Engineering Economics

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is the design, testing, and building of machines, structured, and processes using maths and sciences.

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Engineering

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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.

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Economics

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[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.

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Engineering Economics

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is a complex system of interrelated production, consumption, and exchange activities that ultimately determines how resources are allocated among all the participants.

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Economy

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is presented as a form that is for the cultural advantage of the general public.

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Market

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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.

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Money

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refers to the monetary value associated with goods, services, or actions.

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Costs

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is time spent studying and that money to spend on something else.

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Opportunity cost

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There are four non-price factôrs of supply that can influence the willingness of suppliers to produce goods.

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*The cost of production

*Expected future prices

*Number of suppliers

*Technology

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in economics and finance, is a cost that has already been incurred and that cannot be recovered.

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Sunk cost

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refer to factors other than the current price that can potentially influence the need for a servieg product, resulting in a shift in its demand curve.

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Non-price determinants of demand

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Some of the non-price determinants of Demand

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*Consumer income

*Consumer tastes, preferences, and fashions

*Population

*Future expectation

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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.

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Normative Economics

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refers to the objective analysis in the study of economics.

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Positive economics

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It calculates the output of a country's residents wherever the location of the actual underlying business" activity.

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Gross National Product

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measures the total income is earned by a country's factor of production in producing goods and providing service country's residents and businesses.

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Gross National Product (GNP)

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plus income earned from assets abroad less the income paid to foreign assets operating domestically

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Gross Domestic product (GDP)

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we have to summarize the total amount spent on goods and services produced in a country by every household, fi government, and foreigner.

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Gross Domestic product

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is the percentage change in the quantity demanded of a good or service divided by the percentage change in the price.

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price elasticity of demand

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is the percentage change in quantity supplied divided by the percentage change in price

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price elasticity of supply

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is measured by the % change irQ.S divided by the % change in price.

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price elasticity of supply (PES)

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depicts the timing and amount of expenses (negative, downward) and revenues (positive, upward) for engineering projects.

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Cash Flow Diagram

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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.

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Equation of Value