Making no assumption of your prior knowledge, Economics introduces the basics of economics as they relate to the built environment. Looking at the principles of microeconomics (markets, price mechanisms, resource allocation, theory of the firm, etc.), these principles are put into the context of construction firms and property markets. Lively, real-life case studies are built into the text to provide concrete examples of the theories being explained and macroeconomics are also covered. Key features of this easy-to-use book include: clear chapter structure tutorial questions linking the case histories to basic principles extracts from newspaper and journal articles to show the relevance of economics to the construction industry 100% construction orientation a useful bibliography, glossary of economic terms preview questions at the start of each chapter and exercises and discussion topics at the end to test your understanding. Economics will enable you to understand the working of economic forces as they relate to the construction industry.

There are many introductory books on economics but there are fewer introductory books on the construction industry. Construction students studying economics often complain that the subject is not relevant - it is too abstract and does not help them in their working lives. The aim of this book has been to bridge that gap - to provide an account of the basic principles of economic relationships and to indicate a linkage between those principles and the real world of construction. Initial chapters in each section focus mainly on economic theory, later chapters are more descriptive, setting the theory in the context of the industry. Throughout the book illustrative material is drawn from newspaper and journal articles reporting on the industry. These case studies are an important element in bringing together the two strands, theory and practice. The book is aimed at members of the industry who need an introduction to economics for examination purposes to gain professional qualifications. It should also be of interest to those who wish to extend their understanding of the economic context in which the industry operates: a better understanding of the economic environment must benefit eff