LO1 Identify the economic concepts and principles associated with construction and the built environment

Learning outcomes

Scenario

You have recently been recruited to a small built environment consultancy, New Horizons Ltd. The company specialises in consultancy for construction and built environment firms of all types. Your brief is to specialise in the economic aspects of businesses and to explain economic concepts to your own colleagues and to clients.

Task 1

The company has an annual essay competition which you have decided to enter. This year’s essay title is:

‘Explain, with the aid of appropriate economic models, the factors that determine commercial rents in your country.’

You should illustrate your essay answer with appropriate examples.

(40% indicative weighting)

Task 2

Each year the organisation has a training day and you have been asked to take part in a lunch time presentation on ‘Urban Planning Policies’, and your task is to explain each of the following as they affect your clients:

External or social costs

Imperfect knowledge

Market structure.

Joe Tibbs, the training manager has requested that you choose ONE of the following delivery methods for your presentation:

Either:

a)Create a PowerPoint (or similar) slide presentation* that covers the above;

or

b)Write a report, in report format (see section 11.5 of the Student Handbook), that explains these terms.

*If you choose to prepare a PowerPoint (or similar) presentation then you should prepare six slides on each topic with a full written commentary on each slide, and supply the slides inword(or pdf) format.

Note that a full bibliography (UCEM Harvard style) should be included in your chosen presentation method (slides or report format).

Joe has explained that he would like you to go into depth on the theoretical side, produce appropriate diagrams and charts, and provide examples that New Horizons’ clients, in the built environment, may encounter.