BPM201 Construction Economics SUSS Assignment Sample Singapore
BPM201 Construction Economics is a must-have course for anyone who wants to develop a deeper understanding of the construction industry. Through this course, learners will gain insight into the economic and financial principles that are commonly used in the construction process. Students will explore various aspects of construction economics such as project economic analysis, engineering economics, cash flow and capital budgeting, pricing strategies of contracts and decision-making under uncertainty.
The course provides detailed discussions on microeconomic theory, economic indicators and their application in the modern-day construction industry. Overall, BPM201 Construction Economics is an integral part of any ambitious student’s program as it provides relevant knowledge and skills required to succeed in today’s competitive construction world.
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Listed below are the assignment tasks that we will provide:
Assignment Task 1: Outline the history and schools of thought in economics.
Economics is an expansive field with a long and complicated history. Its theories have been shaped by various schools of thought, ranging from the classical theories of Adam Smith in the 18th century to the Keynesian revolution of the 20th century. Throughout its development, economists have grappled with economic instability, international trade and monetarist policies.
Today, these ideas are largely discussed within micro- and macroeconomics – two distinct branches which focus on different aspects of economic systems. Microeconomics concentrates on factors such as behavior alongside market forces, while macroeconomics studies broader phenomena like Employment Policies and National Outputs. As it continues to evolve, economics will likely continue to be informed by our understanding of history, culture and policy-making.
Assignment Task 2: Describe mechanisms and systems in microeconomics and macroeconomics.
Microeconomics and macroeconomics both involve the analysis of economic behavior, but differ in scope. Microeconomics applies to individual units of an economy and deals with the analysis of small-scale mechanisms such as supply, demand, pricing and consumer choice. Macroeconomics, on the other hand, looks at larger concerns such as inflation, employment levels and changes in gross domestic product (GDP). By looking at systems on both a micro and macro level, economists can build a comprehensive understanding of the national economy and the global market.
Assignment Task 3: Explain the rationale for government intervention and concepts such as “pump-priming”.
Government intervention is a rational response to economic turndowns, as certain industries and sectors of the economy may suffer beyond the normal cyclical dips. The objective of the approach is to prime the economic pump and restore economic growth, employment and productivity by stimulating demand for goods and services. This stimulus can be injected into an economy through either fiscal policy, which involves taxes and spending, or monetary policy, which utilizes interest rates as key economic indicators.
Governments will generally opt for both policies working in unison in order to create optimal outcomes through investment spending, tax incentives and promoting flexible labor markets. To maximize the effectiveness of these measures it is important that governments target their interventions at areas of the economy where there are potential returns such as infrastructure projects and technology-led investments that boost productivity growth to enable businesses to remain competitive in a global marketplace.
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Assignment Task 4: Identify events that could affect the economy.
Economic events that could affect a country’s economy in either a positive or negative manner can be numerous and varied. Depending on the location of the country, these events can range from floods or droughts to political changes or conflicts. Geopolitical tensions between countries, such as tariffs and trade wars, can also have an impact on economies. On a local level, businesses closing or opening and natural disasters like earthquakes or forest fires can lead to fluctuations in a country’s overall economic health. In addition to these factors, large-scale global activities such as international conferences hosted by the United Nations and movements like Brexit can cause ripple effects throughout the entire world economy.
Assignment Task 5: Identify policies that could affect construction businesses.
Construction businesses need to be aware of the various policies that can influence their operations both at a local and national level. From health and safety regulations to local zoning laws, each can have a major impact on the ability of construction companies to execute their plans. Environmental regulations may also affect building projects, and newly enacted labor laws could lead to changes in how contractors hire and pay workers. Being informed and up-to-date on relevant policy changes is essential for any successful construction business.
Assignment Task 6: Evaluate the competitiveness of a firm in a market.
Evaluating the competitiveness of a firm in the market is no small task. The complexity of making an accurate assessment depends largely on the amount of available data. For instance, examining factors such as sales revenue, pricing strategies, customer loyalty and overall market share can give insight into a business’s competitive position. Moreover, innovations in areas such as technology and consumer trends can further inform decision-makers about the relative strengths and weaknesses of a particular firm. Ultimately, by conducting a comprehensive evaluation of both internal and external factors, it is possible to accurately determine the level of competition faced by a company within its market space.
Assignment Task 7: Analyze market trends and developments and their impact on property and construction businesses.
The development of new trends and developments in the market can be a significant factor for property and construction businesses. By monitoring how different factors affect their industry, businesses can become more competitive by capitalizing on new opportunities. For example, tracking changes in regulations, new transportation networks, technological advancements and shifting demographics can help businesses in these sectors to better anticipate supply and demand and identify areas for growth and diversification.
Additionally, understanding how market forces influence the value of land or real estate provides firms with data-driven insights that could boost productivity and reduce expenses. Ultimately, keeping up with market trends is an essential part of running a successful business in the property and construction sector.
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