We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Nobody downloaded yet

Construction Economics - Essay Example

Comments (0) Cite this document
Summary
Perfect competition is a market structure where the perfect product is traded, by a perfectly level playing field with perfectly open information exchange among the players. Baumol and Blinder (2009, p. 198) defines perfect competition as having the following…
Download full paper
GRAB THE BEST PAPER
Construction Economics
Read TextPreview

Extract of sample
Construction Economics

Download file to see previous pages... Vegetables, for example is a homogeneous product while soap is not. Because the consumer will not care who supplies the product, there is tougher competition among suppliers.
There is freedom of entry and exit. Firms can easily enter the market without impediments brought about by old timers and should they decide that the market is no longer attractive, they can leave without problems. Suppliers of trout, for example, will experience this type of freedom.
Lastly, there is perfect information, i.e., no unknowns in the market. Price, supply and demand information is available to all players regardless of size and status. Stock trading of Gold for example, has the information readily available for all players to use in their trade.
It maybe hard to find a market under perfect competition, despite the examples mentioned above. However, it definition is made for the purpose of differentiating other market structures present in the real world (Baumol and Blinder, 2009, p. 199).
Economics as a subject tends to be viewed as neutral and objective, even emotionless when expressed in terms of humanity. However modern economists have taken the view that motives and emotions do play an intrinsic part in economy principles and decision.
Emotions affect businesses. In his paper, Gopal asserts that there is a fifth element in which business can retain customers and their profitability apart from the four P’s of marketing – a better product, a lower price, an attractive promotion, or a more convenient location (placement)—the fifth being people (2004). All businesses have human customers at the end of the chain, who are needed to realize profits. Gallup research found out that 70% of customers’ decisions are based on positive interactions with the sales staff (cited in Gopal, 2004), thus the evidence of an emotionally-driven economy.
Staveren shares the same view in his dissertation that ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Construction Economics Essay Example | Topics and Well Written Essays - 3000 words”, n.d.)
Retrieved from https://studentshare.org/miscellaneous/1567211-construction-economics
(Construction Economics Essay Example | Topics and Well Written Essays - 3000 Words)
https://studentshare.org/miscellaneous/1567211-construction-economics.
“Construction Economics Essay Example | Topics and Well Written Essays - 3000 Words”, n.d. https://studentshare.org/miscellaneous/1567211-construction-economics.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document
CHECK THESE SAMPLES - THEY ALSO FIT YOUR TOPIC
A basic outline of economic considerations that come to play in construction management
Throughout the report, an attempt will be made to define the economic concerns of construction and engineering management in such a way that proactive steps can be outlined for UK construction management stakeholders to successfully navigate the difficult economic environment of modern construction management.
10 Pages(2500 words)Essay
Construction Economics
Bias in Construction Industry 10 8. Conclusion 12 Construction Economics (#509808) Introduction The economics of construction is very vital to the growth of the country’s economy. However this industry is severely dependent on the robustness of the economic cycle at that point of time.
8 Pages(2000 words)Assignment
Regulations Influencing The UK Construction Industry
Regulations Influencing the UK Construction Industry. Globally, there has been a mounting concern focusing on the diverse environmental effects associated with the construction sector. Since the Rio de Janeiro’s Earth Summit held back in 1992, both sustainable development and sustainability have captured substantial attention in all global industries, particularly the construction industry.
3 Pages(750 words)Essay
Construction Economics
The target area has old buildings which must be demolished for clearing and leveling of the land in preparation of the new construction to begin. The approval for planning from the Basingstoke Town authorities for the development of the three storey commercial block has been granted and the development shall spare a parking space adjacent to the building.
4 Pages(1000 words)Essay
Construction Economics Assignment
House prices doubled in just four and a half years. In their rush to buy a house before prices were raised any further, many people in this period borrowed as much as they were able. Building societies and banks at that time had plenty of money to lend and were only too willing to do so.
8 Pages(2000 words)Essay
The UK Construction Industry
According to the paper builders and craftsperson’s still confront the age-old problems posed in the aboriginal search for dwellings. Issues of ventilation, illumination, and structural support, which challenged their historical predecessors, are confronted daily by engineers, architects, and tradespersons. Cave dwellers would no more be apt to build a wintry fire in a low-domed cliff aperture than would a twentieth-century architect design a sealed office structure without air-conditioning.
12 Pages(3000 words)Essay
Economics Essay, applying Porter's Diamond to the construction industry
Moreover, they are providing international technologies in infrastructure building of developing nations. This in turn creates a globalized business environment in their countries. The construction industry is usually urban-based industry as the major
10 Pages(2500 words)Essay
Economics of Construction is the class... i need a 3 page paper on Describe the federal reserve system and the various ways it effects the market economy
This can be better understood in the framework of quantity theory of money, which is expressed as M * V = P * Q where M is money supply; V is the velocity of money; P is price
4 Pages(1000 words)Essay
What are the most important economic concepts that determine the structure of the construction industry
Economics has been integrated in the construction sector through what is referred as construction economics that does not deviate much from the study of pure economics. The first concept introduced is the distribution of scarce resources amongst the competing needs. In the
4 Pages(1000 words)Essay
Let us find you another Essay on topic Construction Economics for FREE!
Contact us:
+16312120006
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us