Glossary - Construction Economics: A New Approach - page 313

refinancing rate The interest rate at which the European Central Bank lends on a
short-term basis to the euro banking sector.
registered social landlords A group of private organisations that manage nearly
two million homes in the UK for tenants on lower incomes with support from
the government. Examples of organisations on the register include charitable
companies, housing associations and co-ownership societies.
rent controls A price ceiling on rents charged for private rented accommodation.
First introduced in 1915, rent controls were designed to protect tenants from
unscrupulous landlords. However, many politicians argued that rent controls
distorted the housing market and they are no longer popular.
repo rate The interest rate at which the Bank of England lends on a short-term basis
to the UK banking sector.
research and development policy Research and development (R&D) is undertaken
by a wide range of institutions and organisations, although about 50 per cent of
UK R&D is government funded. Historically, the UK has been strong in research
but less effective in development.
resource allocation The assignment of resources to various uses. More specifically,
it means determining what will be produced, how it will be produced, who will
produce it, and for whom it will be produced.
resources Inputs used in the production of goods and services. Commonly separated
into four categories: land, labour, capital and entrepreneur (see separate glossary
entries for details). Also called factors of production.
retail price index (RPI) A statistical measure of the change in prices of a
representative set of goods and services purchased by the average household in
the UK.
right to buy The Housing Act 1980 gave council tenants in the UK the right to
acquire their houses or flats at a discount of the market value and effectively
allowed local authorities to transfer their housing stock to the private sector.
Royal Institute of British Architects (RIBA) The principal professional body in the
United Kingdom concerned with architecture. Established in 1834, it currently
has 27,000 members, with 6,000 registered overseas.
Royal Institution of Chartered Surveyors (RICS) The main UK professional body
concerned with surveying in its various guises. It was founded in 1868 and now
has over 85,000 members across its seven different divisions.
scarcity A reference to the fact that at any point in time there is a finite amount of
resources, while people have an infinite amount of 'wants' for goods and services.
services Goods that do not have physical characteristics. Examples of services
include the 'goods' provided by doctors, lawyers, dentists, educators, retailers,
surveyors, wholesalers and welfare staff.
short run The time period in which a firm cannot alter its current size of plant.
sick building syndrome Defined by the World Health Organisation as a syndrome
of complaints covering general feelings of malaise, the onset of which is
associated with the occupancy of certain modern buildings. The problem
particularly affects the health of some office workers.