Engineering Economics

Anything or anyone wants or needs is

The performance of any duties or work for another, helpful or professional activity is

Items such as food and clothing that satisfy human wants or needs are

A plot of quantity to price that has a positive slope

Items such as raw materials and tools used to make other goods

Goods such an machinery used in the production of commodities or producer goods are

A type of market structure where there are free entry and exit in the market

It is a science of which deals with the attainment of the maximum fulfillment of society's unlimited demands for goods and services

These are products or services that are desired by humans and will be purchased if money is available after the basic needs has been obtained

A type or market where there is no close substitute to the product the business organization gives. Any alternative product is very inferior product

A type of elasticity wherein a decrease in selling price produce a less than proportionate increase in sales

It is the amount of goods or products that are available for sale

Quantity of a certain commodity that is bought at a certain price

It is a branch of economics that study the individual market

It is a branch of Economics that study the whole economy as a whole market

A phenomenon where the supply is equal to the demand

These are products or services that are required to support human life and activities and will be purchased even price varies considerably

A situation where a commodity or services is supplied by a number of vendors and there is nothing to prevent additional vendors entering the market

A situation where there are only few suppliers of a certain product or services that result in similar action by other provider

It is the ratio of the output to input of a physical system

It is the ratio of the output to input of a business system

The main objective of which is to find the cut off production volume from where a firm will make a profit

A situation where there is a greater change in quantity demand as a response to change in price

A situation where there is an equal change in price and quantity demanded

A law that states that when the use of one factors of production is limited, either in increasing cost or by absolute quantity, a point will be reached beyond which an increase in variable factors will result in a less than proportionate increase in output

What is defines as the analysis and evaluation of the monetary consequences by using the theories and principles of economics to engineering applications, designs and projects

What is considered as the standard unit which forms the basis of a country's domestic money-supply?

What is defined as any tangible economic product that contributes directly or indirectly to the satisfaction of human want

What is defined as any tangible economic activity that contributes directly or indirectly to the satisfaction of human want

What are the two classifications of goods and services?

What refers to the goods and services that are required by to support human life, needs, and activities

What refers to the goods and services that are desired by a human and will be acquired only after all the needs have been satisfied

What refers to the exchange mechanism that brings together the sellers and the buyers of the product, factor of production or financial security

What is considered as the basic consuming or demanding unit of commodity

What is defines as the entity which makes product, goods or services available to buyer or consumer in exchange for monetary consideration

What is a market situation whereby there is only one buyer of an item for which there is no goods to substitute

What market situation exists where there are few buyers and few sellers

What market situation exists where there is only one buyer and one seller

What market situation exists when there are many buyers and many sellers

If there is only one seller and many buyers, the market situation is

If there are many sellers and few buyers, the market situation is

Oligopoly exist when there is/are:

Duopsony is a market situation where there is/are:

What is another term for perfect competition

What refers to the market situation in which any given product is supplied by a very large number of vendors and there is no restriction against additional vendors from entering the market

Aside from many sellers and many buyers, which one is a characteristic of perfect competiton

What is the opposite of Perfect Competition

A ____ is a market situation wherein economies of scale are so significant that cost are only minimized when the entire output of an industry is supplied by a single producer so that the supply costs are lower under perfect competition

"When one of the factors of production is fixed in quantity or is difficult to increase , increasing the other factors of production will result in a less than proportionate increase in output" This statement is known as the

What refers to the need, want, or desire, for a product backed by money to purchase it