|Year of offer||2019|
|Subject level||Undergraduate Level 1|
|Fees||Subject EFTSL, Level, Discipline & Census Date|
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
Eligibility and requirements
Core participation requirements
The University of Melbourne is committed to providing students with reasonable adjustments to assessment and participation under the Disability Standards for Education (2005), and the Assessment and Results Policy (MPF1326). Students are expected to meet the core participation requirements for their course. These can be viewed under Entry and Participation Requirements for the course outlines in the Handbook.
Further details on how to seek academic adjustments can be found on the Student Equity and Disability Support website: http://services.unimelb.edu.au/student-equity/home
- Multiple choice test, to test understanding of economic concepts, due week 3 (5%);
- Two assignments of 1000 words each, worth 25% in total : (i) economic forces and urban development, due week 6. (ii) Explanation of land and property market outcomes using economic principles, due week 9;
- Contribution to a positive tutorial culture as demonstrated by class attendance, preparation and contribution to class discussion, during semester (10%);
- One 2 hour final examination, at the end of semester (60%).
Hurdle requirement: 40% or above in the exam is required to attain a pass in the subject
Dates & times
- Semester 2
Principal coordinator Piyush Tiwari Coordinator Jyoti Rao Mode of delivery On Campus — Parkville Contact hours 1X2 hour lecture and 1X1 hour tutorial per week Total time commitment 170 hours Teaching period 29 July 2019 to 27 October 2019 Last self-enrol date 9 August 2019 Census date 31 August 2019 Last date to withdraw without fail 27 September 2019 Assessment period ends 22 November 2019
Time commitment details
Ling, D.C. and Archer, W.R.: 2005, Real Estate Principles: A Value Approach, McGraw-Hill, New York.
Stiglitz, J. E. and Walsh, C. E.: 2002, Economics, 3rd edition, Norton, New York.
- Related Handbook entries
This subject contributes to the following:
Type Name Informal specialisation Bachelor of Design Elective Subjects
- Breadth options
- Available through the Community Access Program
About the Community Access Program (CAP)
This subject is available through the Community Access Program (also called Single Subject Studies) which allows you to enrol in single subjects offered by the University of Melbourne, without the commitment required to complete a whole degree.
Entry requirements including prerequisites may apply. Please refer to the CAP applications page for further information.
- Available to Study Abroad and/or Study Exchange Students
This subject is available to students studying at the University from eligible overseas institutions on exchange and study abroad. Students are required to satisfy any listed requirements, such as pre- and co-requisites, for enrolment in the subject.