Micro Economics Related to Architecture and Engineering
The study of Economics can be broadly classified into two categories:
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:
- Budget Constraints
- Choice
- Demand and Supply
- Uncertainties
- Equilibrium
- Technical constraints
- Profit maximization
- Cost minimization
- Monopoly
- Oligopoly
- 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.