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Construction Economics

- Construction economics is like the branch of economics that shows the pattern of some development . Construction economics conducts research in the economic efficiency of investments and technological progress in construction . Construction economics is linked with national economic planning, with a number of special economic disciplines such as finance , statistics, accounting, and economic performance . It serves as for determining the effectiveness of technical solutions to problems in the construction projects and the performance of construction work.

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Introduction to Economics

- Economics is a study of how people use their limited resources to fulfil their unlimited wants. Basic economic concepts :

- Scarcity

- Choice

- Opportunity cost

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-Basic economic problems that always occur are the type of goods and services to be produced, the cheapest method of production and the conveyance of income.

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Macroeconomics
- Macroeconomics is the study of the economic system as a whole such as national income, unemployment, inflation and others. Unemployment is defined as labor force participants being available to work but cannot to find any jobs.
- Inflation is a continuous increase in the general price level of goods and services in the economy.

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- Macroeconomics are to achieve unemployment and maintain price stability.

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Roles of Government

- Monetary policy is a policy which employs the central bank’s control of the supply of money to achieve the objectives of general economic policy.

- Fiscal policy refers to the regulation of the level of government spending, taxation and public debt.

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Microeconomics
- Microeconomics has three types of economic system which are capitalism, socialism, and mixed economy.

- Capitalism is an economic system where individuals and sellers make economic decisions using a price system.

- Socialism is an economic system where all the economic decisions are made by the government.

- Mixed economy is an economic system which combines both capitalism and socialism.

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Demand & Supply
- Demand is ability and willingness of consumer to buy specific quantities of goods at a particular price.

Demands are determined by either external or internal factors.
Internal factors:
1. price of goods
2. service policies or terms of payments
3.profit margin

External factors:
1. price of related goods (substituted or complementary goods)
2. consumer's income
3. taste and fashions
4.population on number of buyers
5. expectation on future prices
6. advertisements
7.festive seasons and climates
8.level of taxation
9.supply of money in circulation

-Supply is the ability and willingness to produce and sell goods and services by either producers or suppliers at a given period of time.

Determinants of supply are external factors:
1. price of related goods
2. cost of production
3. technological advancement
4. expected future prices
5. number of sellers
6. improvement in infrastructure
7. government policies

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Market Equilibrium

- A situation when quantity demanded and quantity supplied is equal, and there is no tendency for price or quantity to change.

Surplus
- A situation when quantity supplied in market is greater than the quantity demanded in market.

Shortage
- A situation when quantity demanded in market is greater than the quantity supplied in market.

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Career Exploration
Today we had a session with Associate Professor Dr Nazirah Zainul Abidin who are from Universiti Sains Malaysia (USM). From the talk, Dr Nazirah talks a lot about green environment towards construction industry as well as soft cost elements.

What I have learnt from Dr Nazirah is there are many benefits that we can get by applying green construction in construction industry. From social perspective, it is undeniable that the materials produced using green elements could give comfort and satisfaction towards the users as they are user friendly. In terms of environment, we could reduce the number of unwanted materials by using them as part of materials in construction work. It also can reduce the pollution and helps to improve the water quality. If green elements are being used in construction industry for a long period of time, the number of rubbish can be reduced. All these new information really give me lots of new knowledge on green environment. The way Dr Nazirah promoted the uses of green elements in construction industry makes me realize that I could also make an improvement towards the environment even if I am in this field. She also said that it is everyone responsibilities to protect the earth and that is why it is very important for us to apply these green elements in construction field.

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Introduction to Digital Economy
- Digital economy is an economy that is based on digital technologies. Convergence of advancements in human communication, computing, content, creation of interactive media, and information highway have revolutionized economy.

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- The characteristics of digital economy
* Wealth
* Digitisation
* Virtualization
* Molecularization
* Networking
* Disintermediation
* Convergence
* Innovation
* Prosumption
*Immediacy
*Globalization
* Discordance.

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Sarawak Digital Economy Strategy
- Some action that have been taken by Sarawak government are the implementation of one-stop frontline government service, build fibre connection, and up skilling and reskilling of graduate for DE, STEM Education. Their goals are to accelerate Sarawak's economic development, reduce the socio-economic divide and increase youth jobs to transform the state into a prosperous digital economy state in the future.

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Gig Economy

- Gig economy is defined as a fragmented work where someone gives a task for a certain amount of time. Also, it is known as a short time contracts or works.

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- There are a lot of benefits in gig economy such as it can lower payroll expenses, gives flexibility in managing hours to expected demand for their products. Some of the benefits for the workers are a flexible hours of working, provides a way to earn an extra income, and more autonomy where people can work from home.

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The Circular Economy
- A circular economy is an alternative to a traditional linear economy (make, use, dispose) in which we keep resources in use for as long as possible, extract the maximum value from them whilst in use, then recover and regenerate products and materials at the end of each service life.

- There are a lot of benefit of implementing this circular economy such as can eradicate waste, companies could get advantages from efficiency and effective use of resources, and overcome limitations of linear consumption.