S&e S5 Module 3 Student

Module 3
Economics
15HUM5.6: SOCIOLOGY AND BUILDING ECONOMICS; SEMESTER:5; B.ARCH POORNA CHINNAPPA

Contents
1. Definition of economics;
2. Definitions of terms: Goods; Utility, Value, Price and
Wealth.
3. The relationship of economics with the built
environment and land use.

"Economics is the study of the use of scarce
resources that have alternative uses."

Positive economics describes "what is"
and
normative economics argues for what ought to

be,
"why do people use money?" is a positive

question
and "should people use money?" is a

normative question.

Economics is also divided into microeconomics and
macroeconomics.
Microeconomics studies the behaviour of

individual agents and markets, while
macroeconomics studies the behaviour of the

entire economy.

The tools economists have developed to study
human behaviour have broad uses outside of what
we would traditionally consider economics.
Economists study not only markets, but things like

crime, war, the family, religion, culture, politics,
law, and even genetics.
That's why it's not unusual to see papers by

psychologists, sociologists, criminologists, political
scientists, anthropologists, biologists,
euroscientists, or legal scholars being co-authored
by economists.

So every choice we make involves doing one thing
instead of another. This brings in the concept of;

Key economic concepts: 2
People tend to choose rationally to achieve their

goals, which implies that they respond to
incentives and make decisions at the margin
Useful lies to make assumptions to build models
Models: a simple framework for understanding an

economic phenomenon, with unnecessary
complications assumed away.
This framework is then modified to accommodate
its complexities
Incentives: a reason for doing something
At the Margin: people decide if they do a little bit

more of something to a little bit less

Key economic concepts: 3
Markets and trade tend to work well and make

people better off.

4. Other economic concepts:



Value refers to a worth that can be expressed in
rupees.
The paradox of value is the situation where some

necessities have little monetary value, whereas
some non-necessities have a much higher value.
Scarcity is required for value, but scarcity alone

isn't enough to create value.

Utility is the capacity to be useful and provide
satisfaction; it is required for something to have
value.
The utility of a good or service may vary form one

person to the next.
A good or service does not have to have utility for

everyone, only utility for some.

Wealth is the accumulation of those products that
are tangible, scarce, useful, and transferable from
one person to another.
A nation's wealth is comprised of all items.
Goods are counted as wealth but services are not

because they are intangible.

Urban economics is broadly the economic study of
urban areas; as such, it involves using the tools of
economics to analyze urban issues such as crime,
education, public transit, housing, and local
government finance. More narrowly, it is a branch
of microeconomics that studies urban spatial
structure and the location of households and firms
(Quigley 2008).

Much urban economic analysis relies on a
particular model of urban spatial structure, the
monocentric city model pioneered in the 1960s by
William Alonso, Richard Muth, and Edwin Mills.
While most other forms of neoclassical economics
do not account for spatial relationships between
individuals and organizations, urban economics
focuses on these spatial relationships to
understand the economic motivations underlying
the formation, functioning, and development of
cities.

Since its formulation in 1964, Alonso's monocentric
city model of a disc-shaped Central Business
District (CBD) and surrounding residential region
has served as a starting point for urban economic
analysis.
Monocentricity has weakened over time because

of changes in technology, particularly, faster and
cheaper transportation (which makes it possible
for commuters to live farther from their jobs in the
CBD) and communications (which allow back-office
operations to move out of the CBD).

Additionally, recent research has sought to explain
the polycentricity described in Joel Garreau's Edge
City.
Several explanations for polycentric expansion

have been proposed and summarized in models
that account for factors such as utility gains from
lower average land rents and increasing (or
constant returns) due to economies of
agglomeration (Strange 2008).

Urban economics is rooted in the location theories
of von Thünen, Alonso, Christaller, and Lösch that
began the process of spatial economic analysis
(Capello & Nijkamp 2004:3–4).
Economics is the study of the allocation of scarce

resources, and as all economic phenomena take
place within a geographical space, urban
economics focuses on the allocation of resources
across space in relation to urban areas (Arnott &
McMillen 2006:7) (McCann 2001:1).
Other branches of economics ignore the spatial

aspects of decision making but urban economics
focuses not only on the location decisions of firms,
but also of cities themselves as cities themselves
represent centers of economic activity (O'Sullivan
2003:1).

