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DAY 3 > Engineering Economics > Flashcards

Engineering Economics Flashcards

1
Q

it is the analysis and evaluation of the factors that will
affect the success of engineering projects to the end that
a recommendation be made which will ensure the best
use of capital.

A

Engineering Economy

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2
Q

it is an economic or a market situation in which only a
single seller or producer supplies a commodity or a
service.

A

Monopoly

-poly = number of selllers
keyphrase: single seller or producer

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3
Q

it is a market situation in which there are so few
suppliers of a particular product that one supplier’s
actions significantly impact prices and supply.

A

Oligopoly

-poly = number of selllers
keyphrase: few suppliers

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4
Q

it is a market condition in which a product is traded
freely by buyers and sellers in large numbers without
any individual transaction affecting the price.

A

Perfect Competition

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5
Q

it is an economic or market situation in which a single
consumer or buyer buys a commodity or a service from
suppliers.

A

Monopsony

-psony = number of buyers
keyphrase: single consumer or buyer

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6
Q

It is an economic or market situation in which there are
many sellers or producers that supplies a commodity or
a service to very few consumers.

A

Oligopsony

-psony = number of buyers
keyphrase: very few consumers

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7
Q

it is an economic system based on the private
ownership of the means of production and distribution of
goods, characterized by a free competitive market and
motivation by profit.

A

Capitalism

keyphrase: private ownership, motivation by profit

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8
Q

these are tangible things – things that you can touch –
that satisfy human wants.

A

Goods

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9
Q

these are activities that people do for themselves or for
other people to satisfy their wants.

A

Services

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10
Q

products or services that are required to support
human life and activities, which will be purchased in
somewhat the same quantity even though the price
varies considerably.

A

Necessities / Needs

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11
Q

products or 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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12
Q

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

A

Demand

keyphrase: commodity that is bought

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13
Q

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

A

Supply

keyphrase: commodity that is offered for sale

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14
Q

under conditions of perfect competition the price at
which a given product will be supplied and purchased is
the price that will result in the supply and the demand
being equal.

A

Law of Supply and Demand

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15
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 that proportionate
increase in output

A

Law of Diminishing Returns

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16
Q

interest on an investment that is calculated once per
period, usually annually, on the amount of the capital
alone and not on any interest already earned.

A

Simple Interest

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17
Q

a type of simple interest in which interest is calculated
as through each month had 30 days.

A

Ordinary Simple Interest

keyphrase: each month had 30 days.

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18
Q

it is a type of simple interest in which interest is
calculated on the basis of a year with 365 days rather
than the conventional 360 days.

A

Exact Simple Interest

keyphrase: basis of a year with 365 days

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19
Q

is the discount of one unit of principal per unit time

A

Rate of Discount

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20
Q

is defined as the basic annual rate of interest.

A

Nominal Rate of Interest

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21
Q

is defined as the actual or exact rate of interest earned
on the principal during one-year period

A

Effective Interest Rate

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22
Q

is defined as a series of equal payments occurring at
equal interval of time.

A

Annuity

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23
Q

is a type of annuity where the payments are made at
the end of each period beginning from the 1st period.

A

Ordinary Annuity

keyphrase: end of each period

24
Q

is a type of annuity where the payments are made at
the beginning of each period starting from the 1st period.

A

Annuity Due

keyphrase: beginning of each period

25
Q

is the type of annuity where the first payment is made
later than the first or is made several periods after the
beginning of the annuity

A

Deferred Annuity

keyphrase: first payment is made
later than the first

26
Q

is a series of disbursements or receipts that increases
or decreases in each succeeding period by constant
amount.

A

Uniform Arithmetic Gradient

keyphrase: increases or decreases, constant amount

27
Q

is a series consisting of end-of-period payments, where
each payment increases or decreases by a fixed
percentage

A

Uniform Geometric Gradient

keyphrase: increases or decreases, fixed percentage

28
Q

refers to the present worth of a property that is assumed to last forever. It is the sum of the first cost and the present costs of perpetual replacement, operation and maintenance.

A

Capitalized Cost

29
Q

is the decrease in the value of physical property due to
passage of time.

A

Depreciation

30
Q

is a certificate of indebtedness of a corporation usually
for a period not less than ten years and guaranteed by a
mortgage on certain assets of the corporation or its
subsidiaries

A

Bonds

coporation indebtness BONDS

31
Q

written records that convey the business activities and the financial performance of a business, person, or entity

A

Financial Statements

32
Q

the activity of setting up a business, taking on financial risks in the hope of profit

A

Entrepreneuship

33
Q

the manifestation of the time value of money, and it primarily represents “rent” paid for the use of money

A

Interest

34
Q

the number of days in a year for an Ordinary Interest

A

360 days

35
Q

the number of days in a year for Exact Interest in a normal year

A

365 days

36
Q

the number of days in a year for Exact Interest in a leap year

A

366 days

37
Q

How do you identify a leap year?

A

a year is a leap year if it is divisible by 4 except for century marks not divisible by 400 (1900, 2100, etc.)

38
Q

Which of the following is not an ordinary year?
2006
2014
2024
2200

A

2024

39
Q

investment securities where an investor lends money to a person a company or a government for a set of period of time, in exchange for regular interest payments

A

Bonds

investment securities invester lends BONDS

40
Q

record all of the money flowing into an account, while credits record all of the money flowing of an account

A

Debits and Credits

41
Q

refers to a financial statement that reports a company’s assets, liabilities, and shareholder equity at a specific point of time

A

Balance Sheet

42
Q

refers to a general increase in the prices of goods and services in an economy over a period of time

A

inflation

43
Q

Inflation is measured by

A

CPI / Consumer Price Index

44
Q

a type of business that is established by just one person

A

Sole Proprietorship

45
Q

a special corporation with a single stockholder

A

One-Person Corporation / OPC

OPC single stockholder

46
Q

a type of business that requires two or more people who agree to contribute assets, with the intent of dividing profits among all parties involved

A

Partnership

47
Q

a type of business comprised of many invididuals (maximum of 15) who act as single entity to advance the interest of the corporation as a whole

A

Corporation

48
Q

an association of persons with a common bond of interest

A

Cooperative

49
Q

a financial ratio used to calculate the benefit an investor will receive in relation to their investment cost

A

Return on Investment / ROI

50
Q

the relationship between the quantity of a commodity that producers wish to sell at various prices and the quantity that consumers wish to buy

A

Supply and Demand

51
Q

Law of Supply states that

A

As price increases, quantity supplied increases. As price decreases, quantity supplied decreases.

52
Q

Law of Demand states that

A

As price increases, quantity demanded decreases. As price decreases, quantity demanded increases.

53
Q

A series of payments paid at regular intervals, where payments are uniform, i.e., equal or constant amount

A

Annuity

54
Q

The fundamental equation used in Break-Even Analysis

A

Total Income = Total expenses

55
Q

an indicator showing the relationship between the relative costs and benefits of a proposed prohect, expressed in monetary or qualitative terms

A

Benefit-to-Cost Ratio / BCR

DAY 3 (4 decks)

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