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1
Internship / Credit Risk Management Of United Commercial Bank Limited
« on: November 15, 2018, 01:51:33 PM »
Md. Toki Yeasir
ID No. # 133-11-3407
Batch: 36th
BBA Program
Department of Business Administration
Faculty of business & Economics
Daffodil International University

2
Internship / Evaluation of the Activities of DRE
« on: November 15, 2018, 01:48:01 PM »
Submitted by

Md. Toki Yeasir
ID No. # 172-14-2409
Accounting, 47th Batch
MBA Program
Department of Business Administration
Faculty of Business & Entrepreneurship
Daffodil International University

3
Internship / Evaluation of the Activities of DRE
« on: November 15, 2018, 01:44:44 PM »
Submitted by

Md. Toki Yeasir
ID No. # 172-14-2409
Accounting, 47th Batch
MBA Program
Department of Business Administration
Faculty of Business & Entrepreneurship
Daffodil International University

4
Microeconomics / Basic concept of Micro-Economics
« on: November 15, 2018, 01:39:48 PM »
Microeconomics
Microeconomics (from Greek prefix mikro- meaning "small" + economics) is a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms.[1][2][3]

One goal of microeconomics is to analyze the market mechanisms that establish relative prices among goods and services and allocate limited resources among alternative uses. Microeconomics shows conditions under which free markets lead to desirable allocations. It also analyzes market failure, where markets fail to produce efficient results.

Microeconomics stands in contrast to macroeconomics, which involves "the sum total of economic activity, dealing with the issues of growth, inflation, and unemployment and with national policies relating to these issues".[2] Microeconomics also deals with the effects of economic policies (such as changing taxation levels) on the aforementioned aspects of the economy.[4] Particularly in the wake of the Lucas critique, much of modern macroeconomic theory has been built upon microfoundations—i.e. based upon basic assumptions about micro-level behavior.


Contents
1   Assumptions and definitions
2   Basic microeconomic concepts
2.1   Demand, supply, and equilibrium
2.2   Measurement of elasticities
2.3   Consumer demand theory
2.4   Theory of production
2.5   Costs of production
2.6   Opportunity cost
2.7   Market structure
2.8   Perfect competition
2.9   Imperfect competition
2.9.1   Monopolistic competition
2.9.2   Monopoly
2.9.3   Oligopoly
2.9.4   Monopsony
2.9.5   Oligopsony
2.10   Game theory
2.11   Labor economics
2.12   Welfare economics
2.13   Economics of information
3   Applied
4   History
5   See also
6   References
7   Further reading
8   External links

Assumptions and definitions
Microeconomic theory typically begins with the study of a single rational and utility maximizing individual. To economists, rationality means an individual possesses stable preferences that are both complete and transitive.

The technical assumption that preference relations are continuous is needed to ensure the existence of a utility function. Although microeconomic theory can continue without this assumption, it would make comparative statics impossible since there is no guarantee that the resulting utility function would be differentiable.

Microeconomic theory progresses by defining a competitive budget set which is a subset of the consumption set. It is at this point that economists make The technical assumption that preferences are locally non-satiated. Without the assumption of LNS (local non-satiation) there is no guarantee that a rational individual would maximize utility. With the necessary tools and assumptions in place the utility maximization problem (UMP) is developed.

The utility maximization problem is the heart of consumer theory. The utility maximization problem attempts to explain the action axiom by imposing rationality axioms on consumer preferences and then mathematically modeling and analyzing the consequences. The utility maximization problem serves not only as the mathematical foundation of consumer theory but as a metaphysical explanation of it as well. That is, the utility maximization problem is used by economists to not only explain what or how individuals make choices but why individuals make choices as well.

The utility maximization problem is a constrained optimization problem in which an individual seeks to maximize utility subject to a budget constraint. Economists use the extreme value theorem to guarantee that a solution to the utility maximization problem exists. That is, since the budget constraint is both bounded and closed, a solution to the utility maximization problem exists. Economists call the solution to the utility maximization problem a Walrasian demand function or correspondence.

The utility maximization problem has so far been developed by taking consumer tastes (i.e. consumer utility) as the primitive. However, an alternative way to develop microeconomic theory is by taking consumer choice as the primitive. This model of microeconomic theory is referred to as revealed preference theory.


The supply and demand model describes how prices vary as a result of a balance between product availability at each price (supply) and the desires of those with purchasing power at each price (demand). The graph depicts a right-shift in demand from D1 to D2 along with the consequent increase in price and quantity required to reach a new market-clearing equilibrium point on the supply curve (S).
The theory of supply and demand usually assumes that markets are perfectly competitive. This implies that there are many buyers and sellers in the market and none of them have the capacity to significantly influence prices of goods and services. In many real-life transactions, the assumption fails because some individual buyers or sellers have the ability to influence prices. Quite often, a sophisticated analysis is required to understand the demand-supply equation of a good model. However, the theory works well in situations meeting these assumptions.