Many spatial economic topics can be analyzed
within either an urban or regional economics
framework as some economic phenomena
primarily affect localized urban areas while others
are felt over much larger regional areas (McCann
2001:3).
Urban economics is divided into six related

themes:
1. market forces in the development of cities,
2. land use within cities,
3. urban transportation,
4. urban problems and public policy,
5. housing and public policy,
6. and local government expenditures and taxes.
(O'Sullivan 2003:13–14)

Market forces in the development of cities relates
to how the location decision of firms and
households causes the development of cities.
The nature and behavior of markets depends

somewhat on their locations therefore market
performance partly depends on
geography.(McCann 2001:1).
If a firm locates in a geographically isolated region,

their market performance will be different than a
firm located in a concentrated region.
The location decisions of both firms and

households create cities that differ in size and
economic structure.
When industries cluster, like in the Silicon Valley in

California, they create urban areas with dominant
firms and distinct economies.

By looking at location decisions of firms and
households, the urban economist is able to
address why cities develop where they do, why
some cities are large and others small, what causes
economic growth and decline, and how local
governments affect urban growth (O'Sullivan
2003:14).
Because urban economics is concerned with asking

questions about the nature and workings of the
economy of a city, models and techniques
developed within the field are primarily designed
to analyze phenomena that are confined within the
limits of a single city (McCann 2001:2).

Economic organization of
society
1. Different economic systems: capitalism; socialism, communism, mixed-economies.
2. Primary, secondary and tertiary sectors of economy: agriculture, mining, manufacturing,
banking, marketing, transport and service sectors.
3. Factors of production: land, labour, capital and entrepreneurship.
4. Relevance of factors of production to architecture and construction practice.
BMSSA; 15HUM5.6: SOCIOLOGY AND BUILDING ECONOMICS; SEMESTER:5; B.ARCH

An economic system has to solve three
coordination problems:
1. What, and how much, to produce.
2. How to produce it.
3. For whom to produce it.
Every economy faces these problems.
15HUM5.6: SOCIOLOGY AND BUILDING ECONOMICS; SEMESTER:5; B.ARCH

Economic organization
Sometimes the goals

of society and
individuals are in
conflict.
An example is the
NIMBY (Not In My
Back Yard)
phenomenon.
NIMBY is a mindset in
which individuals
approve of a project
so long as it is placed
somewhere else.

Economic organization
An economic system must provide

the incentives to do those things
that alleviate scarcity—produce
more and consume less.
The two main economic systems of

the past 50 years, capitalism and
socialism, answer these immense
coordination problems differently

Economic systems

Capitalism

Capitalism
Capitalism is an economic system where private entities

own the factors of production .
The four factors of production are
• entrepreneurship,
• capital goods,
• natural resources and
• labor.
The owners of capital goods, natural resources, and

entrepreneurship exercise control through companies.
Incentive to maximize profit.
Capitalism requires a free market economy to succeed. The
market sets the prices of the components of supply. It also
distributes them according to the laws of supply and
demand.

Capitalism
Advantages:
Capitalism ensures that an economy will produce the most desired products at an
acceptable price.
That's because consumers will pay more for what they want the most. Businesses then
provide what customers want to obtain the most profit. At the same time, they make
their production as efficient as possible. This is because the companies that keep their
costs low will receive more profit.
Most important for economic growth is capitalism's intrinsic reward for innovation. This
includes innovation in more efficient production methods. It also means innovation of
new products. As Steve Jobs said, "You can't just ask customers what they want and then
try to give that to them. By the time you get it built, they'll want something new."
(Source: " Pure Capitalism, and the Market System," Harper College.)

Capitalism
Disadvantages:
Capitalism doesn't provide for those who lack competitive skills.
This includes the elderly, children, the developmentally challenged and their caretakers. To keep
society functioning, capitalism requires government policies that value the family unit.
Capitalism does not promote equality of opportunity. Those without the proper nutrition, support
and education may never make it to the playing field. Society will never benefit from their valuable
skills. (Source: "Markets Versus Controls," Brown University.)
In the short term, this is in the best interest of those who succeed in capitalism. They have fewer
competitive threats. They may also start to use their power to "rig the system" by creating more
barriers to entry. This includes laws, educational attainment, and even money itself. In the long
term, this can limit diversity and the innovation it creates.
Capitalism ignores external costs, such as pollution. This makes goods cheaper and more accessible.
But over time, it depletes natural resources and lowers the quality of life in the affected areas.
(Source: "Pros and Cons of Capitalism," EconomicsHelp.)
Socialism
Socialism is an economic system where everyone in the society equally
owns the factors of production.
The ownership is usually through a democratically-elected government. It could also be
a cooperative or a public corporation where everyone owns shares.
The four factors of production are

1. labor,
2. entrepreneurship,
3. capital goods and
4. natural resources.

