Micro Economics

Civil Engineering Projects Weekly | 9th April 2013

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Underestimate Green lighting? It can save millions of dollars…

The writer explains how green lighting can have a huge impact on the savings. It may seem surprising as to how such a small change in choice could help you save a lot of money. LEDs have been the top choice of the designers because of the variety of pleasing colour options that are available. The article details out the two success stories of the companies that have chosen to go for LEDs replacing their existing incandescent light bulbs. It has been really surprising since the amount that they have saved millions of dollars by going for a greener option of lighting.

LEDs – the future of lighting industry

We are all acquainted with LEDs. LED stands for light emitting diode. Initially, the LEDs weren’t as efficient as they are today. The article details out the pros and cons of using LED lighting. Today, LED is considered under the category of green electronic components. They have played a great role in revolutionizing the lighting industry.

Architect Javed Kachchhi interviewed regarding Construction site inspection

The author interviews the Indian Architect Javed Kachchhi regarding the construction site inspection. Various important questions have been answered that would be incredibly useful to the Architecture and engineering students as well as the young graduates. The questions regarding issues such as monitoring of the site, role of project management team, architects role on site inspection, mistakes committed by workers on site, scenario of construction sites in towns, scenario of construction sites in cities, role of contractors etc.

Damage and repair guide for Sinking Foundations

Sinking foundations could be disastrous for the life of a structure if not paid attention to. The damage and repair guide outlines the complex procedure into three simple steps. Every step in the guide has been explained in detail.

Here are the following three steps:

1)     Examination of the structure

2)     After the problem identification, an expert relating to the field is to be hired.

3)     Outline of methodologies or techniques for the repair of sinking foundation

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Micro Economics | Economics Related to Building Industry

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Micro Economics Related to Architecture and Engineering

The study of Economics can be broadly classified into two categories:

  1. Micro Economics
  2. Macro Economics

In this article, we are going to discuss various terms related to Micro Economics. Check out the brief on “Macro Economics and Micro Economics“.

Here is the list of terms we are about to discuss in this article:

  1. Budget Constraints
  2. Choice
  3. Demand and Supply
  4. Uncertainties
  5. Equilibrium
  6. Technical constraints
  7. Profit maximization
  8. Cost minimization
  9. Monopoly
  10. Oligopoly
  11. Production

Budget constraints

For individuals, the budget for acquiring property depends in the earning capacity of the family per annum, the ability to raise loan, savings, repaying capacity (in 5year/ 10year/ 15year loan periods).

Choice

Depends on the budgetary capability, savings, willingness to invest, optimum level to spend, location of the property etc, choice of the specifications, reputation of the builders, quality of construction, timely completion of projects, proximity to public amenities like transport, railway station, airport etc.

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Micro Economics and Macro Economics | Engineering Economics

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The study of economics is broadly divided into two categories:

  1. Micro Economics
  2. Macro Economics

In our previous article “Introduction to Building Economics as related to Architecture“, we discussed certain important terms relating to Building Economics. This article is the continuation of the study of Micro Economics and Macro Economics. This article will give you a brief idea of Macro Economics and Micro Economics.

Micro Economics

It is a small part of whole economics which deals with individuals, their needs, their behaviour, individual firms and its activities. This deals with studies like incomes, capital spending on building, individuals who are engaged in various products for building construction.

Micro-economics is also called Price Theory.

Importance of Micro-economics

It analyses how millions of consumers and producers in an economy take decisions about products and services offered. It also deals with how buildings and services are distributed belonging to different economic status.

Limitations

  • It cannot give an idea of the function of the economy as a whole.
  • It assumes full employment which is a rare phenomenon in developing countries or even developed countries which is quite unrealistic.

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