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DQS156 Principles Of Economics Assignment Example UiTM Malaysia

The course will provide a basic introduction to economics and focus on student learning by applying the central ideas used in economic analysis. It is also aimed at providing students with general knowledge of factors affecting the construction industry, such as population growth rate or prices for raw materials like copper ore that may impact its profitability. You must understand this before diving head first into any topics. This will allow you to make the appropriate decisions according to market forces and their main factors.

Some of the topics that will be covered in this course include:

  • An overview of what economics is and how it is used to analyze various industries and businesses.
  • The different economic systems that exist around the world, and how they impact business decisions.
  • How businesses make decisions based on market demand and supply.
  • How government policies can impact business decisions.
  • The different types of market structures, and how they impact competition and pricing within an industry.
  • Financial concepts that are important for businesses, such as interest rates and inflation.
  • Basic macroeconomic concepts, such as GDP and unemployment.

After completing this course, students should have a good understanding of the basic concepts of economics and how they can be applied to different industries and businesses. This knowledge will be useful in making future business decisions, as well as understanding the impact of government policies on businesses. Additionally, students should be able to apply the concepts learned in this course to real-world situations.

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Assignment Brief 1: To prepare a market demand and supply report by using macroeconomics and microeconomics theories about construction industry entrepreneurship. 

Construction industry entrepreneurship is the process of creating and operating a new business or enterprise in the construction industry. This can involve starting a brand-new company or expanding an existing construction business. There are many different aspects to consider when pursuing construction industry entrepreneurship, including macroeconomic and microeconomic factors.

Macroeconomic factors are those that affect the overall economy, such as interest rates, inflation, unemployment levels, and economic growth. These factors can influence the demand for construction services, as well as the cost of materials and labour. Microeconomic factors, on the other hand, are specific to the construction industry itself and can include things like building codes, permits, and regulations.

To prepare a market demand and supply report, it is important to understand both macroeconomic and microeconomic theories. The first step is to analyze historical trends in construction activity, including changes in interest rates, overall economic growth, unemployment levels, inflation rates, and other relevant indicators. This will help you get a sense of how the market for construction services is likely to evolve.

Assignment Brief 2: To employ the principles of macroeconomics and microeconomics theories, in the practice of quantity surveying. 

To employ the principles of macroeconomics and microeconomics theories in the practice of quantity surveying, it is important to understand the basic concepts of each discipline. Macroeconomics focuses on the economy as a whole, while microeconomics examines individual economic units like businesses and households. By understanding these two perspectives, quantity surveyors can make better decisions about how to allocate resources within a construction project.

For example, if there is an economic recession and demand for new homes decreases, a quantity surveyor would need to adjust their estimates accordingly. On the other hand, if prices for materials or labour increase during construction, the surveyor might need to reconsider their budget. In either case, having a strong understanding of these economic principles can help quantity surveyors make the most effective decisions for their projects. Ultimately, this will lead to more successful and efficient construction processes overall.

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Assignment Brief 3: To reproduce calculations on market equilibrium, the elasticity of demand and supply and national income, related to quantity surveying practice.

In quantity surveying practice, market equilibrium, the elasticity of demand and supply, and national income are important concepts to understand. To reproduce calculations on these concepts, you need to have a solid understanding of basic economic principles. In this article, we’ll give a brief overview of each concept and how it relates to quantity surveying practice.

Market equilibrium occurs when the quantity demanded of a good or service equals the quantity supplied. The key factor in determining market equilibrium is the price – as price changes, so does the quantity demanded and supplied until they reach an equilibrium point. The elasticity of demand and supply refers to how much the quantity demanded or supplied changes in response to a change in price. National income is the total value of all goods and services produced within a nation’s borders over some time.

In quantity surveying practice, market equilibrium, the elasticity of demand and supply, and national income are important concepts to understand. To reproduce calculations on these concepts, you need to have a solid understanding of basic economic principles. In this article, we’ll give an overview of each concept and how it relates to quantity surveying, including tips on how to develop a strong understanding of these concepts.

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