Mainstream economics does not assume a priori that markets are preferable to other forms of social organization. In fact, much analysis is devoted to cases where market failures lead to resource allocation that is suboptimal and creates deadweight loss. A classic example of suboptimal resource allocation is that of a public good. In such cases, economists may attempt to find policies that avoid waste, either directly by government control, indirectly by regulation that induces market participants to act in a manner consistent with optimal welfare, or by creating "missing markets" to enable efficient trading where none had previously existed.

This is studied in the field of collective action and public choice theory. "Optimal welfare" usually takes on a Paretian norm, which is a mathematical application of the Kaldor–Hicks method. This can diverge from the Utilitarian goal of maximizing utility because it does not consider the distribution of goods between people. Market failure in positive economics (microeconomics) is limited in implications without mixing the belief of the economist and their theory.

The demand for various commodities by individuals is generally thought of as the outcome of a utility-maximizing process, with each individual trying to maximize their own utility under a budget constraint and a given consumption set.

Demand, supply, and equilibrium
Supply and demand is an economic model of price determination in a perfectly competitive market. It concludes that in a perfectly competitive market with no externalities, per unit taxes, or price controls, the unit price for a particular good is the price at which the quantity demanded by consumers equals the quantity supplied by producers. This price results in a stable economic equilibrium.

Measurement of elasticities
Elasticity is the measurement of how responsive an economic variable is to a change in another variable. Elasticity can be quantified as the ratio of the change in one variable to the change in another variable, when the later variable has a causal influence on the former. It is a tool for measuring the responsiveness of a variable, or of the function that determines it, to changes in causative variables in unitless ways. Frequently used elasticities include price elasticity of demand, price elasticity of supply, income elasticity of demand, elasticity of substitution or constant elasticity of substitution between factors of production and elasticity of intertemporal substitution.

Consumer demand theory
Consumer demand theory relates preferences for the consumption of both goods and services to the consumption expenditures; ultimately, this relationship between preferences and consumption expenditures is used to relate preferences to consumer demand curves. The link between personal preferences, consumption and the demand curve is one of the most closely studied relations in economics. It is a way of analyzing how consumers may achieve equilibrium between preferences and expenditures by maximizing utility subject to consumer budget constraints.

Theory of production
Production theory is the study of production, or the economic process of converting inputs into outputs. Production uses resources to create a good or service that is suitable for use, gift-giving in a gift economy, or exchange in a market economy. This can include manufacturing, storing, shipping, and packaging. Some economists define production broadly as all economic activity other than consumption. They see every commercial activity other than the final purchase as some form of production.

Costs of production
The cost-of-production theory of value states that the price of an object or condition is determined by the sum of the cost of the resources that went into making it. The cost can comprise any of the factors of production: labour, capital, land,entrepreneur. Technology can be viewed either as a form of fixed capital (e.g. plant) or circulating capital (e.g. intermediate goods).

Opportunity cost
The economic idea of opportunity cost is closely related to the idea of time constraints. You can do only one thing at a time, which means that, inevitably, you’re always giving up other things.

The opportunity cost of any activity is the value of the next-best alternative thing you may have done instead. Opportunity cost depends only on the value of the next-best alternative. It doesn’t matter whether you have 5 alternatives or 5,000.

Opportunity costs can tell you when not to do something as well as when to do something. For example, you may like waffles, but you like chocolate even more. If someone offers you only waffles, you’re going to take it. But if you’re offered waffles or chocolate, you’re going to take the chocolate. The opportunity cost of eating waffles is sacrificing the chance to eat chocolate. Because the cost of not eating the chocolate is higher than the benefits of eating the waffles, it makes no sense to choose waffles. Of course, if you choose chocolate, you’re still faced with the opportunity cost of giving up having waffles. But you’re willing to do that because the waffle's opportunity cost is lower than the benefits of the chocolate. Opportunity costs are unavoidable constraints on behaviour because you have to decide what’s best and give up the next-best alternative.

Market structure
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The market structure can have several types of interacting market systems. Different forms of markets are a feature of capitalism and market socialism, with advocates of state socialism often criticizing markets and aiming to substitute or replace markets with varying degrees of government-directed economic planning.

Competition acts as a regulatory mechanism for market systems, with government providing regulations where the market cannot be expected to regulate itself. One example of this is with regards to building codes, which if absent in a purely competition regulated market system, might result in several horrific injuries or deaths to be required before companies would begin improving structural safety, as consumers may at first not be as concerned or aware of safety issues to begin putting pressure on companies to provide them, and companies would be motivated not to provide proper safety features due to how it would cut into their profits.

