Economics: A Foundation Course for the Built Environment by J.E. Manser

By J.E. Manser

Making no assumption of your previous wisdom, Economics introduces the fundamentals of economics as they relate to the equipped surroundings. the foundations of microeconomics (markets, cost mechanisms, source allocation, idea of the company, etc.), these ideas are placed into the context of building organisations and estate markets. energetic, real-life case studies are outfitted into the textual content to supply concrete examples of the theories being defined and macroeconomics also are covered.

Key gains of this easy-to-use e-book include:

  • clear bankruptcy structure
  • tutorial questions linking the case histories to uncomplicated principles
  • extracts from newspaper and magazine articles to teach the relevance of economics to the development industry
  • 100% building orientation
  • a valuable bibliography, word list of financial terms
  • preview questions in the beginning of every bankruptcy and workouts and dialogue issues on the finish to check your understanding.

Economics will show you how to comprehend the operating of financial forces as they relate to the development industry.

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Additional resources for Economics: A Foundation Course for the Built Environment

Example text

As our need for space grows, so the land, which remains the same, becomes more and more scarce. THEORY OF RENT These unique characteristics of land—zero production costs and a fixed supply—gave rise to the theory of economic rent, developed by Ricardo in the early nineteenth century, a theory which is still important to our understanding of factor prices today. Ricardo argued that the payment, or rent, charged for a piece of land had no influence on the amount of land available. The supply of land was dependent on nature and the owner incurred no extra cost by allowing another to cultivate it.

Here the change in the demand for bricks is independent of changes in brick prices. If there is a shift in demand which is not due to price, we say the conditions of demand have altered. To show this on the graph we must move the position of the demand curve. If demand increases, perhaps due to a housing boom, the curve shifts to the right, so that the existing price level correlates with a larger quantity; if demand 20 THE MARKET MECHANISM decreases, the curve shifts to the left. ) Thus if a preference for timber frame reduces demand by 30% the curve would move as in Fig.

Consequently it may be inefficient and offer a lower standard of living as well as imposing restricted choices on its citizens. CHANGING CIRCUMSTANCES In Eastern Europe we have seen one planned economy after another introducing market elements into their systems and rejecting the apparatus of centralized state controls. The great Marxist vision of a new social and economic order, based on the need of communities rather than the greed of individuals, has collapsed. It would seem that the defects of planning, as we have experienced it so far, are greater than the advantages.

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