SUBJECT OUTLINE

16313 Construction Industry Economics

Course area UTS: Design, Architecture and Building
Delivery Autumn 2024; standard mode; City
Credit points 6cp
Result type Grade and marks

Attendance: 3hpw (blended mode)

Subject coordinator
Maurice Cohen

Preferred contact by email: [email protected]

Teaching staff
Maurice Cohen

Preferred contact by email: [email protected]

Subject description
This is a core first-year subject in the Bachelor of Construction Project Management.

The subject is an introduction to the structure and performance of the Australian economy covering aspects of
economics and economic theory relevant to the building and construction industry, property development and
management. The subject introduces economic theory and a broad range of macroeconomic concepts, issues and
policies in the context of the economy and its relationship with the rest of the world.

Macroeconomic fundamentals, the business cycle and the role of fiscal and monetary policy are covered, and their
effect on the property and construction industries explained. Issues such as technology and economic growth and
financial crises are also discussed.

Subject learning objectives (SLOs)

On successful completion of this subject, students should be able to:
1. Understand the basic principles of economics and their relevance to the property and construction industries
2. Apply economic theory to measurement of the economy and its management through macroeconomic policies
3. Explain the role and economic significance of the Australian Built Environment Sector
4. Place the economy in a global context

Course intended learning outcomes (CILOs)

This subject also contributes to the following Course Intended Learning Outcomes:
Apply the body of knowledge underpinning construction project management practice. (P.2)
Source evaluate and use information to approach new projects/problems. (R.1)

Contribution to the development of graduate attributes

The term CAPRI is used for the five Design, Architecture and Building faculty graduate attribute categories where:

C = communication and groupwork

A = attitudes and values

P = practical and professional

R = research and critique

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R = research and critique

I = innovation and creativity.

Course intended learning outcomes (CILOs) are linked to these categories using codes (e.g. C-1, A-3, P-4, etc.).

Teaching and learning strategies

This subject is delivered through weekly lectures supported by a range of online resources. This approach is called
blended learning, with a combination of class time and online activities. The teaching and learning strategies in this
subject are directed at engaging the students with the topics covered by demonstrating the relevance of economic
understanding to the property and construction industries, and emphasising the importance of the business cycle in
the functioning of the economy. Some class time is given to discussing current economic events.

Feedback on the online tests and exercises is given in the class after the test closes. Preparation for the final exam is
also discussed in class.

Macroeconomics is relevant to the Construction Industry because it provides an understanding of the drivers of
industry growth and the structure of the economy. It addresses questions about how the economy is measured and
managed, and the extent and role of the industries that make up the built environment sector in the economy.

The set text is Economics for Today by Layton. This is available as an ebook from textbook publisher Cengage
Learning.

It is expected Students will use the various online resources in conjunction with formal lecture material. The chapter
practice quizzes can be used to assess progress and learning of the content. This allows you to get feedback and to
reflect on what you have learnt.

Content (topics)
The principal topics covered in this subject are:
1. Introduction to economics: opportunity costs, the production possibilities frontier, supply and demand, and prices.
2. Macroeconomic fundamentals: measuring the economy and economic activity, aggregate demand and supply,
economic instability and fiscal policy.
3. Monetary policy: the financial system, inflation, bond prices and the interest rate.
4. Economic growth: expectations, resources, technology and institutions, economic events and crises.

Program
Week/Session Dates Description

Orientation Week:Introduction 12 Feb Introduction to the subject: Layton Ch. 1

Thinking like an economist: Layton Appendix 1

Lecture 1 19 Feb 10 Big Ideas in Economics: Gans Ch. 1

Production possibilities and opportunity costs: Layton Ch. 2

Lecture 2 26 Feb Supply and demand: Layton Ch. 3

Markets in Action: Layton Ch. 4

Lecture 3 4 Mar Introduction to macroeconomics

Measuring the economy: Layton Ch. 11

Notes:

Assessment 1

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 Lecture 4 11 Mar Business cycles and economic growth: Layton Ch. 12
Inflation and unemployment: Layton Ch. 13

Lecture 5 18 Mar The macro economy: Layton Ch. 14

Notes:

Assessment 2

Lecture 6 25 Mar The monetary and financial system:Layton ch 15

1 Aprl Public Holiday

Lecture 7 8 Aprl Macroeconomic policy 1: Monetary Policy Layton Ch 16

Notes:

Assessment 3

15 Aprl Stuvac Week-No class

Lecture 8 22 Aprl Macroeconomic policy 2:Fiscal Policy Layton Ch 17

Budget measures

Notes:

Assessment 4

Lecture 9 29 Aprl International Trade and Finance Layton Ch. 18

Lecture 10 6 May Policy and Financial Crises Layton Ch 19

Lecture 11 13 May The Australian Built Environment Sector

Notes:

Assessment 5

This subject is designed to foster an understanding of macroeconomic theory and policy in a modern, open economy.
Students are introduced to key concepts in economics. Macroeconomic fundamentals, the business cycle and the role
of fiscal and monetary policy are covered, and their effect on the property and construction industries explained. Issues
such as technology , economic growth and financial shocks are also discussed.