Socialism
Advantages
Workers are no longer exploited, since they own the
means of production. All profits are spread equitably
among all workers, according to his or her contribution.
The cooperative system realizes that even those who
can't work must have their basic needs met, for the good
of the whole.
That means poverty is eliminated and everyone has equal
access to health care and education.
No one is discriminated against.
Everyone works at what they are best at and what they
enjoy. If society needs jobs to be done that no one wants,
It offers higher compensation to make it worthwhile.
Natural resources are preserved, again for the good of the
whole.

Socialism
Disadvantages
The biggest disadvantage of socialism is that it relies on

the cooperative nature of humans to work. Therefore,
those within society who are competitive, not
cooperative, will always seek to overthrow and disrupt it
for their own gain.
A second related criticism is that it doesn't reward people

for being entrepreneurial and competitive. Therefore, it
won't be as innovative as a capitalistic society.
A third possibility is that the government set up to
represent the masses may abuse its position and claim
power for itself.

Socialism
Norway, Sweden, and Denmark:

The state provides healthcare,
education, and pensions. However,
these countries also have
successful capitalists.
Cuba, China, Vietnam, Russia and

North Korea: These countries
incorporate characteristics of both
socialism and communism.

Traditional economies
A traditional economy is a system that relies on

customs, history and time-honored beliefs.
Tradition guides economic decisions such as

production and distribution.
Traditional economies depend on agriculture,
fishing, hunting, gathering or some combination of
the above.
They use barter instead of money.
Most traditional economies operate in emerging

markets and developing countries. They are often
in Africa, Asia, Latin America and the Middle East.

Characteristics of a Traditional
Economy
1. traditional economies center around a family or tribe. They use traditions gained from the
elders' experiences to guide day-to-day life and economic decisions.
2. a traditional economy exists in a hunter-gatherer and nomadic society. These societies

cover vast areas to find enough food to support them. There is little need for trade since
they all consume and produce the same things.
3. most traditional economies produce only what they need. There is rarely surplus or
leftovers. That makes it unnecessary to trade or create money.
4. when traditional economies do trade, they rely on barter. It can only occur between
groups that don't compete. For example, a tribe that relies on hunting exchanges food
with a group that relies on fishing.
5. traditional economies start to evolve once they start farming and settle down. They
are more likely to have a surplus, such as a bumper crop, that they use for trade. When
that happens, the groups create some form of money. That facilitates trading over long
distances.
Advantages of a Traditional Economy
There is little friction between members. That's because custom and
tradition dictate the distribution of resources.
Everyone knows their contribution toward production, whether it's
as a farmer, hunter or weaver. Members also understand what they
are likely to receive. Even if they aren't satisfied, they don't rebel.
They understand that it's what's kept the society together and
functioning for generations.
Since traditional economies are small, they aren't as destructive to

the environment as developed economies.
They don't have the capability to produce much beyond their needs.
That makes them more sustainable than a technology-based
economy.

Disadvantages of a Traditional
Economy
Traditional economies are vulnerable to changes in nature,
especially the weather. For this reason, traditional economies limit
population growth.
When the harvest or hunting is poor, people starve.
They are also vulnerable to market or command economies. Those

societies often consume the natural resources traditional
economies depend on or wage war.
For example, Russian oil development in Siberia has damaged

streams and the tundra. That's reduced traditional fishing and
reindeer herding for traditional economies in those areas.
(Source: "7 Advantages and Disadvantages of a Traditional

Economy," NavajoCode.)

Market economies
A market economy is a system where the laws of

supply and demand direct the production of goods
and services. Supply includes natural resources,
capital, and labor. Demand includes purchases by
consumers, businesses and the government.
Businesses sell their wares at the highest price

consumers will pay. At the same time, shoppers
look for the lowest prices for the goods and
services they want.
Workers bid their services at the highest possible

wages that their skills allow. Employers seek to get
the best employees at the lowest possible price.

