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Questions and Answers
Which branch of economics involves the application of definite laws of Economics, theories of investment and business practice to engineering problems involving cost?
Which branch of economics involves the application of definite laws of Economics, theories of investment and business practice to engineering problems involving cost?
- Engineering economics (correct)
- Microeconomics
- Managerial economics
- Macroeconomics
What is the main focus of economics?
What is the main focus of economics?
- The creation and utilization of goods and services (correct)
- The attainment of maximum fulfillment of society's unlimited demands
- The study of economic problems with the concept of obtaining maximum benefits at the least cost
- The study of cost features and financial data
How is economics defined?
How is economics defined?
- The science which deals with the attainment of the maximum fulfillment of society's unlimited demands for goods and services
- The study of economic problems with the concept of obtaining maximum benefits at the least cost
- The sum total of knowledge which treats of the creation and utilization of goods and services (correct)
- The branch of economics that involves the application of definite laws of Economics, theories of investment and business practice to engineering problems involving cost
What is engineering economy?
What is engineering economy?
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What is the scope of economics?
What is the scope of economics?
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Study Notes
Branches of Economics
- Engineering economics is a branch of economics that involves the application of definite laws of economics, theories of investment, and business practice to engineering problems involving cost.
Focus of Economics
- The main focus of economics is the optimal allocation of limited resources to meet unlimited human wants and needs.
Definition of Economics
- Economics is defined as the social science that studies how individuals, businesses, governments, and other organizations make decisions about how to allocate limited resources to meet their unlimited wants and needs.
Engineering Economy
- Engineering economy, also known as engineering economics, is the application of economic principles to engineering decisions, considering the time value of money, risk, and uncertainty.
Scope of Economics
- The scope of economics is broad, covering microeconomics (individual economic units), macroeconomics (economy as a whole), and international economics (trade and finance between countries).
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Description
Test your knowledge of economics with this quiz! Discover the fundamental concepts and principles that govern the creation and utilization of goods and services to satisfy society's unlimited demands. Challenge yourself and learn more about this vital social science.
