The objective of the course is to introduce students to basic microeconomic concepts and theories relevant in the profession. It covers basic economic issues of choice, scarcity and how resources are allocated in an economy.

It further covers production and the theory of the firm, consumer and producer behaviour in different market arrangements and why government intervenes in the operation of the market.

After successfully completing the course, students should be able to clearly know and understand the following:

1.      Basic microeconomics issues of scarcity, choice and resources are allocated in an economy

2.      The difference between microeconomics and macroeconomics

3.      Production theory, factors of production and how they are priced

4.      Market structures, the concept of demand and supply and consumer behaviour

5.      Government intervention in the operation of the market

6.      Relate the microeconomic concepts and theories to various construction activities of companies and the forms of market  arrangements they face in practice

7.      Be able to make critical decisions based on the economic concepts studied

8.      Provide economic interpretation of  behaviour in the construction market

9.      Make economic decisions based on demand, supply and other economic factors

Real Estate represents a large fraction of the world's wealth. Its efficient utilization and the markets in which it is traded involve many interesting and complex economic and policy issues. Finance is the lifeblood of the real estate industry. Developers, contractors, real estate brokers and mortgage loan brokers should each understand how real estate is financed. This course examines the legal, economic, institutional, quantitative, strategic, and investments elements of the real estate financing process, including both residential and income property financing instruments. Having successfully completed the module, students should be able to demonstrate knowledge and understanding of: legal and financial aspects of mortgage markets and the investment implications of financial decisions. The student should further be able to effectively evaluate different loan alternatives and choose the most appropriate financing technique for given borrowing situations