Additional information
While we remain in the COVID pandemic there could be changes to planned delivery necessitated by changes in
public health orders, or an unplanned emergency situation . If an emergency change to the delivery plan is needed,
this will be published in the notifications and announcements section on the subject site in CANVAS.

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Assessment
Students do five online assessment tasks during the semester, each task is worth 10 percent of the final mark. There
is a formal exam at the end of semester worth 50 percent.

Referencing: In the Faculty of DAB, referencing is done using the APA 7th edition referencing style.
Referencing is a standardised method of acknowledging sources of information and ideas that you have used in your
assignments or research, in a way that uniquely identifies the source. It is not only necessary for avoiding plagiarism,
but also for supporting your ideas and arguments.
The UTS Library has developed additional support materials to guide students in the use of the APA referencing style.

Further support may be accessed via visiting the following link:

https://www.lib.uts.edu.au/help/referencing/apa-referencing-guide

Assessment task 1: Online exercises

Intent: These are 5 tests/ exercises done online, based on the topics covered in lectures and their book
chapters. Each test /exercise will be available for 3 days, from Wednesday to Friday. You can only
log in to Canvas once to complete a test.

Objective(s): This task addresses the following subject learning objectives:

1 and 2

This task also addresses the following course intended learning outcomes that are linked with a code
to indicate one of the five CAPRI graduate attribute categories (e.g. C.1, A.3, P.4, etc.):

P.2 and R.1

Type: Quiz/test

Groupwork: Individual

Weight: 50%

Task: This assessment comprises 5 online quizes weighted at 10% esch. .

Criteria Criteria Weight (%) SLOs CILOs

linkages:
Demonstrate the principles of 50 1 P.2
Economics

Apply Economic Theory 50 2 R.1

SLOs: subject learning objectives

CILOs: course intended learning outcomes

Assessment task 2: Formal exam

Intent: There is a 1.50 hour exam at the end of the semester with a mixture of multiple choice, short answer
and worked diagram questions.

Objective(s): This task addresses the following subject learning objectives:

2, 3 and 4

This task also addresses the following course intended learning outcomes that are linked with a code
to indicate one of the five CAPRI graduate attribute categories (e.g. C.1, A.3, P.4, etc.):

P.2 and R.1

Type: Examination

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 Type: Examination

Groupwork: Individual

Weight: 50%

Criteria Criteria Weight (%) SLOs CILOs

linkages:
Demonstrate the principles of Economics 50 2 P.2
by analysing the macro-economy

Describe and analyse the role of the built 25 3 R.1

environment sector

Place the economy in a global context 25 4 R.1

SLOs: subject learning objectives

CILOs: course intended learning outcomes

Minimum requirements
The DAB attendance policy requires students to attend no less than 80% of formal teaching sessions (lectures and
tutorials) for each class they are enrolled in to remain eligible for assessment.

Required texts
Layton, A; Robinson, T. and Tucker, I. B. 2022. Economics for Today (7th Edition). Cenage Learning, Melbourne.

This is the seventh Australian edition of a widely used text that has an accessible approach to economic concepts and
is not too technical. The book is supported by a web site and also gives links to many other useful sites at the
appropriate place in the chapters.

References
Australian Bureau of Statistics (ABS) publications and data are available at no charge. There are a number of ABS
information papers that explain how data is collected and presented that can be used if clarification is needed. Data
and articles can be downloaded from the Australian Bureau of Statistics at www.abs.gov.au.
For current economic conditions and data the Reserve Bank of Australia web site has their economic commentaries
from the Bulletin and an up-to-date set of graphs on the Australian and international economy in the Chartpack at
www.rba.gov.au.
The Commonwealth Treasury at www.treasury.gov.au has their Economic Roundup articles, budget papers and
research publications.
Further readings on Australian economic topics and issues can be found in the library collection and through the
journal database.

Academic integrity
Academic integrity and student misconduct

Academic integrity is central to the work of the University and is an essential part of the professional identity of
graduates from the Faculty of Design, Architecture and Building.

Plagiarism is defined in the UTS Student Rules as "taking and using someone else's ideas or manner of expressing
them and passing them off as his or her own by failing to give appropriate acknowledgement of the source to seek to
gain an advantage by unfair means".

It is a serious form of student misconduct and can result in harsh penalties.

Academic integrity breaches

A breach of academic integrity is also known as 'academic misconduct' or 'academic dishonesty'. A breach occurs if
you engage in behaviours that undermine academic integrity, such as plagiarism and cheating. These are serious
forms of misconduct and penalties apply.

