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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?
What is the main focus of economics?
How is economics defined?
What is engineering economy?
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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.
