1Explain the following economic principles and assess them
AKNOWLEDGEMENT
Professional career of a quantity surveyor is depended on the cost controlling of the project. Main professional characteristic of the quantity surveyor is cost estimating to analyze the project cost of a project correctly whether it is a contractor’s point of view or client’s point of view.
Therefore, being a professional quantity surveyor, knowledge in basic economic principles is very important feature. Economics is related to any industry in the word. Construction industry is a head one among those industries because development of a country is mainly depended on constructions and it is directly connected to the national economic of that country. If there are no implementations that country will not be able to bear their economic positions also. Therefore behavior of the economics relative to the construction industry should be known as a construction professional.
I am indeed grateful to Mr.M.R.Riyas Mohamed, assessor of Economics subject in the department of quantity surveying at British college of applied studies who taught this valuable subject in our third semester and corrected me in review sessions. Finally I thanks to all others who are not mentioned here by name, but assisted me to complete my assignment directly & indirectly.
CONTENTS
Contents
Page no
Acknowledgement
01
Introduction
02
Contents
03
1.1 Explain the following economic principles and assess them in relate to Sri Lankan construction industry (P1.1)
Limited resources
Division of labour
5-8
1.2 Explain the opportunity cost and how they are measured (P1.2)
9-11
1.3 economic systems differ from country to country, ranging in the continuum of free – market economics to command economics.
12-17
3.1 State the characteristics of perfect competition and monopoly market structures and analyze them in relation to construction industry. (P3.1)
18-20
3.2 Identify the appropriate macroeconomic concepts to
Professional career of a quantity surveyor is depended on the cost controlling of the project. Main professional characteristic of the quantity surveyor is cost estimating to analyze the project cost of a project correctly whether it is a contractor’s point of view or client’s point of view.
Therefore, being a professional quantity surveyor, knowledge in basic economic principles is very important feature. Economics is related to any industry in the word. Construction industry is a head one among those industries because development of a country is mainly depended on constructions and it is directly connected to the national economic of that country. If there are no implementations that country will not be able to bear their economic positions also. Therefore behavior of the economics relative to the construction industry should be known as a construction professional.
I am indeed grateful to Mr.M.R.Riyas Mohamed, assessor of Economics subject in the department of quantity surveying at British college of applied studies who taught this valuable subject in our third semester and corrected me in review sessions. Finally I thanks to all others who are not mentioned here by name, but assisted me to complete my assignment directly & indirectly.
CONTENTS
Contents
Page no
Acknowledgement
01
Introduction
02
Contents
03
1.1 Explain the following economic principles and assess them in relate to Sri Lankan construction industry (P1.1)
Limited resources
Division of labour
5-8
1.2 Explain the opportunity cost and how they are measured (P1.2)
9-11
1.3 economic systems differ from country to country, ranging in the continuum of free – market economics to command economics.
12-17
3.1 State the characteristics of perfect competition and monopoly market structures and analyze them in relation to construction industry. (P3.1)
18-20
3.2 Identify the appropriate macroeconomic concepts to