16313 Construction Industry Economics
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particular session, location and mode of offering is the authoritative source
of all information about the subject for that offering. Required texts, recommended texts and references in particular are likely to change. Students will be provided with a subject outline once they enrol in the subject.
Subject handbook information prior to 2024 is available in the Archives.
Credit points: 6 cp
Subject level:
Undergraduate
Result type: Grade and marksThere are course requisites for this subject. See access conditions.
Anti-requisite(s): 16466 Built Environment Economics
Description
This is a core first-year subject in the Bachelor of Construction Project Management.
The subject is an introduction to the structure and performance of the Australian economy covering aspects of economics and economic theory relevant to the building and construction industry, property development and management. The subject introduces economic theory and a broad range of macroeconomic concepts, issues and policies in the context of the economy and its relationship with the rest of the world.
Macroeconomic fundamentals, the business cycle and the role of fiscal and monetary policy are covered, and their effect on the property and construction industries explained. Issues such as technology and economic growth and financial crises are also discussed.
Subject learning objectives (SLOs)
On successful completion of this subject, students should be able to:
| 1. | Understand the basic principles of economics and their relevance to the property and construction industries |
|---|---|
| 2. | Apply economic theory to measurement of the economy and its management through macroeconomic policies |
| 3. | Explain the role and economic significance of the Australian Built Environment Sector |
| 4. | Place the economy in a global context |
Course intended learning outcomes (CILOs)
This subject also contributes to the following Course Intended Learning Outcomes:
- Apply the body of knowledge underpinning construction project management practice. (P.2)
- Source evaluate and use information to approach new projects/problems. (R.1)
Contribution to the development of graduate attributes
The term CAPRI is used for the five Design, Architecture and Building faculty graduate attribute categories where:
C = communication and groupwork
A = attitudes and values
P = practical and professional
R = research and critique
I = innovation and creativity.
Course intended learning outcomes (CILOs) are linked to these categories using codes (e.g. C-1, A-3, P-4, etc.).
Teaching and learning strategies
This subject is delivered through weekly lectures supported by a range of online resources. This approach is called blended learning, with a combination of class time and online activities. The teaching and learning strategies in this subject are directed at engaging the students with the topics covered by demonstrating the relevance of economic understanding to the property and construction industries, and emphasising the importance of the business cycle in the functioning of the economy. Some class time is given to discussing current economic events.
Feedback on the online tests and exercises is given in the class after the test closes. Preparation for the final exam is also discussed in class.
Macroeconomics is relevant to the Construction Industry because it provides an understanding of the drivers of industry growth and the structure of the economy. It addresses questions about how the economy is measured and managed, and the extent and role of the industries that make up the built environment sector in the economy.
The set text is Economics for Today by Layton. This is available as an ebook from textbook publisher Cengage Learning.
It is expected Students will use the various online resources in conjunction with formal lecture material. The chapter practice quizzes can be used to assess progress and learning of the content. This allows you to get feedback and to reflect on what you have learnt.
Content (topics)
The principal topics covered in this subject are:
- Introduction to economics: opportunity costs, the production possibilities frontier, supply and demand, and prices.
- Macroeconomic fundamentals: measuring the economy and economic activity, aggregate demand and supply, economic instability and fiscal policy.
- Monetary policy: the financial system, inflation, bond prices and the interest rate.
- Economic growth: expectations, resources, technology and institutions, economic events and crises.
Assessment
Assessment task 1: Online exercises
| Intent: | These are 5 tests/ exercises done online, based on the topics covered in lectures and their book chapters. Each test /exercise will be available for 3 days, from Wednesday to Friday. You can only log in to Canvas once to complete a test. | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Objective(s): | This task addresses the following subject learning objectives: 1 and 2 This task also addresses the following course intended learning outcomes that are linked with a code to indicate one of the five CAPRI graduate attribute categories (e.g. C.1, A.3, P.4, etc.): P.2 and R.1 | ||||||||||||
| Type: | Quiz/test | ||||||||||||
| Groupwork: | Individual | ||||||||||||
| Weight: | 50% | ||||||||||||
| Criteria linkages: |
SLOs: subject learning objectives CILOs: course intended learning outcomes |
Assessment task 2: Formal exam
| Intent: | There is a 1.50 hour exam at the end of the semester with a mixture of multiple choice, short answer and worked diagram questions. | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Objective(s): | This task addresses the following subject learning objectives: 2, 3 and 4 This task also addresses the following course intended learning outcomes that are linked with a code to indicate one of the five CAPRI graduate attribute categories (e.g. C.1, A.3, P.4, etc.): P.2 and R.1 | ||||||||||||||||
| Type: | Examination | ||||||||||||||||
| Groupwork: | Individual | ||||||||||||||||
| Weight: | 50% | ||||||||||||||||
| Criteria linkages: |
SLOs: subject learning objectives CILOs: course intended learning outcomes |
Minimum requirements
The DAB attendance policy requires students to attend no less than 80% of formal teaching sessions (lectures and tutorials) for each class they are enrolled in to remain eligible for assessment.
Required texts
Layton, A; Robinson, T. and Tucker, I. B. 2022. Economics for Today (7th Edition). Cenage Learning, Melbourne.
This is the seventh Australian edition of a widely used text that has an accessible approach to economic concepts and is not too technical. The book is supported by a web site and also gives links to many other useful sites at the appropriate place in the chapters.
References
Australian Bureau of Statistics (ABS) publications and data are available at no charge. There are a number of ABS information papers that explain how data is collected and presented that can be used if clarification is needed. Data and articles can be downloaded from the Australian Bureau of Statistics at www.abs.gov.au.
For current economic conditions and data the Reserve Bank of Australia web site has their economic commentaries from the Bulletin and an up-to-date set of graphs on the Australian and international economy in the Chartpack at www.rba.gov.au.
The Commonwealth Treasury at www.treasury.gov.au has their Economic Roundup articles, budget papers and research publications.
Further readings on Australian economic topics and issues can be found in the library collection and through the journal database.