scarcity, opportunity cost; market systems; perfect competition and the price mechanism; market efficiency; market failure; government intervention, Demand and supply determinants. Market equilibrium; elasticity.

Understand the basic concepts of economic analysis: price, profit, nature and types of cost, including opportunity cost. Nature of scarce resources and different methods of allocating their use in society. The circulation of money within the economy such as: savings, investment, foreign trade, government intervention.

Monetary supply and control:
Understand and evaluate the influence of the sources of money supply available to the industry, including grants from central and local government, the problems of short-term financing and the role of large financial bodies; such as banks, insurance companies and building societies. Influence of development grants on geographical movement, and improvement grants on small firms including the component manufacturing industries. Understand the price elements and structure of a speculative building contract and assess the supply, and control aspects related to each element.

Advertising and marketing influences:
Assess the role of advertising in the development of firms within the industry from the aspects of: market growth overall, growth of the market share in a steady economic state, the introduction of new markets, and consolidation of the market share through image building.

Markets for construction:
Understand the significance of the various markets both primary and secondary, (builders merchants, plant, machinery and vehicle hire etc.) in which construction firms operate.

Building life cycle, Whole life costing would be used to make evaluated and critical choices between materials and products that satisfy cost and design requirements, Use and purpose of Cost Benefit Analysis

One individual scenario based assignment, including interpretation of experimental data covering all learning outcomes (2,000 words plus sketches, drawings and calculations).

Chrystal, K.A. (1997) Economics for Business and Management, Oxford: Oxford University Press
Eccles, T., Sayce, S. & Smith, J (1999) Property and Construction Economics, Thompson Business Press
Harvey, R.C. (1997) The Construction Industry of Great Britain, 2nd Edt. Oxford, Laxton?s
Manser, J.E. (1994) Economics: A foundation course for the built environment. London, E & F.N. Spon
Myers, D. (2004) Construction Economics: A new approach, Spons
Morton, R. (2002) Construction UK ? Introduction to the industry, Oxford, Blackwell Publishing
Ruddock, L. (1992) Economics for Construction and Property, London, Edward Arnold
RICS, Life Cycle costing; A Worked Example