Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
35 Cards in this Set
- Front
- Back
|
is the design, testing, and building of machines, structured, and processes using maths and sciences. Studying it can lead to a rewarding career and financial benefits (hopefully) |
Engineering |
|
|
is the study of scarcity and its implications to the use and management of resources, production of goods, and services, growth of production and welfare over time. |
Economics |
|
|
[a.k.a. Engineering Economy] is a subset of economics concerned with the use and application of economic principles in the analysis of engineering decisions. |
Engineering Economics |
|
|
is a complex system of interrelated production, consumption, and exchange activities that ultimately determines how resources are allocated among all the participants. |
Economy |
|
|
is presented as a form that is for the cultural advantage of the general public. The market structure comprises different types of markets, and the structures are portrayed by the nature and the level of competition that exists for the goods and services in the market. |
Market |
|
|
Types of Market |
Monopoly• Oligopoly• Perfect competition• Monopolistic competition. Monopsony• Oligopsony. Natural monopoly |
|
|
is any item of verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country of socio-economic context. |
Money |
|
|
refers to the monetary value associated with goods, services, or actions. |
Costs |
|
|
is time spent studying and that money to spend on something else. A farmer chooses to plant wheat; the opportunity cost is planting a different crop. or an alternate use of the resources (land and farm equipment). |
Opportunity cost |
|
|
There are four non-price factôrs of supply that can influence the willingness of suppliers to produce goods. |
The cost of production *Expected future prices *Number of suppliers and *Technology |
|
|
in economics and fiance, is a cost that has already been incurred and that cannot be recovered. In economic decision-making, sunk costs are treated as outdated and are not considered when deciding whether to continue an investment project. |
Sunk Cost |
|
|
refer to factors other than the current wice that can potentially influence the need for a servieg product, resulting in a shift in its demand curve. |
Non-Price Determinants of Demand |
|
|
Some of the non-price determinants of Demand |
Consumer income*Consumer tastes, preferences, and fashions*Population*Future expectation |
|
|
is a school of thought which believes that economics as a subject should pass value statements, judgments, and opinions on economic policies, statements, and projects. It evaluates situations and outcomes of economic behavior as morally good or bad.Positive Economics |
Normative Economics |
|
|
refers to the objective analysis in the study of economics. Most economists look at what has happened and what is currently happening in a given economy to form their basis of predictions for the future. |
Positive economics |
|
|
measures the total income is earned by a country's factor of production in producing goods and providing service country's residents and businesses. |
Gross National Product |
|
|
"It calculates the output of a country's residents wherever the location of the actual underlying business" activity. |
Gross national product |
|
|
GROSS NATIONAL PRODUCT (GNP) formula? |
GNP= C + I + G + (X - M)" |
|
|
Gross Domestic Product formula? |
GDP= C + | + G + (X - M) |
|
|
is the percentage change in the quantity demanded of a good or service divided by the percentage change in the price. |
Price elasticity of Demand |
|
|
is the percentage change in quantity supplied divided by the percentage change in price. |
Price elasticity of supply |
|
|
is measured by the % change irQ.S divided by the % change in price |
Price Elasticity of Supply |
|
|
depicts the timing and amount of expenses (negative, downward) and revenues (positive, upward) for engineering projects. |
Cash Flow Diagram |
|
|
is obtained by setting the sum of the values on a certain comparison or local date (or focal date) of one set of obligations equal to the sum of the values on the same date of another set of obligations. |
Equation of Value |
|
|
The solution of ______or number of transactions occurring at different periods is taking each transaction to the base year and equating each value. |
Discrete Payments |
|
|
is the return on capital or cost of using capital. It is the amount of money paid for the use of borrowed capital or the income produced by money, which has been loaned. |
Interest |
|
|
is calculated using the principal only, ignoring any interest that had been accrued in preceding period. |
Simple Interest |
|
|
simple interest in which it is assumed that each month contains 30 days and consequently each year has 360 days. |
Ordinary Simple Interest |
|
|
simple interest in which the exact number of days per month is used. |
Exact Simple Interest |
|
|
the interest for an interest period is calculate on the principal plus total amount of interest accumulated in the previous period. |
Compound Interest |
|
|
Compound interest means |
The interest on top of interest |
|
|
it is the cost of borrowing money. |
Rate of Interest |
|
|
it specifies the rate of interest and a number of interest periods in one year. |
Nominal Rate of Interest |
|
|
it is the actual or exact rate of interest on the principal during one year. |
Effective Rate of Interest |
|
|
Certain banks lend money in such a way that they deduct the interest on the money. They actually don't lend you money you asked for. |
Banker's Discount |
