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Join The DiscussionRelated Questions on Engineering Economics BES 118 Engineering Economics Engineering Economy → is the analysis and evaluation of the monetary consequences by using the theories and principles of economics to engineering applications, designs and projects. → defined as the study of problems involving economic solutions with the concept of obtaining the maximum productivity or reward at least cost or risk Important Uses and Functions of Engineering Economy 1. Seeking new objectives for the applications of engineering. 2. Discovery of factors limiting the success of a venture or enterprise 3. Comparison of alternatives as a basis for decision 4. Analysis of investment of capital 5. Determination of basis for decision Basic Economic Environment and Concept What is Economics? Ø the study of wealth Ø the study of man in the ordinary business of life Ø the wise use of both money and time What is Money? Money is anything that is generally acceptable as a means of exchange and at the same time acts as a measure and a store of value. Functions of Money: 1. As a medium of exchange: Goods and services can be exchanged for money, which can be exchanged for other goods and services. 2. As a unit of account: The units in which money is measured are used as the units in which prices, financial assets, debts, accounts, etc. are measured. 3. As a store of value: A portion of a person’s income may be used for immediate consumption while the rest may be held in some form in order to yield future consumption. Since money grows with time, the money held over a period of time as a store of value or purchasing power. Good or Commodity is defined as any tangible economic product that contributes directly and indirectly to the satisfaction of human wants. Service is defined as any tangible economic activity that contributes directly to the satisfaction of human wants. Consumer goods and servicesare those products or services that are directly used by people to satisfy their wants. Producer goods and services also satisfy human wants but indirectly in as much as they are used to produce the consumer goods and services. Necessities refer to the goods and services that are required to support human life, needs and activities. Luxuries are those goods and services that are desired by human and will be acquired only after all the necessities have been satisfied. What refers to the goods and services that are desired by human and will be acquired only after all the need have been satisfied?Luxuries are those goods and services that are desired by human and will be acquired only after all the necessities have been satisfied.
What is a market situation whereby there is only one buyer of an item for which there is no goods substitute?A buyer's monopoly is when there is only one buyer in a market for a good and sellers have no alternative. It is also known as a monopsony.
What is the artificial expense that spreads the purchase price of an asset or another property over a number of years?Depreciation - An artificial expense that spreads the purchase price of an asset or another property over a number of years.
What type of provision in the contract that indicates the possible adjustment of material cost and labor cost?An escalator clause, also known as an escalation clause, is a contract provision allowing for automatic increases in the agreed-upon wages or prices if certain conditions change while the contract is in effect.
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Are those products or services that are desired by humans and will be purchased if money is available after the required necessities have been obtained?
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