A platform for research: civil engineering, architecture and urbanism
A platform for research: civil engineering, architecture and urbanism
Many economic theories are as relevant to construction as to all other sectors; differences show up at a more detailed level. The main consensual ideas cover the scarcity that construction industry professionals all face in economic life and the subsequent need to choose between different goods, the question of rational decision‐making, the function of markets, the advantages of trade, and the role of government. Scarcity is a condition of life since Adam and Eve shared the apple from the tree of knowledge and were driven from paradise. Decision‐making is a highly important subject in business administration and organizational behavior. It also deserves considerable attention in construction project management. In economics, it is based on rational or intendedly rational behavior, maximising utility or profit. Opportunity costs, incentives, and consideration of the last unit consumed or produced all influence decision‐making.
Many economic theories are as relevant to construction as to all other sectors; differences show up at a more detailed level. The main consensual ideas cover the scarcity that construction industry professionals all face in economic life and the subsequent need to choose between different goods, the question of rational decision‐making, the function of markets, the advantages of trade, and the role of government. Scarcity is a condition of life since Adam and Eve shared the apple from the tree of knowledge and were driven from paradise. Decision‐making is a highly important subject in business administration and organizational behavior. It also deserves considerable attention in construction project management. In economics, it is based on rational or intendedly rational behavior, maximising utility or profit. Opportunity costs, incentives, and consideration of the last unit consumed or produced all influence decision‐making.
Basic Economic Principles
Brockmann, Christian (author)
Construction Microeconomics ; 31-49
2023-02-28
18 pages
Article/Chapter (Book)
Electronic Resource
English
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