Some examples of markets:

commodity markets
insurance markets
bond markets
energy markets
flea markets
debt markets
stock markets
online auctions
media exchange markets
real-estate market.
Perfect competition

Perfect competition is a situation in which numerous small firms producing identical products compete against each other in a given industry. Perfect competition leads to firms producing the socially optimal output level at the minimum possible cost per unit. Firms in perfect competition are "price takers" (they do not have enough market power to profitably increase the price of their goods or services). A good example would be that of digital marketplaces, such as eBay, on which many different sellers sell similar products to many different buyers.

Imperfect competition
In economic theory, imperfect competition is a type of market structure showing some but not all features of competitive markets.

Monopolistic competition
Monopolistic competition is a situation in which many firms with slightly different products compete. Production costs are above what may be achieved by perfectly competitive firms, but society benefits from the product differentiation. Examples of industries with market structures similar to monopolistic competition include restaurants, cereal, clothing, shoes, and service industries in large cities.

Monopoly
A monopoly is a market structure in which a market or industry is dominated by a single supplier of a particular good or service. Because monopolies have no competition they tend to sell goods and services at a higher price and produce below the socially optimal output level. Although not all monopolies are a bad thing, especially in industries where multiple firms would result in more problems than benefits (i.e. natural monopolies).[5][citation needed]

Natural monopoly: A monopoly in an industry where one producer can produce output at a lower cost than many small producers.
Oligopoly
An oligopoly is a market structure in which a market or industry is dominated by a small number of firms (oligopolists). Oligopolies can create the incentive for firms to engage in collusion and form cartels that reduce competition leading to higher prices for consumers and less overall market output.[6] Alternatively, oligopolies can be fiercely competitive and engage in flamboyant advertising campaigns.[citation needed]

Duopoly: A special case of an oligopoly, with only two firms. Game theory can elucidate behavior in duopolies and oligopolies.[7]
Monopsony
A monopsony is a market where there is only one buyer and many sellers.

Oligopsony
An oligopsony is a market where there are a few buyers and many sellers.

Game theory
Game theory is a major method used in mathematical economics and business for modeling competing behaviors of interacting agents. The term "game" here implies the study of any strategic interaction between people. Applications include a wide array of economic phenomena and approaches, such as auctions, bargaining, mergers & acquisitions pricing, fair division, duopolies, oligopolies, social network formation, agent-based computational economics, general equilibrium, mechanism design, and voting systems, and across such broad areas as experimental economics, behavioral economics, information economics, industrial organization, and political economy.

Labor economics
Labor economics seeks to understand the functioning and dynamics of the markets for wage labor. Labor markets function through the interaction of workers and employers. Labor economics looks at the suppliers of labor services (workers), the demands of labor services (employers), and attempts to understand the resulting pattern of wages, employment, and income. In economics, labor is a measure of the work done by human beings. It is conventionally contrasted with such other factors of production as land and capital. There are theories which have developed a concept called human capital (referring to the skills that workers possess, not necessarily their actual work), although there are also counter posing macro-economic system theories that think human capital is a contradiction in terms.

Welfare economics
Welfare economics is a branch of economics that uses microeconomics techniques to evaluate well-being from allocation of productive factors as to desirability and economic efficiency within an economy, often relative to competitive general equilibrium.[8] It analyzes social welfare, however measured, in terms of economic activities of the individuals that compose the theoretical society considered. Accordingly, individuals, with associated economic activities, are the basic units for aggregating to social welfare, whether of a group, a community, or a society, and there is no "social welfare" apart from the "welfare" associated with its individual units.

Economics of information
Information economics or the economics of information is a branch of microeconomic theory that studies how information and information systems affect an economy and economic decisions. Information has special characteristics. It is easy to create but hard to trust. It is easy to spread but hard to control. It influences many decisions. These special characteristics (as compared with other types of goods) complicate many standard economic theories.[9]

Applied
United States Capitol Building: meeting place of the United States Congress, where many tax laws are passed, which directly impact economic welfare. This is studied in the subject of public economics.
Applied microeconomics includes a range of specialized areas of study, many of which draw on methods from other fields. Industrial organization examines topics such as the entry and exit of firms, innovation, and the role of trademarks. Labor economics examines wages, employment, and labor market dynamics. Financial economics examines topics such as the structure of optimal portfolios, the rate of return to capital, econometric analysis of security returns, and corporate financial behavior. Public economics examines the design of government tax and expenditure policies and economic effects of these policies (e.g., social insurance programs). Political economy examines the role of political institutions in determining policy outcomes. Health economics examines the organization of health care systems, including the role of the health care workforce and health insurance programs. Education economics examines the organization of education provision and its implication for efficiency and equity, including the effects of education on productivity. Urban economics, which examines the challenges faced by cities, such as sprawl, air and water pollution, traffic congestion, and poverty, draws on the fields of urban geography and sociology. Law and economics applies microeconomic principles to the selection and enforcement of competing legal regimes and their relative efficiencies. Economic history examines the evolution of the economy and economic institutions, using methods and techniques from the fields of economics, history, geography, sociology, psychology, and political science.

