Engineering Economy (ECON123) Overview

<p>The amount of a good or service producers are willing and able to sell at different prices (A)</p> Signup and view all the answers

<p>Demand decreases (A)</p> Signup and view all the answers

<p>Supply increases (B)</p> Signup and view all the answers

<p>Rent (B)</p> Signup and view all the answers

<p>The price increases (B)</p> Signup and view all the answers

<p>The total cost of producing one more unit of a product (B)</p> Signup and view all the answers

<p>Marketing Analysis (A)</p> Signup and view all the answers

<p>An online auction website (C)</p> Signup and view all the answers

<p>How resources like money, materials, and labor are used for a project (C)</p> Signup and view all the answers

<p>Electricity (D)</p> Signup and view all the answers

<p>The impact of the project on societal costs and benefits (D)</p> Signup and view all the answers

<p>Debt (C)</p> Signup and view all the answers

<p>Incremental cost (D)</p> Signup and view all the answers

<p>To evaluate the economic viability of potential solutions alongside technical aspects. (C)</p> Signup and view all the answers

<p>Know the problem and produce alternatives. (A)</p> Signup and view all the answers

<p>They could be ill-prepared to evaluate the economic feasibility of their designs. (C)</p> Signup and view all the answers

<p>Consider all possible solutions. (C)</p> Signup and view all the answers

<p>To demonstrate how to compare and evaluate different potential solutions. (C)</p> Signup and view all the answers

<p>The potential for a solution to generate profit or revenue. (B)</p> Signup and view all the answers

<p>Engineers must consider the economic feasibility of their solutions. (D)</p> Signup and view all the answers

<p>It helps to standardize comparison and analysis of different alternatives. (C)</p> Signup and view all the answers

<p>Initial Investment and Operating and Maintenance Costs (B)</p> Signup and view all the answers

<p>Market Share (C)</p> Signup and view all the answers

<p>To evaluate the project's contribution to sustainability (D)</p> Signup and view all the answers

<p>By covering the initial investment and operating costs (D)</p> Signup and view all the answers

<p>Employee Morale (A)</p> Signup and view all the answers

<p>The project's alignment with the organization's goals (B)</p> Signup and view all the answers

<p>To quantify the project's impact on the community's quality of life (C)</p> Signup and view all the answers

<p>They are primarily used for personal consumption. (C)</p> Signup and view all the answers

<p>To use mathematical and scientific knowledge to benefit humanity by utilizing natural resources efficiently. (C)</p> Signup and view all the answers

<p>Seeking approval from stakeholders and securing funding for the project. (A)</p> Signup and view all the answers

<p>The way goods and services are produced, distributed, and consumed within a society. (B)</p> Signup and view all the answers

<p>A scientific approach to evaluating and choosing the most cost-effective engineering solutions. (A)</p> Signup and view all the answers

<p>Demonstrate a greater value of long-term benefits compared to costs. (B)</p> Signup and view all the answers

<p>It needs to be the most expensive option available to ensure quality. (C)</p> Signup and view all the answers

<p>Identification of Strategic Factors (A)</p> Signup and view all the answers

<p>Both creativity and innovation are core elements that are essential for successful engineering solutions. (C)</p> Signup and view all the answers

Effects of a project on the environment, including sustainability.

Creation of jobs and contribution to economic growth by a project.

Assessment of a project's financial feasibility from an investor's view.

The upfront cost of developing a project, including design and construction.

Income produced by a project, crucial for assessing profitability.

Evaluation of qualitative factors affecting a project that are hard to measure.

Effects of a project on various groups, including employees and the community.

Products and services purchased for personal use by individuals and households.

A course that evaluates the economic viability of engineering solutions.

The first step in engineering economy, understanding the issue at hand.

Creating various solutions to tackle the identified problem.

Evaluating potential risks associated with each alternative.

Analyzing uncertainties that may impact the outcomes of alternatives.

Contrasting each solution based on various criteria.

Having a focused perspective when evaluating alternatives.

A consistent metric used to evaluate different alternatives.

Amount paid or charged for something.

Costs that do not change regardless of circumstances.

Costs that change in value depending on circumstances.

Total change in a company's balance sheet from one additional unit of production.

Evaluates societal costs and benefits of a project.

Determines efficient use of resources for a project.

A profession using math and natural sciences for practical applications.

A systematic approach involving objectives, factors, means, proposals, and decisions.

The goals that guide the engineering process.

The benefits that innovative solutions provide against their costs.

Innovative advancements that enhance engineering solutions.

The process of choosing the best engineering proposal based on evaluation.

Entities that create goods and services used by businesses.

Goods and services essential for survival and basic well-being.

Goods and services desired but not essential, often linked to social status.

The amount of a good or service producers are willing to sell at different prices.

The amount of a good or service consumers are willing to buy at different prices.

As the price of a good decreases, the demand for it usually increases.

As the price of a good increases, the supply of it usually increases.

A place for buyers and sellers to exchange goods and services.