Welcome to Microeconomics
Dear Students this is Introduction to Microeconomics
It is my pleasure to teach economics to UR-CST students. Economic issues and
events are with us all the time, at the personal, family, business, government, and
international levels.
There is almost no issue, problem or, event in the world that does not have an
economic dimension either in terms of cause, consequences, or both.
Economics Science tries to explain past and present events and tries to predict
future ones. It tries to help us draw policies at every level of society. For these
reasons the study of economics should be both necessary and enjoyable by
everyone.
How to Study Economics?
You should try to understand the concepts much more than memorizing statements.
This is how you can grasp and retain what you learn in your courses. Try to read
ahead of class if you can, but definitely after class, and may be more than once,
with a pen in your hand. Some memorization is definitely required in the study of
any science. To make sure you have retained in your mind what you read, it is
strongly advisable that you re-write what you have read more than once.
All information you need about the course policies are explained at the beginning
of the Class Notes.
Attendance, and coming to class on time are musts.
Good luck and have an enjoyable semester.
Brief Description of Aims and Content
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 producers behavior in
different market arrangement and why government intervenes in the operation of
the market.
Assessment strategy
• Quizzes sometimes at the end of class
• Individual Assignment and Group Assignment
• Continuous Assessment Test
• Final examination of the module
The objective of the course is to introduce students to basic microeconomics 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 behavior 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 opportunity that are allocated in an economy.
2. Production theory, factors of production and how they are priced.
3. Market structures, the concept of demand and supply and consumer behavior.
4. Government intervention in the operation of the market.
5. Relate the microeconomics concepts and theories to various construction activities of companies and the forms of market arrangements they face in practice.
6. Be able to make critical decisions based on the economic concepts studied.
7. Provide economic interpretation of behavior in the construction market.
8. Make economic decisions based on demand, supply and other economic factors.
1. Real Estate, Real Property, And Land—Basic Definitions And Concepts
2. Estate Management and Valuation Professional
3.Legal Descriptions Of Real Estate
4.Real Estate Encumbrances: Liens, Deed Restrictions, Easements, and Encroachments
5.Land-Use Controls: Comprehensive Plans, Zoning, and Property Restrictions
6.Estates in Land: The Fee Simple Estate and the Life Estate
7.Forms of Real Estate Ownership, including Concurrent Estates or Co-Ownership: Tenancy in Common, Joint Tenancy, Tenancy by the Entirety, and Community Property
8.Types of Deeds: General and Special Warranty Deeds, Bargain and Sale Deeds, Quitclaim Deeds, Trust Deeds, and Court-Order Deeds