History
The difference between microeconomics and macroeconomics was introduced in 1933 by the Norwegian economist Ragnar Frisch (Nobel Prize 1969).

5
Finance / Financial statements
« on: November 15, 2018, 01:19:37 PM »
Financial statements
Financial statements are a collection of reports about an organization's financial results, financial condition, and cash flows. They are useful for the following reasons:
1. To determine the ability of a business to generate cash, and the sources and uses of that cash.
2. To determine whether a business has the capability to pay back its debts.
3. To track financial results on a trend line to spot any looming profitability issues.
4. To derive financial ratios from the statements that can indicate the condition of the business.
5. To investigate the details of certain business transactions, as outlined in the disclosures that accompany the statements.

The standard contents of a set of financial statements are:

1. Balance sheet. Shows the entity's assets, liabilities, and stockholders' equity as of the report date. It does not show information that covers a span of time.
2. Income statement. Shows the results of the entity's operations and financial activities for the reporting period. It includes revenues, expenses, gains, and losses.
3. Statement of cash flows. Shows changes in the entity's cash flows during the reporting period.
4. Supplementary notes. Includes explanations of various activities, additional detail on some accounts, and other items as mandated by the applicable accounting framework, such as GAAP or IFRS.

If a business plans to issue financial statements to outside users (such as investors or lenders), the financial statements should be formatted in accordance with one of the major accounting frameworks. These frameworks allow for some leeway in how financial statements can be structured, so statements issued by different firms even in the same industry are likely to have somewhat different appearances. Financial statements that are being issued to outside parties may be audited to verify their accuracy. If financial statements are issued strictly for internal use, there are no guidelines, other than common usage, for how the statements are to be presented. At the most minimal level, a business is expected to issue an income statement and balance sheet to document its monthly results and ending financial condition. The full set of financial statements is expected when a business is reporting the results for a full fiscal year, or when a publicly-held business is reporting the results of its fiscal quarters.

6
5 Important Principles of Modern Accounting

Whether you’re in the business of selling widgets, providing cleaning services, tending to animals, or manufacturing industrial equipment, your business operates under the same basic principles of modern accounting. These principles are generally accepted practices of accounting, which became commonplace in the 1800’s, though the original concepts are as old as ancient Mesopotamia. The world of accounting took great strides with the treatise of bookkeeping, published by Luca Pacioli in 1494 within a book entitled, Summa de Arithmetica, Geometria, Proportioni et Proportionalita. These five basic principles form the foundation of modern accounting practices.

1. The Revenue Principle
This principle defines a point in time when bookkeepers may record a transaction as revenue on the books. The revenue principle states that revenue for the business is earned and recorded at the point of sale. This means that revenue occurs at the time at which the buyer takes legal possession of the item sold or the service is performed, not at the moment at which cash for the transaction is accepted by the seller. This concept is sometimes called the “revenue recognition principle.”

2. The Expense Principle
This principle defines a point in time at which the bookkeeper may log a transaction as an expense in the books. The expense principle, or expense recognition principle, states that an expense occurs at the time at which the business accepts goods or services from another entity. Essentially, it means that expenses occur when the goods are received or the service is performed, regardless of when the business is billed or pays for the transaction.

3. The Matching Principle
The matching principle states that you should match each item of revenue with an item of expense. For example, if you are selling tacos, you could count the expense of the shells, meat, and toppings at the time at which a customer buys the taco. In other words, you match the expense of the taco ingredients with the revenue earned from the sale of the taco. When a business applies the revenue, expense, and matching principles in practice, they are operating under the accrual accounting method.

4. The Cost Principle
The cost principle states that you should use the historical cost of an item in the books, not the resell cost. For example, if your business owns property, such as real estate or vehicles, those should be listed as the historical costs of the property, not the current fair market value of the property.

5. The Objectivity Principle
The objectivity principle states that you should use only factual, verifiable data in the books, never a subjective measurement of values. Even if the subjective data seems better than the verifiable data, the verifiable data should always be used. In addition to these basic principles, the accounting world operates under a set of assumptions, or things that accountants can assume to always be true.

7
MBA Discussion Forum / Mid Term Exam Routine; Fall-2018
« on: November 12, 2018, 11:25:34 AM »
Mid Term Exam Routine; Fall-2018. Download the attached file

8
Business Administration / Mid Term Exam Routine; Fall-2018
« on: November 12, 2018, 11:23:12 AM »
Mid Term Exam Routine; Fall-2018. Download the attached file.

