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ECON > [ECON] Flashcards - Module 1 (1) > Flashcards

[ECON] Flashcards - Module 1 (1)

1
Q

involves the systematic evaluation of the economic merits of proposed solutions to engineering problems

A

Engineering Economy

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2
Q

What does ABET stand for?

A

Accreditation Board for Engineering and Technology

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3
Q

the profession in which a knowledge of the mathematical and natural sciences gained by study, experience, and practical is applied with judgment to develop ways to utilize, economically, the materials and forces of nature for the benefit of mankind

A

Engineering

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4
Q

includes technical considerations, technical analysis, and has the objective of assisting decisions

A

Engineering Economy

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5
Q

Carefully define the problem, then the choice is among alternatives that need to be identified and defined for subsequent analysis

A

Develop the Alternatives

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6
Q

inherent in estimating the future outcomes of the alternatives and should be recognize in their analysis and comparison

A

Risk and Uncertainty

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7
Q

it occurs when money is transferred from one organization or individual to another

A

Cash Flow

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8
Q

represents the economic effects of an alternative in terms of money spent and received

A

Cash Flow

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9
Q

uses mathematical formulas to account for the time value of money and to balance current and future revenues and costs.

A

Engineering Economy

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10
Q

science that deals with the production, allocation and use of goods and services.

A

economics

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11
Q

2 major subdivisions of economics

A

Macroeconomics and Microeconomics

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12
Q

study of the entire system of economics.

A

Macroeconomics

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13
Q

study of how the systems affect one business or parts of the economic system.

A

Microeconomics

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14
Q

defined as anything that anyone wants or needs.

A

Goods

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15
Q

would be the performance of any duties or work for another; helpful or professional activity

A

Service

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16
Q

refers to the distribution of goods and services.

A

Marketing

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17
Q

refers to the advertising, and other efforts to promote a products sale.

A

Marketing a Product

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18
Q

are those such as food and clothing that satisfy human wants and needs.

A

Consumer Goods

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19
Q

those such as raw materials and tools, used to make consumer goods.

A

Producer Goods

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20
Q

are the machinery, used in the production of commodities in producer goods.

A

Capital Goods

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21
Q

are products or services that are required to support human and activities that will be purchased in somewhat the same quantity even though the prices vary considerably.

A

Necessities

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22
Q

Products and services that are desired by humans and will be purchased if money is available after the required necessities have been obtained.

A

Luxuries

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23
Q

refers to how many of a certain good or services are available for people to purchase

A

Supply

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24
Q

means how many people wish to buy that good or service

A

Demand

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25
Q

the quantity of a certain commodity that is offered for sale at a certain price at a given place and time

A

Supply

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26
Q

-the quantity of a certain commodity that is bought at a certain price at a given place and time.

A

Demand

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27
Q

the plot or graph of the quantity demanded versus the price.

A

Demand Curve

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28
Q

The schedule or table listing of the quantity demanded with the corresponding price.

A

Demand Schedule

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29
Q

Factors that Influence Demand

A

Income, Population, Taste and Preference, Price expectation, Price of Related Goods

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30
Q

exists when there is a greater change in quantity demanded as a response to a change in price.

A

Elastic Demand

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31
Q

exists when there is a lesser change in quantity demanded as a response to a change in price.

A

Inelastic Demand

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32
Q

exists when there is an equal change in price and quantity demanded (increase or decrease).

A

Unitary Demand

33
Q

Which has an elastic demand: necessity or luxury goods?

A

Luxury Goods

34
Q

it is the willingness of a producer to manufacture goods.

A

Supply

35
Q

is the plot or graph of the quantity supplied versus the price.

A

Supply Curve

36
Q

the schedule or table listing of the quantity supplied with the corresponding price.

A

Supply Schedule

37
Q

Factors that Influence Supply are:

A

Price of Goods
Cost of Production
Availability of Resources
Number of Producer and Sellers
Technological Advancement
Taxes
Subsidies

38
Q

It occurs when the supply is less than the demand

A

Shortage

39
Q

It occurs when the supply exceeds the demand.

A

Surplus

40
Q

It occurs when the supply is equal to the demand.

A

Equilibrium Point

41
Q

the place where the vendors and buyers meet to transact.

A

Market

42
Q

occurs in a situation where a commodity or service is supplied by a number of vendors and there is nothing to prevent additional vendors entering the market.

