Construction Economics

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University Modular Framework

Construction Economics

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Module Guide 2011/12

Module Tutor: Dr. Turker Bayrak

Module Title: Construction Economics, LEM2030
Module Value: 1 (20 credits) at level 4
Rationale:
This module aims to develop decision making skills by introducing economic principles that underpin construction industry. This module provides an insight into the ways in which the economic environment affects the construction industry. The module has been designed to enable students to investigate, analyse and evaluate the implications of various economic theories on the construction industry and demonstrate knowledge and understanding of fundamental economics concepts.
Learning Outcomes:
Knowledge and Understanding a) Understand key economic concepts

b) Demonstrate how markets function

c) Use graphical illustrations to examine the impacts of supply and demand on construction industry

d) Understand economic inputs necessary for construction industry products
Subject - specific Skills e) Evaluate Construction Industry specific Economical concepts.

f) Analyse UK Construction Industry Economically.

Transferable Skills Development
In addition, this module will allow you to develop and improve your transferable skills. Using your experiences, assignment feedback and any other sources of information you will reflect on your performance in the following areas and identify any areas for development. Your reflections should be discussed with your tutor during your individual tutorials and will help you to develop your own learning improvement plan. Handouts to help you reflect on your performance will be attached to each assignment brief. g) Develop a proactive approach to meeting responsibilities, extending the scope of contributions to enhance outcomes

h) Integrate information from different sources to ensure consistent presentation

i) Organise, apply and communicate information to others appropriately

Teaching, learning and assessment strategy

The teaching of this module will take place through a range of lectures, discussions and seminars. Student learning will also be encouraged through the use of directed study and self-study activities and through the completion of a programme of modular assessments.
The assessments will require students to demonstrate their understanding of economics as well as applying this knowledge to the construction industry. The presentation will require the student to research and present information individually to the rest of the peer group. The report will allow the learner to explore how economic principles can influence construction businesses. The case study will require learners to assess the impact of government economic policy of a construction business.
While working on these assessments, students would need to demonstrate their ICT and analytical skills.
| | |
|TEACHING, LEARNING + ASSESSMENT ACTIVITIES |STUDY HOURS |
|Lectures |40 |
| |20 |
|Self Reading/ Study | |
|2,000 word assignment 1 |20 |
|2,000 word assignment 2 |20 |
|Individual Presentation |5 |
| | |
|TOTAL |105 |

Assessment strategy and assessment criteria:
Standard CAF grading criteria are used for assessment and these are provided in the course handbook. Specific criteria for assessment are issued with assessment briefs when the assignments are set.
|ASSESSMENT ITEMS |UNITS |WEIGHTING |LEARNING OUTCOMES |
|Individual presentation (15 minutes) |1 |20% |a, e, f, h, i |
|Report (2000 words) |2 |40% |c, d, g |
|Case Study (2000 wd equiv) |2 |40% |b, c, d, g |

Assessment Deadlines

|ASSESSMENT ITEMS |Date Set |Submission |LEARNING OUTCOMES |
| | |Date | |
|Report (2000 words) |17/10/2011 |18/11/2011 |a, d, e, g |
|Case Study (2000 wd equiv) |12/12/2011 |03/02/2012 |b, c, f, h |
|Individual Presentation |20/02/2011 |04/05/2012 |a, d, e, g |

Assessment criteria:

Standard UMF grading criteria are used for assessment and these are provided in the course handbook. Specific criteria for assessment are issued with assessment briefs when the assignments are set. Please see the assignment briefs below.

Assessment Regulations:

All assignments should be handed in to the LRC (the library desk) at Moulton College. Upon submission of your work you will be issued with a receipt. You should keep this for your own records.

The policy on this course is that work must be handed in by the date specified.

If work is handed in up to a week after the specified date you can only achieve a D- for that assignment.

If you hand in work later than one week after the specified date a G grade will be given. This is strictly adhered to. If for any reason you have not completed a piece of work by the due date you should hand in what you have done.

If you FAIL any piece of work you will be required to sit a new assignment by the dates specified below. An administration charge to resit work may apply.

• If the deadline for the assessment is on or before 25/2/11 then the resit must be handed in by 6/5/11. • If the deadline for the assessment is after 25/2/11 then the resit must be handed in by 16/8/11.

If you require an extension for a piece of work you can only arrange this with your course manager in advance of the hand in date.

In circumstances where particular events are affecting your completion or performance in assignments, then you can apply for mitigating circumstances (see your course manager or the University of Northampton website, www.northampton.ac.uk, for details).

Indicative reading and other learning resources:

Books • Warren, M (2001) Economics for the Built Environment. Butterworth- Heinemann Ltd. • Ruddock, L. (2000) Economics for Construction and Property. Edward Arnold • Hillebrandt, P. (2002) Economic Theory and the Construction Industry. Palgrave.

Lecture Schedule

|Week |Topic |Assessment |
|1 |Introduction to the unit / Scarcity and need to choose | |
|2 |The Allocation of Resources | |
|3 |The Allocation of Resources, presentation |Assign 1 issued |
| |Study Week | |
|4 |Buyers and the Theory of Demand | |
|5 |Producers and the Theory of Supply | |
|6 |Price Mechanism | |
|7 |Price Mechanism, supply and demand case study |Assign 1 due |
|8 |Economic Analysis of Markets | |
|9 |Demand for Property and Construction | |
|10 |Recap, Self-Assessment |Assign 2 issued |
| |Holidays | |
|11 |The Development Sector | |
|12 |Supply of Construction | |
|13 |Cost, Revenue and Equilibrium of the Contracting Firm | |
|14 |Micro-Economic Examination of UK Construction Industry |Assign 2 due |
|15 |Economic Analysis of the Property Market |Presentations issued |
| |Study Week | |
|16 |The Use and Investment Sectors | |
|17 |Factors of Production Land | |
|18 |Factors of Production Labour | |
|19 |Factors of Production Capital and Entrepreneur | |
|20 |Types of Business | |
| |Holiday | |
|21 |Presentations | |
|22 |Presentations | |
|23 |Presentations | |
|24 |Presentations | |
|25 |Presentations | |
|26 |Presentations | |
|27 |Module Evaluation | |

This is intended as a guide only and may change due to unforeseen circumstances.

Assignment Briefs
There are three assessment items for this module and details of them can be found below.
2000 words Report
This assignment will require you to write a 2000 words report on fundamental economic concepts. The focus of the assignment is the Microeconomics and it’s implications on the construction industry.
2000 words Case Study
This is similar to the first assignment, but this time the focus is mainly on more Macroeconomic issues. Both assignments will be structured academically, and referenced using the Harvard referencing style.
Individual Presentations
Learners are required to present their assigned subjects to their peers in a 15 minutes presentation using PowerPoint software. You are expected to arrange a 15 minutes presentation time slot. In this slot, you need to explain the subject you are assigned without exceeding the 15 minutes time limit, and answer your peers’ questions on this topic at the end. You are also required to provide feedback to other learners through peer assessment forms when they are presenting.