From the video I have watched, I found that the construction brings lots of disadvantages to earth. From the video, it is clearly explained that demolition made the construction one of the most damaging human activities as it will cause other environmental damages like deforestation, desertification, acidification and eutrophication, air and water pollution, and others. 

Construction activity brings a lot of harm to the earth. For example, construction activity does produce lots of carbon dioxide (CO2) through the installation of outdated and inefficient heating ventilation, lighting, and cooling system. Besides, the construction also produced lots of waste such as aluminum, steel, concrete, brick, ceramic, and wood. 

Construction does bring a lot of harm to earth but it can be minimized or reduce by construction economics. How?  Garbology is one of the ways to reduce the harms toward earth. Garbology has led to cheap, durable, and green building materials. For example, rammed-earth tires can be used to build solid and thick walls. Paper and solvent-free glue can be used to create newspaper wood. Old plastic bags can make bricks and can be used as dividing walls inside a house. The video is giving various ways to save our earth from construction such as eco-village concepts, systemic urban planning instruments, and innovative governance, and others.

In a nutshell, construction is important to increase our quality of life but our earth is important too. We need to carry out the construction in an eco-friendly way. So, everyone needs to cooperate to make our earth stay healthy. Let’s us practice “Go- Green” in our daily life.

1.       must be at least 16 years old

2.       cannot be a full time student

3.       cannot be active-duty military

4.       cannot be retired

5.       cannot be institutionalized 

6.       must be willing and able

There is 3 types of unemployment

1.Frictional unemployment

-UNPREVENTABLE 

-temporarily out of work or in between jobs

-could have been fired/ searching a new job/quit their job to change fields.

-worker are qualified n skilled(transferable) 

-directly tied to SEASONAL UNEMPLOYMENT

2. Structural unemployment

- lost their jobs because they are skilled to become obsolete

-skills are not transferrable > cannot work in other fields until they learn a new skill

-JOBS NEVER COME BACK (remain unemployed until they learn something new)

Structural unemployment can related to TECHNOLOGICAL UNEMPLOYMENT

-human replaced by machinery (do better)

-making human jobs obsolete

-this phenomenon called CREATIVE DESTRUCTION

3. Cyclical unemployment

-UNPREVENTABLE

-because of a downturn of the business cycle

-workers are fired and no of unemployment increase

- consumer demand decrease, level of production decrease, worker are mostly fired so that can reduce the costs

-entirely preventable.

 

-give up looking for work (withdraw from labour force)

-cause the unemployment rate decrease

-leading us to believe more workers have bee hired

-UNDEREMPLOYMENT defined as an individual who works part-time or who are in jobs below their capability, but who are seeking full-time employment

-overqualified or they work part-time for smaller salary than they are capable of earning

-underemployment occurs because frictional unemployment worker need income.

- because of age, gender, race, major and minor ethnicity 

Inflation defined as a continuous increase in the general price level of goods and services in the economy

-prices increase, consumer purchasing power decrease, goods and services more expansive.

-VALUE OF MONEY DECREASING

DEFLATION defined as a decrease in the general rice level of goods and services in the economy.

-consumer purchasing power increase, less expensive 

-saver, lenders, consumer who with fixes income

1.debtors or borrowers  

-inflation occur, money loses value

-pay less then borrowed

-easier to pay it back

2. Firms with Revenue> costs

-profit increase for firm across the market

1.       Quantity theory inflation

2.       Demand pull

3.       Cost push

Consumer price index (CPI) and GDP Deflector is use to measure inflation rate and deflection rate.

CPI  equation
[Current MB/ Base MB] x 100%
MB (market basket)- total prices of daily goods (summed up)

GDP deflactor
- GDP Deflator = [nominal GDP/ real GDP] X 100%
Norminal GDP-price multiply quantity
Real GDP- price (first year) multiply quantity (second year)

·       Balanced Budget

Total Expenditure= Total Revenue

·       Surplus Budget

Total Expenditure < Total Revenue

·       Deficit Budget

Total Expenditure > Total Revenue

1.       Proportional Tax

tax same as all income level

2.       Progressive Tax

Tax increasing rate all income level

3.       Regressive Tax

Tax decreasing rate all income levels

MONETARY
-A policy which employs the central bank’s (Bank Negara Malaysia -BNM) control of the supply of money as an instrument for achieving the objectives of the general economic policy.

