Applied Economics
Course Description:
Introduction to microeconomic theory. Supply and demand. Equilibrium – Price formation. Demand theories: Consumer behavior. Theory of absolute utility. Theory of cardinal utility. Consumer equilibrium. Demand in the construction industry. Theory of production: Production function. Short-run, long-run period. Law of diminishing returns. Returns to scale. Supply in the construction industry. Clients-Contractors, subcontractors. Partnering. Construction projects. On-site production, off-site production. Theory of production cost: Costs of the firm. Costs of the construction firm. Financial accounting: Financial accounting and its use. Basic accounting principles. Cost accounting – cost accounting methods. Financial statements: Income Statement, Balance Sheet, Cash Flow Statement. Market types: Perfect competition, monopoly, monopolistic competition, oligopoly. Types of market structure in the construction industry. Performance evaluation: Efficiency: Technical and allocative efficiency. Performance evaluation of construction firms and projects: Multi dimensional evaluation and ratio analysis. Case study.
- Semester 4
- Teaching hours 3
- Website http://mycourses.ntua.gr/course_description/index.php?cidReq=CIVIL1089
- Instructors I. Tsolas (Coordinator)
Course Units
| # | Title | Description | Hours |
|---|---|---|---|
| 1 | Introduction to the course subject | Introduction to microeconomic theory. Supply and demand. Equilibrium – Price formation. | 2x3 |
| 2 | Demand theories | Consumer behavior. Theory of absolute utility. Theory of cardinal utility. Consumer equilibrium. Demand in the construction industry. | 2x3 |
| 3 | Theory of production | Theory of production. Short-run, long-run period. Law of diminishing returns. Returns to scale.Supply in the construction industry. Clients-Contractors, subcontractors. Partnering. Construction projects. On-site production, off-site production. | 3 |
| 4 | Theory of production cost | Costs of the firm. Costs of the construction firm. | 3 |
| 5 | Financial accounting | Financial accounting and its use. Basic accounting principles. Cost accounting – cost accounting methods. Financial statements: Income Statement, Balance Sheet, Cash Flow Statement. | 2x3 |
| 6 | Market types | Perfect competition, monopoly, monopolistic competition, oligopoly. Types of market structure in the construction industry. . | 3x3 |
| 7 | Performance evaluation | Efficiency: Technical and allocative efficiency. Performance evaluation of construction firms and projects: Multi dimensional evaluation and ratio analysis. Case study | 2x3 |
Learning Objectives
After the successful completion of the course the students will know the basic principles of microeconomics with emphasis in the construction industry and specifically, issues that deal with demand and supply, consumer behavior, production theory, firm behavior, market types and the efficiency measurement in construction industry. Moreover, they will have familiarized themselves with the basic financial terms and principles that they will face in their working environment.
Teaching Methods
| Teaching methods | Διαλέξεις στην τάξη. Επίλυση προβλημάτων στην τάξη. Συζήτηση περίπτωσης εφαρμογής (case study) στην τάξη. |
|---|---|
| Teaching media | Παρουσιάσεις διαφανειών και παρουσιάσεις στον Πίνακα. |
Student Assessment
- Final written exam: 100%
Textbooks - Bibliography
- ΜΗΛΙΟΣ, Γ., ΛΑΠΑΤΣΙΩΡΑΣ Σ. ΚΑΙ ΟΙΚΟΝΟΜΑΚΗΣ, Γ.: ΕΙΣΑΓΩΓΗ ΣΤΗΝ ΟΙΚΟΝΟΜΙΚΗ ΑΝΑΛΥΣΗ, 2011, Εκδόσεις νήσος
- Ε. Πουρναράκης, Κ. Αξαρλόγλου, Αρχές Οικονομικής Ανάλυσης. Μακροοικονομική-Μικροοικονομική, Εκδόσεις ‘σοφία’, 2015
- Myers, D. (2008) Construction Economics: A New Approach 2nd Edition, Taylor & Francis.
Lecture Time - Place:
- Thursday, 09:45 – 12:30,
Rooms:- Αιθ. 3