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This subject sets the context for an understanding of the operations of firms within the construction production process. This includes conducting statistical analysis of the data concerning construction. By analysing construction’s contribution to national income and its linkages to other sectors of the economy it is possible to draw conclusions and gain insights into the operations of firms involved in the production of the built environment.
Intended learning outcomes
- To understand the economic roles and relationships within the construction industry.
- To provide a realistic theoretical economic framework for understanding the construction sector.
- To examine who benefits from the system of production and how these benefits are distributed.
- To examine the economic concepts of the multiplier and the accelerator in relation to construction and construction firms.
At the completion of the subject, students should have developed the following skills and capabilities:
- Ability to discuss policies related to construction and account for the behaviour of firms within the construction industry;
- Enable managers of construction firms to improve their decision making, strategic thinking and planning effort;
- Ability to understand the issues related to the business cycle and the causes and effects of variations in demand for construction.
Last updated: 3 November 2022