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BULD6014 - Construction Economics

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Title:Construction Economics
Long Title:Construction Economics
Module Code:BULD6014
 
Duration:1 Semester
Credits: 5
NFQ Level:Fundamental
Field of Study: Building Science
Valid From: Semester 1 - 2022/23 ( September 2022 )
Module Delivered in 5 programme(s)
Module Coordinator: DANIEL CAHILL
Module Author: GILLIAN CAREY
Module Description: This module is an introduction to the key principles and concepts of economics and how both micro economics and macroeconomics affect the operation of the construction industry both at a local level and globally.
Learning Outcomes
On successful completion of this module the learner will be able to:
LO1 Evaluate the economic concepts and economic systems and how they affect the construction industry.
LO2 Analyse the various theories of supply and demand in relation to the construction industry and its effects on other industries.
LO3 Identify macroeconomic issues at a national level and their effects on the construction sector.
LO4 Evaluate the operation of the macroeconomic market.
LO5 Examine the factors that determine the price system for each sector of the property market.
LO6 How government policy and European Central Bank (ECB) policy affects the operation of the construction industry
Pre-requisite learning
Module Recommendations

This is prior learning (or a practical skill) that is strongly recommended before enrolment in this module. You may enrol in this module if you have not acquired the recommended learning but you will have considerable difficulty in passing (i.e. achieving the learning outcomes of) the module. While the prior learning is expressed as named MTU module(s) it also allows for learning (in another module or modules) which is equivalent to the learning specified in the named module(s).

Incompatible Modules
These are modules which have learning outcomes that are too similar to the learning outcomes of this module. You may not earn additional credit for the same learning and therefore you may not enrol in this module if you have successfully completed any modules in the incompatible list.
No incompatible modules listed
Co-requisite Modules
No Co-requisite modules listed
Requirements

This is prior learning (or a practical skill) that is mandatory before enrolment in this module is allowed. You may not enrol on this module if you have not acquired the learning specified in this section.

No requirements listed
 

Module Content & Assessment

Indicative Content
Macroeconomic environment
The contribution of the construction sector to the national economy. Government and ECB policy.
Economic Data
The sourcing of economic data collected and the presentation and interpretation of this information.
Scarcity
How, what and for whom will products be produced ? Resources. Types of economic systems.
Demand and Supply
Demand and supply in relation to the construction industry including changes in their conditions and geographical illustration to demonstrate changes in determinants.
Price Mechanism in the Property Market
Unique properties of land and property, the operation of price mechanism on the market and the relationship between different property types.
Monetary and Fiscal policy
The role of the ECB and of the Irish government in both monetary and fiscal policy and its effect on the Irish construction sector.
Assessment Breakdown%
Course Work40.00%
End of Module Formal Examination60.00%
Course Work
Assessment Type Assessment Description Outcome addressed % of total Assessment Date
Written Report An analysis of the effect policy changes have on the construction industry at a macro level 4,5,6 20.0 Week 7
Project The effect that price has on the supply/demand of a particular sector of the construction industry. 1,2,5 20.0 Week 10
End of Module Formal Examination
Assessment Type Assessment Description Outcome addressed % of total Assessment Date
Formal Exam End-of-Semester Final Examination 1,2,3,4,5 60.0 End-of-Semester
Reassessment Requirement
Repeat examination
Reassessment of this module will consist of a repeat examination. It is possible that there will also be a requirement to be reassessed in a coursework element.

The institute reserves the right to alter the nature and timings of assessment

 

Module Workload

Workload: Full Time
Workload Type Workload Description Hours Frequency Average Weekly Learner Workload
Lecture Theory on course topics and worked examples. 4.0 Every Week 4.00
Independent & Directed Learning (Non-contact) Review of lecture notes and recommended material. 3.0 Every Week 3.00
Total Hours 7.00
Total Weekly Learner Workload 7.00
Total Weekly Contact Hours 4.00
Workload: Part Time
Workload Type Workload Description Hours Frequency Average Weekly Learner Workload
Lecture Theory on course topics and worked examples. 2.0 Every Week 2.00
Independent & Directed Learning (Non-contact) Review of lecture notes and recommended material. 5.0 Every Week 5.00
Total Hours 7.00
Total Weekly Learner Workload 7.00
Total Weekly Contact Hours 2.00
 

Module Resources

Recommended Book Resources
  • Danny Myers 2016, Construction Economics A New Approach, 4th Ed., Routledge New York [ISBN: 9781138183728]
  • Gerard Turley, Maureen Maloney, Francis O'Toole 2011, Principles of Economics, 4th Ed., Gill & Macmillan [ISBN: 9780717149889]
  • John Sloman, Dean Garratt and Jon Guest 2018, Economics, 10th Ed., Pearson [ISBN: 9781292187853]
Supplementary Book Resources
  • Graham Squires 2013, Urban & Environmental Economics: An Introduction, Routledge [ISBN: 9780415619912]
  • J. E. Manser 2002, Economics: A Foundation Course for the Built Enviornment, Spon Press [ISBN: 0419182608]
This module does not have any article/paper resources
Other Resources
 

Module Delivered in

Programme Code Programme Semester Delivery
CR_CCNMG_8 Bachelor of Science (Honours) in Construction Management 3 Mandatory
CR_CQTSU_8 Bachelor of Science (Honours) in Quantity Surveying 3 Mandatory
CR_CMNGT_7 Bachelor of Science in Construction Management 3 Mandatory
CR_CCECO_7 Bachelor of Science in Quantity Surveying 3 Mandatory
CR_CCONS_6 Higher Certificate in Science in Construction 3 Mandatory

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