Principles of Economics for Builders

At the end of this course, students should be able to: 1. explain general principles of economics; 2. state basic problems of resource allocation and modes of building components production; 3. explain methods of production; and 4. relate demand and supply in pricing and tendering processes.

An introduction to economics, its scope methodology and relationship to the building/construction industry. Supply and demand considerations, elasticity, GDP, the Nigerian financial system, money and banking regulations. General principles of economics (micro/macroeconomics). The basic problems of resource allocation and modes of production (building components). Factors of production and law of diminishing returns, methods of production, market structures (perfect competition, monopoly, and oligopoly), structure of the Nigerian economy (real sector, service sector), marketing and sales management, and Pricing methods (demand and supply, tendering procedures). 200 Level