9
Real Estate / Mid Term Exam Routine; Fall-2018
« on: November 12, 2018, 11:21:46 AM »
Mid Term Exam Routine; Fall-2018. Download the attached file.

10
The Department of Real Estate organized a seminar on “Application of ArcGIS (Software) in Real Estate Marketing & Management” on 29 & 30 October 2018 and 05 & 06 November 2018 at Room No.-708, 7th Floor, DT. ArcGIS software is a powerful tool for informed decision making in any Real-Estate project. Considering the importance of ArcGIS in real-estate curriculum, the Department of Real Estate organized this seminar. The key person for the seminar was Mr. Saiful Islam, who is a graduate of Urban and Regional Planning from BUET, '98 batch. Mr. Islam has extensive working experience in both public and private sectors, and with multilateral and bilateral organizations. In addition he is a regular guest lecturer at public and private universities, as well as Bangladesh Institute of Planners (BIP) on ArcGIS software. He introduced the BRE program students with the ArcGIS 10.5 software interface, tools, and various analysis methods. In addition a real-time Real-Estate Project site selection process was demonstrated using the ArcGIS software. The seminar was ten (10) hours long and conducted over a four (4) days period within October 29 to November 06, 2018. This seminar is a part of the GIS-301: Geographical Information System in Real Estate course. Mr. Nurul Mohammad Zayed (Head, Department of Real Estate) thanked Mr. Saiful Islam for sharing his valuable time and knowledge with BRE program students. He also thanked Mr. Nahid hossain (Assistant Professor, Department of Civil Engineering) for his support in organizing such an important seminar on ArcGIS. The Seminar ended with the discussion for the development of Real Estate Department.

11
The Department of Real Estate organized a seminar on “Application of ArcGIS (Software) in Real Estate Marketing & Management” on 29 & 30 October 2018 and 05 & 06 November 2018 at Room No.-708, 7th Floor, DT. ArcGIS software is a powerful tool for informed decision making in any Real-Estate project. Considering the importance of ArcGIS in real-estate curriculum, the Department of Real Estate organized this seminar. The key person for the seminar was Mr. Saiful Islam, who is a graduate of Urban and Regional Planning from BUET, '98 batch. Mr. Islam has extensive working experience in both public and private sectors, and with multilateral and bilateral organizations. In addition he is a regular guest lecturer at public and private universities, as well as Bangladesh Institute of Planners (BIP) on ArcGIS software. He introduced the BRE program students with the ArcGIS 10.5 software interface, tools, and various analysis methods. In addition a real-time Real-Estate Project site selection process was demonstrated using the ArcGIS software. The seminar was ten (10) hours long and conducted over a four (4) days period within October 29 to November 06, 2018. This seminar is a part of the GIS-301: Geographical Information System in Real Estate course. Mr. Nurul Mohammad Zayed (Head, Department of Real Estate) thanked Mr. Saiful Islam for sharing his valuable time and knowledge with BRE program students. He also thanked Mr. Nahid hossain (Assistant Professor, Department of Civil Engineering) for his support in organizing such an important seminar on ArcGIS. The Seminar ended with the discussion for the development of Real Estate Department.

12
Real estate development (Dr. Toufiq M. Seraj)


Real estate development is a business activity concerned with land and construction that provides value-adding services by developing residential, commercial, institutional, industrial and integrated projects and related infrastructure. The concept of real estate in Bangladesh emerged after liberation. Over time, real estate has become a subject of keen interest for the general public, businessmen and other stakeholders. The real estate and housing sector is one of the main drivers of any nation's economic development and industrialisation. In Bangladesh, real estate has emerged as a crucial sector of our economy. It has a huge multiplier effect on economic activities and therefore, is a big driver of economic growth. It is one of the largest employment-generating sectors after agriculture and garments. Not only does it generate direct and indirect employment opportunities, it also stimulates demand for ancillary industries, for example steel, cement, tiles and sanitary ware, cable and electric ware, paint, glass and aluminium, brick, building materials, and consumer durables.

As the extent of globalisation spreads, the process of urbanisation increases. It has increased the momentum of urbanisation in both developed and developing countries. The ever-increasing urban population is creating an increasing demand for housing and shelter. The right to shelter is a fundamental right embodied in both the Universal Declaration of Human Rights and the Constitution of Bangladesh. But Bangladesh being a poor developing country, it is almost impossible for the government to ensure housing for all.

In Bangladesh, the rate of urbanisation is very high, aggravated by the high population growth rate and rapid rural-urban migration. The trend of urban growth in this country is about 3.25% per annum (Islam, 2012). This will change and increase Bangladesh's demand for housing. To accommodate the increasing urban population, real estate development is essential to provide appropriate housing in Bangladesh.

