PROPERTY ECONOMICS

SHE Level 1
SCQF Credit Points 20.00
ECTS Credit Points 10.00
Module Code M1K224313
Module Leader Steven Latta
School School of Computing, Engineering and Built Environment
Subject Construction and Surveying
Trimester
  • A (September start)

Summary of Content

Macroeconomic and microeconomic analysis and its application to the construction and property markets. UK financial and economic institutions in domestic and overseas trade in relation to the property industries. The comparative performance of the UK construction and property markets. Government intervention: goals, measures and achievement; current policy initiatives and their sectoral impact.

Syllabus

The scope and nature of economics and economic analysis. The basic economic problem. Economic systems and their evolution. The market economy and changes in market price for products and resources. The determination of rewards to factors of production. Applications in the property market. The theory of the firm and its relevance in UK and international markets. The organisation of industry: features and trend; markets, productivity, labour force, capital investment, finance and land Definitions, measurement and determination of national income; trends and relationship with the property cycle. Finance and the money supply: forms and sources of money; institutions and their regulation. International trade and finance; the impact of international capital flows for the property and construction industry. Government macroeconomic and microeconomic intervention in the economy: objectives, means and trends.

Learning Outcomes

On successful completion of this module the student should be able to:1. Apply an analytical approach to human and organisational behaviour.2. Understand market forces and relationships.(A2 A6 B1 D3)3. Supply a context for the study of UK and international industry.(A6 D3)4. Prepare and present a formal report/essay. (C6 D9)5. Explain the basic economic problem and its implications for individuals and organisations. (B1 D2)

Teaching / Learning Strategy

Lectures provide an introduction to staff and resources, lecture programme, assessment strategy, texts and software in a flexible learning mode. Lectures to introduce selected theoretical and applied introductory level reading and software material. Coursework and practical exercises will provide an opportunity to explore, clarify and reinforces student understanding of some basic principles in a practical setting and exercise students in the form of response relevant to their final exam. Web-enabled learning provided for discussion enhancement and support.

Indicative Reading

Beardshaw J, Brewster D. , Cormack P., and Ross A., (2001), Prentice Hall, ISBN: 0273651404 Begg, D., (2009), Foundations of Economics 4th edition, McGraw-Hill Higher Education, ISBN: 0077121880 Biggs W.D., Hillebrandt P. M., and Cannon J, (1990), The Modern Construction Firm, Palgrave Macmillan, ISBN-0333467256 Jowsey E and Harvey J;( 2003) Urban Land Economics 6th revised edn. Palgrave Macmillan ISBN 1403900019 *Grant, S J (2000); Stanlake's Introductory Economics 7th edn, Longman ISBN 0582405483 *Manser J E (1994) Economics: A Foundation Course for The Built Environment Taylor & Francis, ISBN 0419182608 Myers D, (2008), Construction Economics 2nd Edition, Taylor & Francis, ISBN-10: 0415462290 Sloman J and Garratt D ; (2009) Essentials of Economics; FT Prentice Hall ISBN 0273722417 * Essential Texts

Transferrable Skills

Effective communication: written, graphical and oral (D9, D13, D14) Effective use of IT (D10, D13) Time management and self-motivation (D4, D5, D6) Planning, monitoring, reviewing and evaluating own learning (D8) Independent and group working (D7, D12)

Module Structure

Activity Total Hours
Seminars (FT) 20.00
Independent Learning (FT) 128.00
Practicals (FT) 12.00
Lectures (FT) 20.00
Assessment (FT) 20.00

Assessment Methods

Component Duration Weighting Threshold Description
Course Work 01 n/a 100.00 40% Coursework 1 (1500 words)