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This subject will allow students to gain an understanding of the built environments within an economic context. Students will learn to apply principles of economics to the dynamic interrelationship between economic forces and development. Students will learn about the role of governmental and other institutions: through an analysis of land and property market outcomes and through an economic critique of legislation affecting land and property markets, and the role of property as an asset: by exploring the interaction between property investments and other asset markets and by exploring the many different ways in which ownership of property can be acquired.
Intended learning outcomes
Having completed this subject it is expected that the student be able to:
- Apply their understanding of economic principles to the problems related to cities and built environment;
- Understand the operation of the economy;
- Understand the concepts of demand, supply, and market equilibrium; and apply the model of demand and supply in a market to explain the determinants of prices and output of goods and services;
- Explain the role of market and government policies in determining efficiencies and social welfare;
- Explain models of firm behaviour;
- Apply economic models of individual behaviour and markets to describe the main features of actual markets, and outcomes;
- Apply principles of economics to dynamic interrelationships between economic forces and urban development;
- Analyse spatial and land value interaction as a basis of action in the built environment, based on economic principles and different economic contexts;
- Identify and interpret economic data relevant to designed built environments and set up experimental design to test various hypotheses related to urban outcomes;
- Evaluate and create explanations of land and property market behaviour, explain activity and outcomes in specific property markets defined by sector, location, function;
- Create arguments for the role of market-driven urban development influences on sustainable and resilient design of cities and spaces;
- Analyse conceptual distinctions such as competitive/monopolistic markets, formal/informal, tangible/intangible, market determined/planned using economic arguments and discuss their significance when applied to empirical cases in urban context.
Upon successful completion of this subject students will have had the opportunity to develop the following generic skills:
- Analytical skills - an enquiring and analytical approach to the determination of appropriate property economic decisions;
- Communication skills - an enhanced ability to communicate property market data through written and oral presentations;
- Problem solving skills - an increased body of knowledge associated with resolution of contemporary issues and practices in Property
Last updated: 16 September 2022