 | Expansionary
-Money supply ↑  
-control unemployment /recession  
- encourage spending (↓interest rate)

 | Contractionary
-money supply ↓  
-control inflation  
-encourage savings 
 (↑ interest rate)

FISCAL
 | Expansionary
- public spending ↑  
-control unemployment/ recession  
-↓ taxes

 | Contractionary
-public spending ↓  
-control inflation  
-↑ taxes

-taxes = decrease the supply of goods, discourage producer from producing extra (COP increase) 

- Subsidies =increase supply, encourage producers to produce more
 7) improvements in infrastructures- facilitate easier and faster movement of goods and services, supply of product increase

Exceptional demand is opposite to law of demand =which is if prices increase, demand increase

*Law of demand- price increase, demand decrease

For example, 

1.      giffen goods- usually consumed by lower income group (used car) 

2.       speculation,- future prices increase, current demand high (even at higher price)

3.      Emergencies- war/natural disasters= example: lockdown because of covid-19, people will go supermarket to restock goods such as flour, salt, sugar, rice

4.      status symbol goods- luxury goods, purchased by high income people,price is not important

5.      highly-priced goods- consumer considers quality or superior if the goods are highly-priced (adidas vs fipper)

·         Determined by the intersection of both demand & supply curve.

Surplus
quantity supplied > quantity demanded in market.
Shortage
quantity demanded > quantity supplied in market.

Government intervention in the market

1.       Maximum price (ceiling price) =prevent price from rising/ lead to shortage)

2.       Minimum price (floor price) =prevents price from falling/ lead to surplus)

3.       Taxes= (direct/ indirect tax)

4.       Subsidies= (supply increase because encourage producers produce more)

Effect of Change in Demand and Supply
WHEN
ASSUME DEMAND CONSTANT
•Supply ↑, Equilibrium price ↓, quantity ↑
•Supply ↓, Equilibrium price ↑, quantity ↓
ASSUME SUPPLY CONSTANT
•Demand ↓, Equilibrium price ↓, quantity ↓
•Demand ↑, Equilibrium price ↑, quantity ↑

Effect of change in BOTH Demand and Supply
supply and demand both  ↑

-Equi Price ↓,quantity ↑

For example,

In environment: location and land utilization, materials selection, water quality and others

In Social, health, welfare and safety, accessibility, satisfaction and others.

In Economic, the whole life cost, legislation compliance, risk assessment and others.

Inside the soft cost element, there are three components.

1.     Design Influence- refer to the soft element that would influence project decision especially in deciding the project requirements that would set the course of project delivery. (project brief preparation, consultant fees, green certificate)

2.     Authority Requirement

3.     Development Provision -represent element that are necessary but do not directly affect the project design. This element supports the project’s business strategy and serve the administrative purpose for project implementation. (marketing, project overheads, security of funding)

Me, as a Quantity Surveyor in the future, I think I need to gain lots of knowledge to help in minimizing waste and maximizing reuse. I will try my best to think and to implement the concept “Go Green” in everything I do or I participate in.

80% effects come from the 20% causes. Although soft cost constitutes small fractions compared to the hard cost, but they have huge impact on the project decisions which can cause problem throughout the project process.

 

•also known as internet economy/ new economy/ web economy

•have the terms like VR,AI,AR,MR,IoT,5G,4G,IR 4.0,Digital revolution,Digital Disruption, Interconnectivity, Satellite Internet, Machine Learning

CHARACTERISTIC OF DIGITAL ECONOMY
•knowledge=wealth
•digitalization
•virtualization
•molecularization
•intergation/networking
•disintermediation
•covergence
•innovation
•prosumption
•immediacy
•globalization
•discordance

Advantages of digital economy: save costs, save time, improve productivity 

Disadvantages: crime, privacy problem, date security

•(given a task for certain amount of time
•nearly always through a digital platform
•prevalence of short-term contracts or freelance work
•examples: 

•uber,

•grab,

•foodpanda

•GIG ECONOMY
•Independents workers

•Contract for short-term engagements
•SHARING ECONOMY
•Generating money

•By sharing or rentinf out assets
•PLATFORM ECONOMY

•Using IT systems

•Facilate/connet opportunities for gig/sharing

MONOPSONY
Deadweight loss will occur when supply and demand are out of equilibrium. It is a cost to society that created by market inefficiency. 

How to calculate DWL? 

Using the area of triangle.

Formula= ½ x horizontal dimension x vertical dimension


(E1, W1)-MARKET EQUILIBRIUM