BPM201 Construction Economics assignment sample SUSS Singapore

BPM201 Construction Economics provides students with the knowledge, skills and analytical abilities to understand how construction markets work in theory. It is made up of principles from economics that rationalize production, distribution and consumption as well as those which apply specifically towards business decisions within a property market or industry such as real estate development. The challenges of construction economics are related to the decisions people make with limited resources. This is so that they can best satisfy clients’ wants, needs, and desires in property and construction businesses.

TOA,TMA,GBA Assignment sample of Construction Economics module SUSS Singapore

At the end of this course, Singaporean students will be able to learn Construction Economics module with the help of the following learning outcomes:

1. Outline the history and schools of thoughts in economics

There are many different “schools” of thought in economics. There are macroeconomists and microeconomists, rational and behavioral economists, Keynesians and Austrians, and more. The important thing to remember is that there isn’t one economist who has all the answers to a question or issue.

It’s up to each economist to articulate the strengths of their own particular school (and what it can do), as well as examining which schools might be good at handling certain types of problems. Economists’ job is never done by just shouting from whatever side they occupy. They are always critically examining other models because it’s necessary for economic growth as a field.

2. Describe mechanisms and systems in microeconomics and macroeconomics

Microeconomics is the part of economics that studies how households and firms make decisions to allocate their scarce resources. This includes studying how those choices might be guided or constrained by market conditions such as the prices of goods and services, government regulations, taxes, etc.

Macroeconomics is the part of economics that studies business cycles and other broad aspects of economic growth or decline including national income/output; unemployment rates; inflation rates; fluctuations in poverty/wealth, etc. That means it’s looking at factors like just aggregate supply but also other things that influence total demand like consumer expectations about prices (so it’s less about what actually happens than about people’s perceptions), which can have a big effect on production even for something like which car companies make what models.

3. Explain the rationale for government intervention, and concepts such as “pump-priming”

A stimulus or economic policy introduced by a government that stimulates the economy and lowers unemployment, esp. through public spending on goods and services and tax cuts.

Pump-priming is the stimulation of demand in an economy to get it moving again. The term “prime the pump” refers to making artificial efforts to increase demand for investment goods, either through monetary policies that lower interest rates or by increasing government expenditures for construction and infrastructure projects.

Often these interventions are directed at needful but high-risk investments such as new businesses with lots of unemployed capital they can invest now rather than later when their financial situation may be even worse. Pump priming was widely used in response to World War II, when aggregate demand had dropped drastically, production was badly needed, and unemployment was widespread. Pump-priming has since then been prohibited by many governments because of its negative economic consequences.

4. Identify events that could affect the economy

Events that may affect the economy are:

• Economic Legislation.
• Interest rates.
• Oil prices.
• Unemployment rate.
• Government discretionary spending according to fiscal policy changes. Increasing government spending, that would encourage economic growth, might be necessary as a result of an economic event such as military conflict or natural disaster.
• Decreasing government spending caused by tax increases could lead to stagnation in the event of a recession. A slowdown in economic activity could also be increased through a banking crisis that causes businesses and consumers to stop making purchases due to their lack of access to credit which is why healthy banks act as some form of protection from free-falling production because loans can still be issued.

5. Identify policies that could affect construction businesses

There are generally four main categories of policies that can affect construction businesses.

This is a list of those policies with the most impact:

1. Minimum wage (increases in the minimum wage can either cut into profits and/or lead to an increase in construction prices)
2. Affordable Housing (reducing or increasing affordable housing, depending on what is being done, will have an effect on both demand for more housing and price pressures)
3. Crime (changing these rates leads to change in property values due to increased security costs or decreased desirability due to safety issues).
4. Intellectual Property Law Reforms – this may not sound as if it has any effect on the construction business, but it can have a positive or negative effect on demand for housing (which is why the construction industry often lobbies heavily over these issues).

6. Evaluate the competitiveness of a firm in a market

Competitive advantage is a position that a firm occupies in a market. This position provides it with such favorable circumstances that it is able to outperform its rivals largely as a result of the competitive environment in which it operates. Firms do not solely rely on individual qualities to create an advantage, but rather one’s competitive advantages are achieved by looking at how all the qualities of the company fit together.

To obtain and maintain competitive advantages, firms should have multiple types of resources available so they can be utilized under different situations and across various business objectives. Walk-away point of Michael E Porter evaluation framework is related to viewing resources from different perspectives such as access to inputs, skills embedded in assets and competencies for performing activities or processes within capabilities (inter-related business units) and industry structure (market share).

To have a competitive advantage, one must be able to maintain it in the future. One way Porter suggests is through innovation of products, processes or services so that they will be more attractive to consumers and other stakeholders. Another way is by having lower costs than their competitors, especially when a company has control over certain factors that cause such costs.

7. Analyze market trends and developments and their impact on property and construction businesses

The market trends and developments have contributed to the property and construction business cycle which is characterized by inactivity followed by a pre-construction phase, followed by an expansionary phase, then another set of inactivity before another pre-construction phase. In this way, the development of new properties creates new jobs but it does not necessarily go hand-in-hand with increased demand for housing.

This is mainly because of how homes are being built. With more emphasis on building luxury apartments than single family homes, homeownership rates aren’t increasing as much as they should be considering the rapid growth in the country’s population. Thus there is often a lack of affordable housing for younger buyers or those moving from one stage of life to another.

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