PROPERTY ECONOMICS (CCE)

SHE Level 1
SCQF Credit Points 20.00
ECTS Credit Points 10.00
Module Code M1K224624
Module Leader n/a
School School of Computing, Engineering and Built Environment
Subject SCEBE - School Office
Trimester
  • B (January start)

Pre-Requisite Knowledge

General entry requirements * Please note this module is also delivered in CCEO and they should be notified of any change to this module.

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 sucessful completion of this module the student should be able to:1.Apply an analytical approach to human and organisational behaviour. Understand market forces and relationships.(A2 A6 B1 D3) 2. Supply a context for the study of UK and international industry. (A6 D3) Prepare and present a formal report/essay. (C6 D9) 3. Explain the basic economic problem and its implications for individuals and organisations. (B1 D2) 4. Describe the evolution, features and performance of basic economic systems (B1 D1 D2 D3) 5. Describe the dynamics of a product market in terms of demand and supply. (A2 B1 D1 D2 D3)6. Explain how the reward to a factor of production is determined. (B1 D1 D2 D3) 7. Demonstrate how the level of activity in the UK economy is established, measured and modified to achieve government objectives. (A2 B1 D1 D2 D3) 8. Identify the measures used to achieve government objectives and evaluate current and recent macroeconomic and microeconomic policy priorities(D1 D2 D3) 9. Explain the behaviour of a firm in a variety of market circumstances. (D1 D2 D3) 10.Discuss the role of key economic institutions. (A3 C1) 11. Identify and appraise the structure and the comparative performance of UK construction and property markets in relation to the use of capital, land and labour. (A3 C1)12. Demonstrate an awareness of the role of international trade in the UK economy and the property sector.(C1)

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. Learning and teaching strategies will be developed and implemented, appropriate to students' needs, to enable all students to participate fully in the module

Indicative Reading

Beardshaw J et al (1998) Economics-A Students Guide 4th edn. Addison Begg, David K H (2000) Foundations of Economics McGraw Hill Griffiths, Alan (2001) Applied Economics Addison Wesley Longman Hillebrandt, Patricia (1994) The Modern Construction Firm Macmillan Manser J E (1994) Economics: A Foundation Course for The Built Environment International Thomson* Myers, Danny (1994) Economics & Property Estates Gazette Sloman, John (1999) Economics International Book Distributors Soper J & Hobbs, Phil (1996) The WinEcon Workbook Blackstaff Press * 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
Assessment (FT) 18.00
Seminars (FT) 20.00
Lectures (FT) 24.00
Tutorials (FT) 12.00
Practicals (FT) 12.00
Independent Learning (FT) 114.00

Assessment Methods

Component Duration Weighting Threshold Description
Exam (School) 1.50 25.00 35% Mid Term Test - Unseen written examination-1½ Hours
Exam (School) 1.50 25.00 35% End Term Test -  Unseen written examination-1½ Hours
Coursework 0.00 50.00 35% Module based assignment with Report - 1200 words