what are the fundamental principles of engineering economics?
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PRINCIPLE 1: Develop the Alternatives • Carefully deﬁne the problem! Then the choice (decision) is among alternatives. The alternatives need to be identiﬁed and then deﬁned for subsequent analysis. A decision situation involves making a choice among two or more alternatives.
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['Polluter Pays Principle (PPP): ... ', 'The User Pays Principle (UPP): ... ', 'The Precautionary Principle (PP): ... ', 'Principle of Effectiveness and Efficiency: ... ', 'The Principle of Responsibility: ... ', 'The Principle of Participation: ... ', 'The Principle of Proportionality:']
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['Income and population. ... ', 'Costs and technology. ... ', 'Government policy and producer organisations. ... ', 'Weather. ... ', 'Interest rates and the US dollar. ... ', 'Speculation.']
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['Micro in Nature: Business economics is micro-economics in nature. ... ', 'Basis of Theory of Markets and Private Enterprises: ADVERTISEMENTS: ... ', 'Pragmatic in Approach: Business economics is pragmatic in its approach. ... ', 'Normative in Nature: ... ', 'Macro Analysis:']
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What are the three major components of economic growth? Comment: Capital accumulation, labor force growth, and technological progress.
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['The Incremental Principle. ... ', 'Marginal Principle. ... ', 'The Opportunity Cost Principle. ... ', 'Discounting Principle.']
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['Labor market. The labor market is basically the supply and demand of available workers in line with work that is available. ... ', 'Labor policies. ... ', 'Technological advancement. ... ', 'Organizational changes.']
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The fundamental principles of design are Emphasis, Balance and Alignment, Contrast, Repetition, Proportion, Movement and White Space. Design differs from art in that it has to have a purpose.
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['Suggested Videos. Introduction to Economics. ... ', 'Income and Output. One of the most important concepts of macroeconomics is income and output. ... ', 'Unemployment. Another important component of macroeconomics is unemployment. ... ', 'Inflation and Deflation. ... ', 'Monetary Policy. ... ', 'Fiscal Policy.']
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The principle of work and kinetic energy (also known as the work–energy principle) states that the work done by all forces acting on a particle (the work of the resultant force) equals the change in the kinetic energy of the particle.
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['Ability to Pay:', 'Demand and Supply:', 'Prevailing Market Rates:', 'Cost of Living:', 'Bargaining of Trade Unions:', 'Productivity:', 'Government Regulations:', 'Cost of Training:']
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It is also called as Business Economics or Economics for firms. Relevance to engineers/Managers: Engineering and Management involves a lot of strategic decision making situations. Managerial economics helps in rational decision making. The various economic conceptshelp a manger to take right decisions.
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The law of demand is one of the most fundamental concepts in economics. ... The law of demand states that quantity purchased varies inversely with price. In other words, the higher the price, the lower the quantity demanded. This occurs because of diminishing marginal utility.
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['Full employment.', 'Price stability.', 'A high, but sustainable, rate of economic growth.', 'Keeping the balance of payments in equilibrium.']
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['Scarcity and Choice.', 'Efficiency(Productive & Allocative)', 'Price System(Demand and supply, utility and indifference curve)', 'Types of market structures(perfect competition, monopoly, oligopoly etc)', 'Factor market like the labour market.']
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The scarcity principle is an economic theory which explains the price relationship between dynamic supply and demand. According to the scarcity principle, the price of a good, which has low supply and high demand, rises to meet the expected demand.
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['Monetary policy.', 'Fiscal policy.', 'Supply-side policies.', 'Microeconomic policies – tax, subsidies, price controls, housing market, regulation of monopolies.', 'Labour market policies.', 'Tariff/trade policies.']