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23 Cards in this Set
- Front
- Back
is the design, testing, and building of machines, structured, and processes using maths and sciences. |
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. |
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. |
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. |
Economy |
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is presented as a form that is for the cultural advantage of the general public. |
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. |
Money |
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refers to the monetary value associated with goods, services, or actions. |
Costs |
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is time spent studying and that money to spend on something else. |
Opportunity cost |
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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 *Technology |
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in economics and finance, is a cost that has already been incurred and that cannot be recovered. |
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. |
Non-price determinants of demand |
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Some of the non-price determinants of Demand |
*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. |
Normative Economics |
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refers to the objective analysis in the study of economics. |
Positive economics |
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It calculates the output of a country's residents wherever the location of the actual underlying business" activity. |
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. |
Gross National Product (GNP) |
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plus income earned from assets abroad less the income paid to foreign assets operating domestically |
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. |
price elasticity of demand |
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is the percentage change in quantity supplied divided by the percentage change in price |
price elasticity of supply |
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is measured by the % change irQ.S divided by the % change in price. |
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. |
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. |
Equation of Value |