CONTRIBUTION OF THE REAL ESTATE SECTOR
The real estate sector is the growth centre for the development of any economy. As one of the most densely populated countries in the world, Bangladesh has been experiencing severe housing shortages. With the majority of the population in the middle and low-income groups, ensuring housing for all is difficult here. The private sector housing developers have met a large proportion of the national housing demand in the last 40 years.

But Bangladesh also suffers from a scarcity of land. It is an agriculture-based country where the urbanisation level of 28% (Islam, 2012) is substantially lower than in developed countries. However, urban centres are housing huge populations. People are migrating to urban areas because of both push and pull factors, thereby creating an urban sprawl. Meeting the huge demand for housing has become a challenge for the government. The real estate sector in Bangladesh has been operating for four decades, within which period it has fluctuated greatly. Today the sector plays a major role in the national economy, contributing up to 7.08% of the national GDP in FY 2013-14 (BBS, 2014). In addition, the sector also contributed to the national economy through linkage industries, such as MS bar, cement, brick, sand, ceramic tile, paint and other fixtures and fittings. Real Estate and Housing Association of Bangladesh (REHAB) declared that the sector along with its linkage industries contributed about 12% to the national GDP in 2014.

DEMAND FOR REAL ESTATE HOUSING IN BANGLADESH
There are some other socio-economic reasons behind the strong demand for the housing market besides the demand-supply interaction. The most important one is the change in family structure. Whereas in the past extended or joint families were the norm, in the last two decades, nuclear families consisting of parents and one or two children have become more prevalent. Such families find it convenient to live in apartments with two or three rooms. In addition, the services and security offered in apartments are usually better than those of other housing types. Most of the apartment complexes and high-rises provide spaces for community activities within the premises. Such spaces usually accommodate a play area for children, a community centre for ceremonies, a prayer room, etc. Moreover, it has been obligatory for an apartment building community to have a management consisting of the apartment owners responsible for the overall building. All these reasons have been shaping the apartment buyers' decisions. A significant number of the buyers are wage-earners in foreign countries and remittances have been a major source of capital for apartment purchase.

The real estate business has been flourishing in Bangladesh for a considerable period of time, and has seen tremendous growth in Dhaka. After a haphazard start, it has gradually become more systematic and organised. However, land record management in Bangladesh is very ambiguous and people are apprehensive about land ownership and its legal procedures. People cannot trust all the real estate companies equally. Only the top professional companies are doing well. So it is necessary to establish a strong legal framework for real estate development. The rights of citizens should be protected through proper transparency and accountability.

REAL ESTATE TRADE AND THE INVESTMENT CYCLE

Raw land is a key feature of the real estate cycle as it is the focal point of construction and expansion of business. The most characteristic feature of a real estate boom is the speculation of large under-developed land and the sale of lots in subdivisions to small investors. It is increasingly prevalent in Dhaka city and its surroundings. These practices are the main constraints of real estate business and building construction, and the price of raw land becomes very uncompetitive.

The fact that real estate cycles coincide with major booms and that they are not greatly affected by minor cycles is consistent with the theory that real estate is not simply reacting to other cycles, but is a key factor in causing the major booms and depressions.

As real estate cycle history shows, intermediate and minor cycles have occurred in the midst of real estate cycles. Most major upswings are interrupted by minor recessions, but downswings are seldom interrupted by revivals. For example, there may an intermediate recession during a real estate boom, whereas the depression following the boom may be much more severe. After an intermediate upswing during the Great Depression, which collapsed the following year, producers' equipment recovered, but real estate remained depressed.

Since most real estate buyers borrow funds, real estate prices and construction are influenced by changes in both income and interest rates. However, the short business cycles do not greatly affect real estate prices; only minor variations in real estate prices may occur and values generally move upward without serious setbacks. The real estate boom forces are much more powerful and dynamic than those of the business cycle. Real estate cycles can overcome lesser cycles (caused by credit shocks, for example). Urban development is capable of endowing building booms with considerable momentum of their own, independent of what is happening to investment in other sectors or to national income.

Another effect of real estate booms on business is a crowding-out of investment funds. When home-ownership is employed as a leveraged investment, its support can be accepted quite realistically. The dynamics of real estate demonstrate that land speculation and the construction industry have endogenous forces consistent with the theory of real estate as a significant causal factor in the major cycles. These are the major characteristics of the real estate market that formulate the real estate cycle.

