PROPERTY ECONOMICS

SHE Level 1
SCQF Credit Points 20.00
ECTS Credit Points 10.00
Module Code M1K225119
Module Leader Steven Latta
School School of Computing, Engineering and Built Environment
Subject Construction and Surveying
Trimester
  • A (September start)

Pre-Requisite Knowledge

General entry requirements

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. The percentage of Work Based Learning for this module, as represented by the Independent Learning "Activity Type" , is 72%. There is no Work Based Assessment, but reflective learning is encouraged.

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 completion of this module, the apprentice should be able to:1. Apply an analytical approach to human and organisational behaviour.2. Understand market forces and relationships.3. Supply a context for the study of UK and international industry.4. Prepare and present a formal report/essay.5. Explain the basic economic problem and its implications for individuals and organisations.[A3, A6, B4 SDS GA: 2.2,2.3,3.1,3.4,3.6,4.2,4.4]

Teaching / Learning Strategy

This subject will be delivered by a student led "flipped classroom "core information, and supporting overhead materials will be made available for each lecture electronically in GCU Learn. Seminars/tutorials will concentrate on applying core information in lectures to problem questions given in advance. Students are referred to supporting reading materials to deepen their knowledge and understanding of lecture and seminar topics. Aspects delivered in the 'Flipped Classroom' mode will require students to view lecture material online and complete formative exercises prior to engaging and completing an on-campus seminar with academic support leading the discussions to explore the relevance of the content and specific to their workplace. 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/s. Work Based Education aims to maximise the direct and digitally mediated contact time with students by practicing teaching and learning strategies that use authentic work based scenarios and encourage action learning, enquiry based learning, problem based learning and peer learning. All these approaches aim to directly involve the students in the process of learning and to encourage sharing of learning between students. The module team will determine the level and accuracy of knowledge acquisition at key points in the delivery, inputting when necessary either directly or with the support of external experts who will add to the authenticity, the credibility and application of the education and learning to the workplace.

Indicative Reading

RECOMMENDED: Beardshaw J., Brewster D., Cormack P., and Ross A., (2001), Economics: A Student's Guide, Prentice Hall, ISBN: 0273651404 Begg, D., (2013), Foundations of Economics 5th 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 Myers D., (2016), Construction Economics 4th Edition, Taylor & Francis, ISBN-10: 0415462290 Sloman J. and Garratt D. ; (2009) Essentials of Economics ; FT Prentice Hall ISBN 0273722417 ESSENTIAL 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

Transferrable Skills

Effective communication: written, graphical and oral Effective use of IT Time management and self-motivation Planning, monitoring, reviewing and evaluating own learning Independent and group working [C1,C2,C3,C5,D1,D3,D4,D5,E1,E5,E6,E7 SDS GA - 5.1,5.2,5.3]

Module Structure

Activity Total Hours
Seminars (FT) 20.00
Independent Learning (FT) 144.00
Practicals (FT) 12.00
Assessment (FT) 20.00

Assessment Methods

Component Duration Weighting Threshold Description
Coursework 1 n/a 100.00 35% Coursework (2000 words)