A

Perfect Competition

43
Q

exist when a unique product or services is available from a single vendor and that the vendor can prevent the entry of all others into the market.

A

Perfect Monopoly

44
Q

exist when there are so few suppliers of a product or service that action by one will almost inevitably result in similar action by the others.

A

Oligopoly

45
Q

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

A

Law of Diminishing Returns

46
Q

those unaffected by changes in activity level over a feasible range of operations for the capacity or capability available.

A

Fixed Cost

47
Q

include insurance and taxes on facilities, general management and administrative salaries, license fees, and interest costs on borrowed capital.

A

Fixed Cost

48
Q

those associated with an operation that varies in total with the quantity of output or other measures of activity level.

A

Variable Cost

49
Q

Examples are the costs of material and labor used in product or service because they vary in total with the number of output units, even though the costs per unit stay the same.

A

Variable Cost

50
Q

additional costs that results from increasing an output of a system by one ( or more) units .

A

Incremental Costs

51
Q

costs that can be reasonably measured and allocated to a specific output or work activity. The labor and material costs directly associated with a product, service or construction activity are direct costs.

A

Direct Costs

52
Q

Costs that are difficult to allocate to a specific output or work activity. Normally, they are costs allocated through a selected formula to the outputs or work activities.

A

Indirect Costs

53
Q

consists of plant operating costs that are not direct labor or direct material costs.

A

Overhead Costs

54
Q

planned costs per unit of output that are established in advanced of actual production or service delivery.

A

Standard Costs

55
Q

These are estimated from the perspective established for the analysis and are the future expenses incurred for the alternatives being analyzed.

A

Cash Costs

56
Q

costs that do not involve cash payments but rather represent the recovery of past expenditures over a fixed period of time.

A

Book Costs

57
Q

One that has occurred in the past and has no relevance to estimates of future costs and revenues related to an alternative course of action.

A

Sunk Costs

58
Q

It is incurred because of the use of limited resources, such that the opportunity to use those resources to monetary advantage in an alternative use is foregone.

A

Opportunity Costs

59
Q

It is the cost of the best rejected opportunity and is often hidden or implied.

A

Opportunity Costs

60
Q

refers to a summation of all the costs related to a product, structure, system, or service during its life span.

A

Life Cycle Costs

61
Q

refers to wealth in the form of money or other assets owned by a person or organization that can be used for a particular purpose such as starting a company or investing.

A

Capital

62
Q

a percentage that is periodically applied and added to an amount of money over a specified length of time.

A

Interest Rate

63
Q

the cost of having money available for use.

A

Interest

64
Q

Types of Capital

A

Equity Capital and Borrowed Capital

65
Q

owned by individuals who have invested their money or property in a business project or venture in the hope of receiving a profit.

A

Equity Capital

66
Q

obtained from lenders for investment, with a promise to repay the principal and interest on a specific date, whether or not the operations of the business have been profitable or not.

A

Borrowed Capital

67
Q

depicts the timing and amount of expenses (negative, downward) and revenues (positive, upward) for engineering projects.

A

Cash Flow Diagram

68
Q

Types of Cash Flow

A

Single, Irregular, Annuity or Uniform, and Gradient Series Cash Flow

69
Q

the amount of money earned by capital that has been invested

A

Interest

70
Q

It is calculated using the principal only, ignoring any interest that had been accrued in preceding period.

A

Simple Interest

71
Q

simple interest in which it is assumed that each month contains 30 days and consequently each year has 360 days.

A

Ordinary Simple Interest (OSI)

72
Q

simple interest in which the exact number of days per month is used.

A

Exact Simple Interest (ESI)

73
Q

the interest on top of interest.

A

Compound Interest

74
Q

it specifies the rate of interest and a number of interest periods in one year

A

Nominal Rate of Interest

75
Q

it is the actual or exact rate of interest on the principal during one year.

A

Effective Rate of Interest

76
Q

It is is obtained by setting the sum of the values on a certain comparison or local date (or focal date) of one set of obligations equal to the sum of the values on the same date of another set of obligations.

A

Equation of Value

77
Q

These are the number of transactions occurring at different periods

A

Discrete Payments

78
Q

The money received by the borrower after the banker’s discount has been deducted

A

Proceeds

ECON (2 decks)

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