In the years 1990-92, after a shift in the form of government, Bangladesh faced sudden changes in economic practice. Real estate is heavily dependent on investors, but investors were not interested in investment during this period. So, during this period the country faced a recession in the real estate market. The gradual increase in investment following the recession resulted in a huge supply in the real estate market in 2004-06. The real estate business attracted investors by providing lots of good products. Subsequently, it also attracted many new entrepreneurs who lacked relevant experience and adequate infrastructure backup to invest in this sector. In the period from 2006-08, Bangladesh faced a changed socio-political scenario. All sectors of the economy, including real estate, showed declining trends during this time. Many novice realtors ceased doing business. After this situation ended, the economy took off again. People resumed investing and the real estate sector experienced a boom again during 2009-11. But this boom was unlike the previous one of 2004-06 and did not last long. Since 2013, Bangladesh has been experiencing a decline a real estate investment by individual buyers, and the sector has not seen any hopeful signs of recovery as yet. 

CONCLUSION
We all know that after food and clothing, housing is one of the basic rights of every citizen. To meet this fundamental need, the private real estate and housing developers initiated a real estate development venture a couple of decades back, especially to address the growing urban housing problem. Private sector initiative sparked a remarkable boom in investment and development activities. The relationship between real estate prices and general economic conditions have an extensive history, beginning with the ways in which long swings in construction and price development were synchronised with long swings in aggregate economic activity.

The sector has extensive potential to attract investment to its various segments. However, progress is possible only with the joint efforts of both the industry and the government. The government must provide fiscal incentives to developers to build low-cost and affordable housing for the masses. Realistic and long-term policy guidance for the real estate sector must be taken by government to encourage investment and development in Bangladesh's real estate. The notion of 'affordable housing' must be popularised to set a minimum standard of accommodation for all citizens. Ensuring housing for all is obligatory for the development of a nation. Without proper accommodation, we cannot develop a capable work force for contributing to the national economy. Judging the multi-sectoral nature of housing, it is clear that one or two isolated initiatives will not be enough to solve the urban housing problem. The government should come forward and take the lead role; private developers can only be an ancillary actor in this sector.

The writer is an Engineer-Planner and the Managing Director of Sheltech (Pvt.) Ltd.

References
BBS, 2014. Gross Domestic Product of Bangladesh at Current Prices. [pdf] Bangladesh Bureau of Statistics. Government of the People's Republic of Bangladesh. Available at: http://www.bbs.gov.bd/WebTestApplication/userfiles/Image/GDP/GDP_2013-14... [Accessed on: January 15, 2015]
Foldvary, F. E., 1991. Real Estate and Business Cycles: Henry George's Theory of the Trade Cycle. Latvia University of Agriculture, Latvia.
Islam, N., 2012. Urbanization and Urban Governance in Bangladesh. Annual Global Development Conference on “Urbanization & Development: Delving Deeper into the Nexus”. Budapest.
REHAB, 2014. Real Estate and Housing Association of Bangladesh. [Online] Available through: http://www.rehab-bd.org/ [Accessed on: December 14, 2015]
Sivitanidou, R., n.d. Basic Real-Estate Economics. Retrieved from: harvard.edu. [Accessed on: June, 2013] 

13
Potential of tourism still remains unrealised: Study (The Financial express.....04.11.2018)
Inadequate infrastructure, poor accommodation facility cited as key barriers

Source: http://today.thefinancialexpress.com.bd/trade-market/potential-of-tourism-still-remains-unrealised-study-1541259960

Tourism could become one of the key export-earning service sectors of Bangladesh if some key challenges including inadequate infrastructure facilities were met, a study said. The study also identified poor accommodation facility and foreigners' little accessibility to the country's tourism information as impediments. It suggested establishing exclusive tourist zone equipped with modern facilities for foreigners, developing ecotourism and adventure tourism, enhancing the country's image and creating skilled manpower to attract foreign tourists. The study titled 'Export potentials of trade in services in Bangladesh: identifying the opportunities and challenges' was conducted by Bangladesh Foreign Trade Institute (BFTI). Published recently, the study was conducted for strengthening institutional capacity and human resources development for trade promotion project, (EIF Tier-1) under WTO Cell of the Ministry of Commerce.

The study looked into four service sectors namely tourism, freight transportation, computer and human health related services.
About tourism and travel related service in Bangladesh, the study said the sector is highly potential trade in services to bring in huge foreign currencies in coming years. Total contribution of tourism and travel sector to the GDP of Bangladesh was Tk 840.2 billion or 4.3 per cent of the country's Gross Domestic Product (GDP) in 2016, it said.

"The sector is expected to grow by 7.1 per cent per year raising the total contribution of Tk 1,783 billion or 4.7 per cent to the country's GDP by 2027," the study said quoting reference from the World Travel and Tourism Council ((WTTC). The tourism sector is closely interconnected with many other service sectors having the capacity to generate positive effects on various areas of socio-economic development of the country, it added.

