Author: J.E. Manser
Table of Contents
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; Public sector construction enterprises; Case studies; Workshop. Marketing. Preview;
Looking at marketing; Looking at customers; Looking at others; Looking inward; Looking ahead; Case
studies; Workshop. Productivity. Preview; Productivity and efficiency; Usefulness of productivity
measures; Site productivity; Productivity and industry level; Case studies; Workshop. The workforce.
Preveiw; Workforce planning; Motivation; Subcontract labour; Training and skills; Case studies;
Workshop. Capital equipment. Preview; What is 'capital'?; Capital investment in the construction industry;
Substitution of labour by capital; Plant hire; Industrialized building methods; Case studies;
Workshop.Land and site values. Preview; Determining the value of land; Land values and land use; Role
of planning; Changes of use and redevelopment; Appendix: Site appraisal by residual valuation; Case
studies; Workshop.Financing the firm. Preview; Circulation of funds in a business: working capital;
Financial requirements of different businesses; Company gearing; Sources of long-term funding; Short-
term funds; Recent trends; Case studies; Workshop....
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 structuretutorial questions linking the case histories to basic principlesextracts from
newspaper and journal articles to show the relevance of economics to the construction industry100%
construction orientationa useful bibliography, glossary of economic termspreview 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.