The following documents will assist students in understanding their responsibilities for academic integrity and

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plagiarism at the University:
Student Misconduct Definition and Appeals (Rule 16.2)
Academic Integrity at UTS

Guide to practising academic integrity

As a UTS student, when you create something original, credit others and collaborate with care, you act with academic
integrity:
Create something original: this means doing all your own work from start to finish, submitting work that is original for
that assessment and being honest about any data or results.
Credit others: you need to acknowledge and reference the source of any ideas, data or materials you use or adapt
in your work.
Collaborate with care: make sure you do group work according to the guidelines from your tutor, lecturer or
supervisor, study with your classmates and friends with care and keep your assessment and study notes just for you.

If you are feeling confused about academic integrity, it’s okay, just ask! We are here to help you understand academic
integrity and do your assessments with confidence:
Explore the guide to practising academic integrity, including dos and don’ts.
Complete the academic integrity self-paced tutorial and quiz.
Get help with academic skills, such as writing, researching and referencing, and other support for life outside of the
classroom.
Talk to your tutor, lecturer, subject coordinator or UTS help services if you are unsure about anything academic
integrity related.

Generative AI (GenAI) and academic integrity

Thinking about using GenAI (such as ChatGPT or DALL-E) in your subjects and assessments?

There are a few things you must do to make sure you’re maintaining academic integrity:
Check the rules for if and how you can use GenAI in your subjects and assessments via this subject outline or your
subject sites in Canvas (rules will differ between subjects, so make sure you check each subject). If yo are not sure,
check with your tutor, lecturer or subject coordinator.
Understand how to use GenAI ethically.
Reference and acknowledge its use.

Support
Covid Advice

If you test positive for COVID and have been on campus in the 3 days prior, report your case to UTS by ringing 1300
ASK UTS (1300 275 887) and follow the prompts to report the case to UTS Security. You will find more support and
resources by going to Covid19 Support for Students.

DAB Technical Resources

DAB Workshop and Production Support teams provide technical support, equipment and machine/studio access to
staff and students. For more information, please visit the DAB Technical Resources

Faculty Subject Information

Students MUST obtain a copy of the Generic Faculty Subject Information Booklet. The booklet is to be read in
conjunction with this subject outline. This booklet contains the following information:

Student services
Student support and other information

Policies related to teaching and learning

Assignment submission/presentation
Late and incomplete assignments
Late penalties
Grades
Academic integrity and cheating

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Safety and wellbeing

At UTS, all students are required to complete a safety and wellbeing induction. The Safety and Wellbeing Essentials
module is available on Canvas and has been designed to provide students with the basic information they need to
know about health, safety and wellbeing at UTS. This takes about 25 minutes with a brief assessment at the end.
Students who don't pass the first time, can try again.

Process related to teaching and learning

Feedback process
Return of assignments
Attendance
Extensions and absence
Special consideration
Faculty Academic Liaison Officer
Student access to teaching spaces
Pin access and other guides
Environment, health and safety
First Aid personnel within the faculty

The Accessibility and Financial Assistance Service

The Accessibility Service can support students with disabilities, medical or mental health conditions, including
temporary injuries (e.g., broken limbs). The Accessibility Service works with Academic Liaison Officers in each Faculty
to provide ‘reasonable adjustments’ such as exam provisions, assistive technology, requests and strategies for
managing your studies alongside your health condition. If you’re unsure whether you need assistance, we recommend
getting in touch early and we can provide advice on how our service can assist you. Make an appointment with an
Accessibility Consultant (AC) on +61 2 9514 1177 or [email protected].

The Financial Assistance Service can assist you with financial aspects of life at university, including Centrelink
information, tax returns and budgeting, interest-free student loans and grants to assist with course-related costs.
Check eligibility and apply online and make an appointment on +61 2 9514 1177 or [email protected].

Statement about assessment procedures and advice

Students MUST refer to the following information and UTS assessment information, which is published in the Policy
and Procedures for the Assessment of Coursework Subjects.

Statement on copyright
Please remember that teaching materials and resources provided to you at UTS are protected by copyright. You are
not permitted to re-use those for any purposes (including commercial purposes, in kind benefit or gain) without
permission of the copyright owner. Breaching copyright in relation to teaching materials and resources could lead to a
legal action being brought against you.

Statement on intellectual property

The University of Technology Sydney will retain your work to promote the University and/or its courses for an indefinite
period. If you would not like the University to use your work in its promotion, please notify the subject coordinator in
writing.

Statement on UTS email account

Email from the University to a student will only be sent to the student's UTS email address. Email sent from a student
to the University must be sent from the student's UTS email address. University staff will not respond to email from
any other email accounts for currently enrolled students.

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