Market economies
Capitalism requires a market economy to set prices

and distribute goods and services.
Socialism and communism need a command

economy to create a central plan that guides
economic decisions.
Market economies evolve from traditional

economies.
Most societies in the modern world have elements

of all three types of economies. That makes them
mixed economies.

Characteristics of Market economies
1. Private Property. Most goods and services are privately-owned. The owners can
make legally-binding contracts to buy, sell, or lease their property.
2. Freedom of Choice. Owners are free to produce, sell and purchase goods and
services in a competitive market. They only have two constraints. First, is the price at
which they are willing to buy or sell. Second is the amount of capital they have.
3. Motive of Self-Interest. Everyone sells their wares to the highest bidder while
negotiating the lowest price for their purchases. Although the reason is selfish, it
benefits the economy over the long run. That's because this auction system sets
prices for goods and services that reflect their market value. It gives an accurate
picture of supply and demand at any given moment.
4. Competition. The force of competitive pressure keeps prices low. It also ensures that
society provides goods and services most efficiently. As soon as demand increases
for a particular item, prices rise thanks to the law of demand.
5. System of Markets and Prices. A market economy relies on an efficient market in
which to sell goods and services. That's where all buyers and sellers have equal
access to the same information.
6. Limited Government. The role of government is to ensure that the markets are
open and working. It makes sure no one is manipulating the markets and that
everyone has equal access to information.
Advantages of Market economies
1. Since a market economy allows the free interplay of supply and demand, it ensures
the most desired goods and services are produced. That's because consumers are
willing to pay the highest price for the things they want the most. Businesses will only
create those things that return a profit.
2. goods and services are produced in the most efficient way possible. The most
productive companies will earn more than less productive ones.
3. it rewards innovation. Creative new products will meet the needs of consumers in
better ways that existing goods and services. These cutting-edge technologies will
spread to other competitors so they, too, can be more profitable. For more, see Silicon
Valley: America's Innovative Advantage.
4. the most successful businesses invest in other top-notch companies. That gives them
a leg up and leads to increased quality of production.
(Source: "Pure Capitalism and the Market System," Harper College.)

Disadvantages of Market economies
1. The key mechanism of a market economy is competition. As a result, it has no system
to care for those who are at an inherent competitive disadvantage. That includes the
elderly, children and people with mental or physical disabilities.
2. the caretakers of those people are also at a disadvantage. Their energies and skills go
toward caretaking, not competing. Many of these people might become contributors
to the economy's overall comparative advantage if they weren't caretakers.
3. The human resources of the society may not be optimized. For example, a child who
might otherwise discover the cure for cancer might instead work at McDonald's to
support her low-income family.
4. the society reflects the values of the winners in the market economy. That's why a
market economy may produce private jets for some while others starve and are
homeless. A society based on a pure market economy must decide whether it's in its
larger self-interest to care for the vulnerable. If it decides it is, the society will grant
the government a significant role in redistributing resources. That’s why there are so
many mixed economies. Most so-called market economies are mixed
Mixed economies
A mixed economy is a system that combines

characteristics of market, command and traditional
economies.

Mixed economies
Characteristics
1. First, the law protects ownership of private property.

2. Second, everyone is free to live, work, produce, buy and sell whatever they choose
(as long as it's legal.)
3. Third, self-interest drives the buying and selling of goods and services, including
employment. Sellers want the highest price and buyers want the best value for their
money.
4. Fourth, the law protects competition.
5. Fifth, prices are allowed to float along with supply and demand.
6. And sixth, the primary role of government is to make sure that everyone has free
access to a free market.

Advantages of Mixed economies
1. A mixed economy has all the advantages of a market economy. First, it distributes
goods and services to where they are most needed. It allows prices to
measure supply and demand.
2. rewards the most efficient producers with the highest profit. That means customers
get the best value for their currency.
3. encourages innovation to meet customer needs more creatively, cheaply or
efficiently
4. automatically allocates capital to the most innovative and efficient producers. They,
in turn, can invest the capital in more businesses like them.
5. The expanded government role also makes sure less competitive members receive
care. That overcomes one of the disadvantages of a pure market economy.

