Engineering Economy 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

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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

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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

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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

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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

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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

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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

Quantity demanded

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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

Quantity supplied

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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

17
Q

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

A

Ordinary simple interest

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

19
Q

is the discount of one unit of principal per unit time

A

Rate of Discount

20
Q

is defined as the basic annual rate of interest.

A

Nominal rate of interest

21
Q

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

A

Effective rate of interest

22
Q

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

A

Annuity

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

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

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

26
Q

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

A

Uniform arithmetic gradient

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

28
Q

refers to the present worth of a property that is assumed to last forever. The capitalized cost of any property 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

Bond