Eng. Econ Module 1 Part 1

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Pertains to the wealth and resources of a country or region, especially in terms of the production and consumption of good and services. The structure or condition of economic life in a country, area, or period.

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ECONOMY

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Is the branch of knowledge concerned with the production, consumption, and transfer of wealth.

It studies how individuals, businesses, governments, and nations make choices on allocating resources to satisfy their wants and needs.

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ECONOMICS

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The system of trade and industry by which the wealth of a country is made and used

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ECONOMY

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Is a social science concerned with the production, distribution, and consumption of good and services

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ECONOMICS

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Concentrates on the behavior of the aggregate economy. It studies the overall economy on both a national and international level.

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MACROECONOMICS

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• Focuses on human behavior; howindividual consumers and businessesrespond to changes on commodityprices; how they make decisions.

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MICROECONOMICS

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Pertains to all gifts of nature, suchas land, water, air, minerals,sunshine, plants and trees.

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LAND OR NATURAL RESOURCES

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The efforts, skills, and knowledgeof people which are applied to theproduction process.

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LABOR

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Pertains to tools, equipment,buildings, machinery - things thatare used for further production.

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Real Capital (Physical Capital)

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Pertains to assets and moneywhich are used in the productionprocess

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Financial Capital

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• Education and training applied tolabor in the production process.

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Human Capital

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Is an entity from which the economic owner can derive abenefit or series of benefits infuture accounting periods

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Asset

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• Are short-term economicresources that are expected tobe converted into cash withinone year.

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CURRENT ASSETS

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• Are long-term resources, such asPlants, Equipment, and Building.

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FIXED ASSETS

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Represent investments in the assets and securities of other institutions.

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FINANCIAL ASSETS

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It assumes that a fixed asset loses its value in proportion to its useful life,

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STRAIGHT-LINE METHOD

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assumes that the asset loses its value faster in its first year of use

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Accelerated Method

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• Are fungible and tradable financial instruments used to raise capital in public and private markets

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SECURITIES

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provides ownership rights to holders

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EQUITY

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Essentially loans repaid with periodic payments

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DEBTS

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– Combined aspects of Equity and Debts

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HYBRIDS

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• Is an asset that is not physical in nature but identifiable

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INTANGIBLE ASSETS

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– Is a type of intellectual property that gives its owner the legal right to exclude others from making, using, or selling an invention for a limited period of years, in exchange for publishing an enabling public disclosure of the invention.

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• Patent

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– Is a collection of rights automatically vested to an individual for creating an original work. The right includes right to reproduce the work, to prepare derivative works, to distribute copies, to perform the work publicly, and to display the work publicly

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Copyright

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– Is a recognizable insignia, phrase, word, or symbol that denotes a specific product and legally differentiates it from all other products of its kind.

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Trademark

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GDP is equal to

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Investment + Consumption+ Government Spending + Net Export

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2 Quarters of Negative GDP

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Recession

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periodic charges which is the basis of adjustment made for the aging of fixed assets

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depreciation,

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a unified framework that helps engineers to decide if the benefit of a project exceeds its cost

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Engineering Economics