Disadvantages of Mixed economies
1. A mixed economy can also take on all the disadvantages of the other types of
economies. It just depends on which characteristics the mixed economy emphasizes.
2. For example, if the market has too much freedom, it can leave the less competitive
members of society without any government support.
3. But central planning of government industries also creates problems. The defense
industry could become a government-subsidized monopoly or oligarchy system. That
could put the country into debt, slowing down economic growth in the long run.
4. Successful businesses can lobby the government for more subsidies and tax breaks.
The government could protect the free market so much that it doesn’t regulate
enough. For example, businesses that took on too much risk could receive taxpayer-
funded bailouts.

Sectors of economy
15HUM5.6: SOCIOLOGY AND BUILDING

ECONOMICS SEMESTER_5 B.ARCH POORNA
CHINNAPPA
Sectors of Indian Economy
Three sectors – Primary, Secondary and Tertiary.
Primary = Agriculture related.

Secondary = Industry related.
Tertiary = Service related.

Sector share towards GDP : Tertiary (60%)> Secondary (28%)> Primary(12%).

Sector share by working force : Primary (51%)> Tertiary (27%) > Secondary (22%)>
India as an investment destination
1. India is the most attractive investment destination in the world, according to a

survey by global consultancy firm Ernst & Young (EY).
2. The increasing demand due to its population makes the country a good market.
3. Sectors projected to do well in the coming years include automotive, technology, life
sciences and consumer products.
4. Indian Exports: India’s exports have also been doing well, touching US$ 303 billion in
FY 2012–13, almost double of what it managed (US$ 167 billion) four years ago. The
US$ 1.2 trillion investment planned for the infrastructure sector in the 12th Five-Year
Plan will go a long way in improving export performance of Indian companies and
the Indian growth story.
5. Indian GDP: India is the third biggest economy in the world in terms of GDP
measured at purchasing power parity (PPP), according to a World Bank report. India
is also projected to become the third largest economy (Nominal GDP) in the world
by 2043.
Factors of production
The St. Louis Fed defined the

factors of production as "what
people use to produce goods
and services."
Improvement along these

factors enables producers to
create more and cheaper
economic goods.
This, in turn, allows consumers

to earn more for their labor
services and to pay less for
existing goods.
Factors of production
Land and labor are the earliest factors of production;

humans have always mixed their labor with land and
natural resources. Income from land and labor are
called rent and wages, respectively.
The third factor, capital, includes all those resources or

tools that humans use to improve their productivity.
Common forms of economic capital include machinery,
tools and buildings. Income from capital resources is
normally called interest.
Most classical economic models largely

ignore entrepreneurs. Some economists don't consider
it a separate good, but rather the purposeful
combination of the other three factors. Payment to
entrepreneurship is called profit.
Relevance of factors of production to
architecture and construction practice
1. People are the key production factor on construction jobsites and nearly all the
decision making processes there involve people. People refer to all the personnel
presenting on the construction jobsite.
2. Machine here refers to any device that uses energy and any tool to perform
construction production activity on jobsite. Machine’s operation performance not
only affects project schedule and quality but also affects project cost and safety
performance onsite.
3. Material ranges from raw material (e.g., concrete, sand) to finished materials (e.g.,
precast component, steel). Materials are used/ consumed by people and machine on
construction jobsite and are converted into final construction products.
4. Jobsite refers to the other important physical production factors that are not
covered by the aforementioned categories.
Further elaborate.
Relevance of factors of production to
architecture and construction practice
1. Creating Economic Growth: The purpose of economic organization – including all
labor – is to create things that people value. Economic growth occurs when more
and cheaper goods can be created. This raises the standard of living by lowering
costs and raising wages.
2. Economic growth results from better factors of production. This process is clearly
demonstrated when an economy undergoes industrialization or other technological
revolutions; each hour of labor can generate increasing amounts of valuable goods.