"In addition, cultural diversity and inherent welcoming nature of Bangladeshi people have created a favourable environment to attract foreign tourists and augment foreign exchange earnings," it said. Despite having immense prospect for development of the tourism sector, Bangladesh has not been able to reap much benefit from the sector due to some challenges including lack of basic and tourism infrastructures and accommodation facilities, the study said. The country still lags behind in tourism for not having an adequate number of skilled tour operators and tourist guides with proficiency in languages like English. Some other weaknesses are dearth of modern recreational facilities, safety and security for foreign tourists. Besides, poor condition in terms of the country's ICT readiness, health, hygiene, air transport infrastructure and higher charges in hotels were also held responsible for failure to attract tourists beyond Bangladesh's borders. The study presented a set of recommendations based on opinions from different stakeholders.

It suggested establishing exclusive tourist zones in major tourist destinations like Cox's Bazar, Kuakata and St Martin's Island especially for the foreigners. It also said the zones must be equipped with facilities and recreational services of international standards. The hilly areas of Bandarban and Khagrachhari can be developed as adventure tourism destinations, the study said, adding that adequate and quality roads and highways need to be built. Mentioning the government's move to promote the sector, the study said the government of Bangladesh has designed several policies, like the Mid-Term Budgetary Framework (MTBF) under the umbrella of the 7th Five Year Plan.

In addition, the government declared tourism as an industry, and the calendar year 2016 as 'Tourism Year' with several fiscal and monetary incentives for the development of this sector. Tourism is also considered a special development service sector under Export Policy 2015-2018, the study mentioned. When contacted, a director of Tour Operators Association of Bangladesh (TOAB) Syed Shafat Uddin Ahmed Tomal said lack of infrastructure is a major obstacle to attracting overseas tourists.
Inadequate road transport facility, severe traffic jam and frequent movements occupying the streets continue to challenge the sector.
Besides, there is a lack of required international standard hotels and exclusive tourist zones, he said.
"If you can find a solution to visible obstacles like infrastructures, you can overcome the intangible challenges including security, unavailability of skilled manpower and language barrier," he said.

saif.febd@gmail.com

14
Real Estate Association / DIU Real Estate Association
« on: November 03, 2018, 10:45:49 AM »
1.   About:
DIU Real Estate Association of Daffodil International University was formed to groom students’ professional attitude as well as enrich their corporate etiquette. Since 2008, the club has been glorifying the department of Real Estate through its dynamic activities. The efficient members of DIU Real Estate Association thrives on the unique perspectives and contributions that each of its members bring forward on campus, nationwide and abroad. However, this club was founded on 2009 and its very journey started with 03 members and now they are almost 10 permanent members and more than 120 participatory members. Now this club is standing as one of the most reputed clubs in DIU by the help of its most successful moderators 03 Thus, DIU Real Estate Association has now reached such a successful position.

2.   Contribution:
On the occasion of 16th foundation day 2018 of DIU, from DIU Real Estate Association two groups participated on the event of project presentation under the Faculty of Business and Entrepreneurship. Among the ten projects, one of the group from DIU Real Estate Association placed remarkable position being only group under the Faculty of Business and Entrepreneurship.
Moreover the volunteer role of DIU Real Estate Association was witnessed on the following programs:

1.      DIU Real Estate Career Expo 2018 in cooperation with Real Estate Housing Association of Bangladesh (REHAB)   Department of Real Estate, Daffodil International University (DIU)   19 July 2018

2.      Real Estate Business Plan Competition   Department of Real Estate, Daffodil International University (DIU)   30 June 2018

3.      Training  on:
Implementation of Outcome Based Approach to Curriculum of Department of Real Estate of DIU   Department of Real Estate, Daffodil International University (DIU)   15 May 2018

4.      Seminar On:
Development of Necessary Skills for Writing Internship Report and Research Article   Department of Real Estate, Daffodil International University (DIU)   7 October   2018

5.      Grooming Session on:
Experiences from Technical Visit to University of Malaya for Quality Enhancement in Higher Education   Department of Real Estate, Daffodil International University (DIU)   30 September 2018

6.      Seminar on:
Relation Between Academic Study & Practical Knowledge at Real Estate Sector in Bangladesh; Perspective Assure Group    Department of Real Estate, Daffodil International University (DIU)   30 July 2018

7.      Workshop on:
Implementation of Outcome Based Approach to Curriculum of Department of Real Estate of DIU   Department of Real Estate, Daffodil International University (DIU)-   15 May 2018

8.      Workshop on:
Preparation and submission of improvement plan of real estate department    Department of Real Estate, Daffodil International University (DIU)   16 January 2018



15
Real Estate Association / Organogram
« on: November 03, 2018, 10:42:04 AM »
Department of Real Estate, FBE, DIU
Daffodil International University Real Estate Association (DIUREA)
30 September 2018

Organogram

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