Eco Asg..docx

Abstract This study shows about the basic economic concept that was related to the current issues and in quantity surveying. Economic has 2 types which is microeconomics and macroeconomics. The microeconomic has 3 concept, household, firm and government. The study found there is a relationship between economics and quantity surveying.

Acknowledgement In preparation of this assignment, I had to give so much respect for those who help me to complete up my assignment especially my lecturer and my friends. I would like to thank you to Dr. Mohd Afandi Abu Bakar, lecturer of DQS 156 who guided me to finish up my work. Also, I would like to thank Dr. Afandi for giving me the materials and introduced to me “The Basic Economic Concept”. Now, I understood the concept more deeply .

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CONCLUSION Economics is concerned with the optimal distribution of scarce resources within society. For example, economics is concerned with how individual decisions like how firms produce goods and which goods people buy. An important element in economics is concerned with the extent to which governments can intervene in the economy to improve economic welfare. Economics is also concerned with wider issues such as economic growth and unemployment – issues that affect the whole of society.

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THE DEFINITION OF ECONOMICS AND BUILT ENVIROMENT Economics can be defined as a study of how a society uses its limited resources . It is also a social science that deals with the production, distribution , consumption of goods and services . The term also focuses heavily on the four factors of production , which are land , labor , capital and enterprises . These four main things is needed to shape up economic activities in our daily life and it is split into two sections which are macroeconomics and microeconomics . Built environment , or built world in the other hand , refers to the human-made surroundings that provide the setting for human activity, ranging in scale from buildings to parks. It has been defined as the human-made space in which people live, work, and recreate on a day-to-day basis . The built environment encompasses places and spaces created or modified by people including buildings, parks, and transportation systems . HOW CONSTRUCTION AFFECT THE ECONOMIC, SOCIAL AND POLITIC ? The construction industry brings a wide range of benefits to individuals, companies and nations. For instance, many job opportunities exist in the development of land, the construction of buildings to live and work in, and the maintenance of buildings during their useful life. In the economic aspect , the examples are such as new developments attract further commercial opportunities. This brings further economic wealth into an area after the initial development is complete. Other than that , economic migration is one of the effect that may occurs .It is described when a booming construction industry attracts workers from other nearby countries. This then allows more construction to take place . Futhermore , employment in the construction industry and other related industries will spike drastically . This puts money into the local community through local businesses, taxes and council spending . In the social aspect , the examples are the inner city regeneration of run-down areas . This can be described when unsightly buildings are demolished and replaced , regenerating an area and injecting new growth.

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For example , the River of Life Project that is currently running in the Kuala Lumpur . Besides that , there will be more affordable housing for the people. The planners now have to include this type of housing in any new housing development. This allows people to own their own homes more easily. Reduction in pollution is one of the effects of the construction industry . The inclusion of alternative transport, trams, buses and light railway networks reduces reliance on cars. In political aspect , politics has an effect on the structure sector in lots of various indirect and direct ways. Whenever politicians would like to try to “kick start” the economy, they will create regulations that devote in general public works building and construction plans. Yet when people in politics create devastating economical faults, the building market generally senses the end results harder compared to some other organization sector .Governmental policies and the building and construction business usually have a give and take partnership. Provided that structure is among the most most predominant sectors all through the globe, it will often be within the jurisdiction of political figures.

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References https://www.pearsonschoolsandfecolleges.co.uk/FEAndVocational/Construction/BTEC/BTECFirsts-in-Construction-and-the-Built-Environment2013/Samples/BTECFirstsinCBE2013StudentBookDraftSamples/BTECFirstsinConstructionStu dentBookUnit2Draft.pdf http://www.battlefortruth.org/how-politics-affect-the-construction-industry.asp https://www.abc.org/News-Media/News-Releases/entryid/15795/the-importance-of-constructionto-state-economies https://study.com/academy/lesson/what-is-economics-definition-history-timelineimportance.html https://en.wikipedia.org/wiki/Built_environment

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DQS 156 THE DEFINITION OF ECONOMICS AND BUILT ENVIROMENT

NAME : ISKANDAR BIN AMIRUDDIN MATRIX NO : 2018673058 GROUP : AAP1142D