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Module 3

15HUM5.6: SOCIOLOGY AND BUILDING ECONOMICS; SEMESTER:5; B.ARCH POORNA CHINNAPPA

15HUM5.6: SOCIOLOGY AND BUILDING ECONOMICS; SEMESTER:5; B.ARCH POORNA CHINNAPPA

15HUM5.6: SOCIOLOGY AND BUILDING ECONOMICS; SEMESTER:5; B.ARCH POORNA CHINNAPPA

normative economics argues for what ought to

"why do people use money?" is a positive

and "should people use money?" is a

15HUM5.6: SOCIOLOGY AND BUILDING ECONOMICS; SEMESTER:5; B.ARCH POORNA CHINNAPPA

Microeconomics studies the behaviour of

macroeconomics studies the behaviour of the

15HUM5.6: SOCIOLOGY AND BUILDING ECONOMICS; SEMESTER:5; B.ARCH POORNA CHINNAPPA

Economists study not only markets, but things like

That's why it's not unusual to see papers by

15HUM5.6: SOCIOLOGY AND BUILDING ECONOMICS; SEMESTER:5; B.ARCH POORNA CHINNAPPA

15HUM5.6: SOCIOLOGY AND BUILDING ECONOMICS; SEMESTER:5; B.ARCH POORNA CHINNAPPA

People tend to choose rationally to achieve their

Useful lies to make assumptions to build models

Models: a simple framework for understanding an

Incentives: a reason for doing something

At the Margin: people decide if they do a little bit

15HUM5.6: SOCIOLOGY AND BUILDING ECONOMICS; SEMESTER:5; B.ARCH POORNA CHINNAPPA

Markets and trade tend to work well and make

15HUM5.6: SOCIOLOGY AND BUILDING ECONOMICS; SEMESTER:5; B.ARCH POORNA CHINNAPPA

15HUM5.6: SOCIOLOGY AND BUILDING ECONOMICS; SEMESTER:5; B.ARCH POORNA CHINNAPPA

15HUM5.6: SOCIOLOGY AND BUILDING ECONOMICS; SEMESTER:5; B.ARCH POORNA CHINNAPPA

15HUM5.6: SOCIOLOGY AND BUILDING ECONOMICS; SEMESTER:5; B.ARCH POORNA CHINNAPPA

The paradox of value is the situation where some

Scarcity is required for value, but scarcity alone

15HUM5.6: SOCIOLOGY AND BUILDING ECONOMICS; SEMESTER:5; B.ARCH POORNA CHINNAPPA

The utility of a good or service may vary form one

A good or service does not have to have utility for

15HUM5.6: SOCIOLOGY AND BUILDING ECONOMICS; SEMESTER:5; B.ARCH POORNA CHINNAPPA

A nation's wealth is comprised of all items.

Goods are counted as wealth but services are not

15HUM5.6: SOCIOLOGY AND BUILDING ECONOMICS; SEMESTER:5; B.ARCH POORNA CHINNAPPA

15HUM5.6: SOCIOLOGY AND BUILDING ECONOMICS; SEMESTER:5; B.ARCH POORNA CHINNAPPA

15HUM5.6: SOCIOLOGY AND BUILDING ECONOMICS; SEMESTER:5; B.ARCH POORNA CHINNAPPA

Monocentricity has weakened over time because

15HUM5.6: SOCIOLOGY AND BUILDING ECONOMICS; SEMESTER:5; B.ARCH POORNA CHINNAPPA

Several explanations for polycentric expansion

15HUM5.6: SOCIOLOGY AND BUILDING ECONOMICS; SEMESTER:5; B.ARCH POORNA CHINNAPPA

Economics is the study of the allocation of scarce

Other branches of economics ignore the spatial

15HUM5.6: SOCIOLOGY AND BUILDING ECONOMICS; SEMESTER:5; B.ARCH POORNA CHINNAPPA

Urban economics is divided into six related

15HUM5.6: SOCIOLOGY AND BUILDING ECONOMICS; SEMESTER:5; B.ARCH POORNA CHINNAPPA

The nature and behavior of markets depends

If a firm locates in a geographically isolated region,

The location decisions of both firms and

When industries cluster, like in the Silicon Valley in

15HUM5.6: SOCIOLOGY AND BUILDING ECONOMICS; SEMESTER:5; B.ARCH POORNA CHINNAPPA

Because urban economics is concerned with asking

15HUM5.6: SOCIOLOGY AND BUILDING ECONOMICS; SEMESTER:5; B.ARCH POORNA CHINNAPPA

BMSSA; 15HUM5.6: SOCIOLOGY AND BUILDING ECONOMICS; SEMESTER:5; B.ARCH

1. What, and how much, to produce.

2. How to produce it.

3. For whom to produce it.

Every economy faces these problems.

15HUM5.6: SOCIOLOGY AND BUILDING ECONOMICS; SEMESTER:5; B.ARCH

Sometimes the goals

15HUM5.6: SOCIOLOGY AND BUILDING ECONOMICS; SEMESTER:5; B.ARCH

An economic system must provide