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13 views

Assignment_e5a695da9b96f71de1e84e09c7fc3e38

Uploaded by

mohammadthaher317
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Assignment

Engineering Economy : Mohammad Zuhier - ‫محمد زهير‬

Difference between Economics and Engineering Economy:


Economics: A social science of how limited resources are
used to satisfy unlimited human wants
Engineering Economy:
Define as branch of economics which involves the
application of definite laws of economics, theories of
investment and business practices to engineering
problems involving cost
It also involves the study of cost features and other
financial data and their application in the field of
engineering as bases for decision
Reasons for Studying Engineering Economy:
Engineers have wrought immense changes in improving
the economic well being of mankind through their
inventions and their applications of scientific principles to
varied problems in industry
In the professional life of engineers, it is readily observed
that the most successful ones are those who gradually
divorce themselves from the technical aspect of
engineering and who devote their time and efforts to
financial problems related to engineering works
Important Applications of Engineering Economy:
Project evaluation and selection.
Cost estimation and control.
Financial planning and analysis.
Definitions:
Goods: Tangible products that satisfy human wants.
Customer: An individual or organization that purchases goods or
services.
Capital: Assets used for producing goods and services.
Market: A place where buyers and sellers interact to exchange goods
and services.
Relationship between Demand & Supply:
Demand Curve: Shows the quantity of a good that consumers are
willing to buy at different prices.
Supply Curve: Shows the quantity of a good that producers are
willing to sell at different prices.
Equilibrium: The point where demand and supply curves intersect,
indicating the market price and quantity.
Local and Global Economic News:
Local News: Recent developments in local industries, government
policies affecting the economy, and significant business events.
Global News: Major international economic trends, global market
fluctuations, and significant economic policies from other countries.

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