"QUESTION 1 Review the notes you have collected in your portfolio of work. (a) Summarise what you consider to be the principle economic characteristics of the market for bespoke construction work. (b) Identify and discuss the major economic issues which arise from these characteristics which prevent the market operating at maximum efficiency. (c) Present reasoned proposals for ways in which these problems might be addresses to the mutual benefit of both buyers and sellers of construction related services/ QUESTION 2 Write an essay examining the relationship between the market for construction work in the UK, relevant government policy and the need to satisfy the sustainability triple bottom line agenda. If you are not resident in the UK, you may choose to do this either for the UK or for your own country or geographical region."

The construction sector is considered an engine of UK economic activity. It accounts for approximately 15% of total economic activity and 10% of the UKs annual Gross Domestic Product. The market for bespoke construction (excluding housing which is seen as mass production) is highly problematic to categorise in one market structure, owing to the high complexity and individuality of projects, firms and economic conditions.

Marginal analysis and optimal behaviour of neoclassical microeconomics has been favoured by some authors to illustrate certain aggregate processes, where the unique economic features of the construction market are due to the combination of various marginal traits….(short extract)