This module is part of the Construction Management + Engineering programme (LM082) in UL. It is designed to provides graduates of the programme with the attributes that would enable them to evaluate economic principles such as supply and demand and market structures, and their impact on the construction industry. It also helps them examine the economic opportunities and limitations of construction firms, specifically as it relates to sustainable construction. The overall aim of this module is to introduce economic principles used in the construction industry.

The syllabus has been designed to show how resources are allocated in construction markets, the market mechanism, the various types of market structures that construction firms operate in, and the theories of supply and demand. Due to the volatile nature of construction, why construction markets fail and how government intervention can help prevent such failures are also covered. With the current focus on sustainability, sustainable construction markets provision of economic opportunities to construction firms and the concept of environmental economics will form part of the module material. Indicative content is outlined below:                       • Introduction to the basic concepts of building economics including future threats and opportunities • Economic systems for resource allocation • The market mechanism • The theories of demand and supply • Construction clients and contractors • Costs of construction firms • Market structures in the construction industry • Market failure and government intervention • Sustainable construction • Markets for green buildings and infrastructure • Environmental economics

On successful completion of this module, students will be able to...                                                                                                                                                     • Explain how resources are allocated in construction markets, the market mechanism, and market structures that construction firms operate in, as well as the concepts of supply, demand, and price. • Summarise the nature of profits, productivity and costs incurred by construction firms. • Describe how construction markets fail and how government intervention can help prevent it. • Identify the central issues that shape the sustainable construction agenda. • Explain the concept of environmental economics and how sustainable buildings and infrastructure markets provide economic opportunities to construction firms.

On successful completion of this module, students will be able to...                                                                                                                                                     • Value the economic implications, benefits, and limitations to construction firms of having a sustainable construction mindset.

• N/A

This module WT4505, aims to develop a skillset in building economics concepts necessary for our graduates to take their place working in and influencing the construction sector, capable of managing construction projects with a strong emphasis on ethics, responsibility, compliance with regulations and sustainability. Through the learning environment - using a focused teaching approach, resources and supports, we aim to develop expert learners and global citizens who are: Curious - through having a questioning mindset and a solution focused perspective. Courageous - understanding the importance of standing up for what is right and ethical. Responsible - for the correct usage of resources and their own impact on the world. Agile - utilising proactivity to adapt to and drive change in their community and career supported by a continuous learning approach. Articulate - in that they can express themselves with a confidence grounded in sound learning. To develop these attributes, this module will be taught using a series of in-person lectures, tutorials and a selection of self-directed and collaborative learning activities so it is student-centred and in line with UL's Integrated Curriculum Development Framework (ICDF). Module learning materials are developed from a research-led perspective regarding content and the principles of Universal Design for Learning are used to ensure accessibility for all students. The module Brightspace site is designed and organised in a user-friendly format to maximise functionality. To allow for the incorporation of new developments and research findings in the subject material, the flexibility of blended learning methodologies is utilised - such as Flipped Classroom in the Tutorials, on-line video resources and recorded tutorials delivered through the Brightspace module site. The learning experience of students is directly affected by the design of learning materials, delivery of such materials and assessment thereof. The principles of Universal Design for Learning (UDL) have been applied so that Multiple Means of Engagement, Representation and Action & Expression are built in. Attention is also paid to the principles of Laurillard's ABC Curriculum Design process with all 6 learning types (Acquisition, Collaboration, Discussion, Investigation, Practice and Production) utilised in terms of delivery, engagement and assessment for the module. With regard to assessment - care is taken in the design of assessment vehicles used in the module so that they are challenge driven, authentic and constructively aligned with the Learning Objectives for the Module. A crucial piece of the learning experience is communication between faculty and students, as well as peer-to peer interactions. These will be proactively managed primarily through the channels available on Brightspace, plus direct contact between faculty and students before and after lectures and via e-mail.                                                                                                                                                   Research Findings Incorporated into the Syllabus (If Relevant):                           N/A