Microeconomics in Construction

Paper Summary:

This paper presents definitions of economics, construction economics, microeconomics, macroeconomics, and construction microeconomics. The writer lists microeconomic principles and discusses the relationship between microeconomics and the production of goods and services within the construction industry. Diagrams are included in this paper.

Outline:
Economics
Resources for Goods and Services
Microeconomics and Macroeconomics
Price Theory (Microeconomics)
Construction Economics
Scarce Building Resources in Sustainable Development
Key Microeconomic Concepts

From the Paper:

"Microeconomics relates to finding components contributing to prices, including how they merge and change, and how firms respond to these factors. It includes examining new taxes' effects, the determination of a firm's production profit-maximizing levels; etc. Microeconomics "concerns the economic behavior of individuals - such as clients, contractors, surveyors and engineers - in various markets." Microeconomics, according to another source, constitutes one of the largest subfields in economics and is noted as "the study of the economic behaviour of small economic groups such as firms and families." (Economics 2008) Macroeconomics, on the other hand, relates to inflation rates, national unemployment percentages, the entire economy's growth rate, along with a number of other economic factors."

Sample of Sources Used:

• Brandon, Peter S. and Lombardi, Patrizia L., 1997. Evaluation of the Built Environment For Sustainability. Available from: http://books.google.com/books?id=iHGIlMD08n0C&pg=PA247&dq=Property+valuation+and+investment&sig=qGG-wa18psdnPz_VDBm9z9J75tA#PPA255,M1. [17 February 2008].
• The Columbia World of Quotations. New York: Columbia University Press, 1996. Available from: www.bartleby.com/66/. [21 February 2008].
• Fisher, Franklin M., 1999. Microeconomics: Essays in Theory and Applications. Cambridge University Press. Available from: http://books.google.com/books?id=8OA0gX5mCPkC&printsec=frontcover&dq=microeconomics+theory&lr=&sig=to4fyPL5zQDZr0hj8gDDCVMTG-U#PPA3,M1.[20 February 2008].
• Myers, Danny, 2004. Construction Economics: A New Approach Taylor & Francis. Available from: http://books.google.com/books?id=ehv9UFkUkVwC&dq=Construction+Economics:++A+New+Approach&source=gbs_summary_s&cad=0. [17 February 2008].
• Moffatt, Mike, 2008. What is Microeconomics? One http://economics.about.com/cs/studentresources/f/microeconomics.htm. [17 February 2008].

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