ECON06021 2019 Economics of Property

Describe the principles of micro and macro economics and interpret leading economic indicators and data.

Apply economic principles to the analysis of the built environment.

Evaluate current economic trends and factors shaping the trends.

Analyse the impact of macroeconomic change on property, construction and related sectors.

Propose mechanisms by which key economic objectives may be achieved and the role that property, construction and related disciplines play therein.

This module will be delivered through lectures and tutorials.

Moodle is used by lecturers to direct and manage the learning process and facilitates: Formal Learning: posting of lecture notes and continuous assessments, additional resources and supporting documents. Links to websites. remote collaboration on group work (discussion boards, collaborative document editing) Informal Learning: social communication between learners (discussion boards, chat rooms, Wikis, blogs) learner journals (reflective journals, e-portfolios).

This module is 40% Continuous Assessment and 60% Final Exam.

Repeat Continuous Assessment and/or Final Exam.

Microeconomics:

• Principles of demand, supply and the price mechanism: functions of demand and supply; demand and curves; market equilibrium; price controls; property and construction prices.
• Elasticity: own price, income and cross elasticity of demand; price elasticity and total revenue; elasticity of supply. Elasticity and the property sector.
• Factors of Production: land, labour, capital and enterprise.
• Market Structure Analysis: perfect competition, monopolistic competition, oligopoly, monopoly. Analysing property and construction market structures; implication on price, profit and output.

Macroeconomics:

• Economic Growth: measuring economic growth using national income accounting;
• Business cycle; circular flow of income; use of national income statistics; current trends and drivers of trends. Importance of Investment for growth;
• Inflation: measuring inflation; causes and consequences; Residential property price inflation; construction tender price inflation; current trends and drivers of trends;
• International Trade and the Balance of Payments: measuring international trade; FDI in Ireland.
• Government Policy: Introduction to fiscal and monetary policy; EMU.