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[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
the quantity of a certain commodity that is offered for sale at a certain price at a given place and time
Supply
26
-the quantity of a certain commodity that is bought at a certain price at a given place and time.
Demand
27
the plot or graph of the quantity demanded versus the price.
Demand Curve
28
The schedule or table listing of the quantity demanded with the corresponding price.
Demand Schedule
29
Factors that Influence Demand
Income, Population, Taste and Preference, Price expectation, Price of Related Goods
30
exists when there is a greater change in quantity demanded as a response to a change in price.
Elastic Demand
31
exists when there is a lesser change in quantity demanded as a response to a change in price.
Inelastic Demand
32
exists when there is an equal change in price and quantity demanded (increase or decrease).
Unitary Demand
33
Which has an elastic demand: necessity or luxury goods?
Luxury Goods
34
it is the willingness of a producer to manufacture goods.
Supply
35
is the plot or graph of the quantity supplied versus the price.
Supply Curve
36
the schedule or table listing of the quantity supplied with the corresponding price.
Supply Schedule
37
Factors that Influence Supply are:
Price of Goods Cost of Production Availability of Resources Number of Producer and Sellers Technological Advancement Taxes Subsidies
38
It occurs when the supply is less than the demand
Shortage
39
It occurs when the supply exceeds the demand.
Surplus
40
It occurs when the supply is equal to the demand.
Equilibrium Point
41
the place where the vendors and buyers meet to transact.
Market
42
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.
Perfect Competition
43
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.
Perfect Monopoly
44
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.
Oligopoly
45
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
Law of Diminishing Returns
46
those unaffected by changes in activity level over a feasible range of operations for the capacity or capability available.
Fixed Cost
47
include insurance and taxes on facilities, general management and administrative salaries, license fees, and interest costs on borrowed capital.
Fixed Cost
48
those associated with an operation that varies in total with the quantity of output or other measures of activity level.
Variable Cost
49
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.
Variable Cost
50
additional costs that results from increasing an output of a system by one ( or more) units .
Incremental Costs
51
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.
Direct Costs
52
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.
Indirect Costs
53
consists of plant operating costs that are not direct labor or direct material costs.
Overhead Costs
54
planned costs per unit of output that are established in advanced of actual production or service delivery.
Standard Costs
55
These are estimated from the perspective established for the analysis and are the future expenses incurred for the alternatives being analyzed.
Cash Costs
56
costs that do not involve cash payments but rather represent the recovery of past expenditures over a fixed period of time.
Book Costs
57
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.
Sunk Costs
58
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.
Opportunity Costs
59
It is the cost of the best rejected opportunity and is often hidden or implied.
Opportunity Costs
60
refers to a summation of all the costs related to a product, structure, system, or service during its life span.
Life Cycle Costs
61
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.
Capital
62
a percentage that is periodically applied and added to an amount of money over a specified length of time.
Interest Rate
63
the cost of having money available for use.
Interest
64
Types of Capital
Equity Capital and Borrowed Capital
65
owned by individuals who have invested their money or property in a business project or venture in the hope of receiving a profit.
Equity Capital
66
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.
Borrowed Capital
67
depicts the timing and amount of expenses (negative, downward) and revenues (positive, upward) for engineering projects.
Cash Flow Diagram
68
Types of Cash Flow
Single, Irregular, Annuity or Uniform, and Gradient Series Cash Flow
69
the amount of money earned by capital that has been invested
Interest
70
It is calculated using the principal only, ignoring any interest that had been accrued in preceding period.
Simple Interest
71
simple interest in which it is assumed that each month contains 30 days and consequently each year has 360 days.
Ordinary Simple Interest (OSI)
72
simple interest in which the exact number of days per month is used.
Exact Simple Interest (ESI)
73
the interest on top of interest.
Compound Interest
74
it specifies the rate of interest and a number of interest periods in one year
Nominal Rate of Interest
75
it is the actual or exact rate of interest on the principal during one year.
Effective Rate of Interest
76
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.
Equation of Value
77
These are the number of transactions occurring at different periods
Discrete Payments
78
The money received by the borrower after the banker's discount has been deducted
Proceeds

ECON (2 decks)

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