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ENGECON 213 > MODULE 1 > Flashcards

MODULE 1 Flashcards

1
Q

What are the two aspects of engineering?

A
  1. materials and forces of nature
  2. needs of people
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2
Q

Because we live in a _____________ world, engineering must be closely associated with economic.

A

resource - constrained world

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3
Q

It is essential that engineering proposals be evaluated in terms of _________ and ______ before they are undertaken.

A
  1. worth
  2. cost
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4
Q

An essential prerequisite of successful engineering is ______________.

A

economic feasibility

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5
Q

Engineering is not a science, but an __________________.

A

application of science

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6
Q

It is an art composed of skill and ingenuity in adapting knowledge to the uses of humanity.

A

Engineering

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7
Q

They accredited the definition, “Engineering is the profession in which knowledge of the mathematical and natural sciences gained by study, experience, and practice is applied with judgment to develop ways to utilize economically, the materials and forces of nature for the benefit of mankind.

A

Accreditation Board for Engineering and Technology

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8
Q

It is the profession in which knowledge of the mathematical and natural sciences gained by study, experience, and practice 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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9
Q

What is the role of a scientist?

A
  1. add to mankind’s accumulated body of systematic knowledge
  2. dicover universal laws of behavior
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10
Q

What is the role of engineering?

A

to apply economic knowledge to a particular situations to produce products and services

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11
Q

To the engineer, ________ is not an end in itself but is the raw material from which he or she fashions structures, systems, products, and services.

A

knowledge

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12
Q

It is the foundation upon which the engineer builds toward the advancement of mankind.

A

Science

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13
Q

Science is the foundation upon which the engineer builds toward the __________.

A

advancement of mankind

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14
Q

Human wants may be expected increasingly to engage the attention of engineers is, in part, the basis for the incorporation of ________ and ________ in engineering curricula.

A
  1. humanistic
  2. social considerations
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15
Q

Why engineers need to understand humanistic or social considerations fields?

A

engineers seek solutions to the complex socio-technological problems of today

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16
Q

Engineers are confined with two important interconnected environments, the ______ and _______.

A
  1. physical
  2. economic
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17
Q

_________________ in the economic environment and engineering proposals in physical environment are linked by the production or construction process.

A

Want Satisfaction

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18
Q

Want Satisfaction in the economic environment and engineering proposals in physical environment are linked by the _____________________________.

A

production or construction process

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19
Q

True or False. Engineers do not have the tendency to disregard economic feasibility and are often appalled in practice by the necessity for meeting situations in which action must be based on estimates and judgement.

A

False (remove do not)

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20
Q

Draw the Total Environment of Engineering Process

A

draw

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21
Q

It is primarily a producer activity that comes into being to satisfy human wants. Its objective is to get the greatest end result per unit of resource expenditure.

A

Engineering

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22
Q

Engineering is essentially a physical process in which objective is __________________.

A

maximation of physical efficiency

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23
Q

What is the objective of engineering application?

A

get the greatest end result per unit of resource input

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24
Q

True or False. Physical efficiency is sometimes be less than unity or less than 100%.

A

False (sometimes - always)

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25
Q

The objective of engineering application is to get the greatest end result per unit of resource input. This statement is an expression of __________.

A

physical efficiency

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26
Q

Formula of Physical Efficiency:

A

efficiency (physical) = output / input

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27
Q

These are expressed in terms of economic units of output divided by economic units of input, each expressed in terms of a medium of exchange such as money.

A

Economic Efficiency

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28
Q

Formula for Economic Efficiency:

A

efficiency (economic) = worth / cost

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29
Q

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

A

Engineering Economy

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30
Q

It deals with the concepts and techniques of analysis in evaluating the worth of systems, products, and services in relation to their cost.

A

Engineering Economy

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31
Q

In 19th century, ___________, a civil engineer address the role of economic analysis in engineering projects and his particular area of interest was railroad building in the United States in which the emphasis was on techniques that depended primarily in financial and actual mathematics.

A

Arthur M. Wellington

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32
Q

In what century did Arthur M. Wellington address the role of economic analysis in engineering projects?

A

19th century

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33
Q

In 1930, _______ published the first edition of his textbook and his emphasis on developing an economic view in engineering.

A

Eugene Grant

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34
Q

Economic view involves a realization that quite as definite a body of principles govern the economic aspects of an engineering decision as governs its physical aspects according to _________.

A

Eugene Grant

35
Q

When did Eugene Grant published the first edition of his textbook?

A

1930

36
Q

In 1942, ________________ wrote the first edition of Engineering Economy.

A

Woods and De Garmo

37
Q

It designated the worth that a person attaches to an object or service.

A

Value

38
Q

True or False. The value of an object is inherent not in the object but in regard that a person has for it.

A

True

39
Q

It should not be confused with the cost or the price of an engineering economy studies.

A

Value

40
Q

It is the power to satisfy human wants.

A

Utility

41
Q

True or False. The utility of an object has for an individual is not determined by him or her.

A

False (remove not)

42
Q

True or False. The utility of an object inheres not in the object but in the regard that a person has for it.

A

True

43
Q

These are products and services that are directly used by people to satisfy their wants.

A

Consumer goods and services

44
Q

Example of these are houses, cars, clothes, appliances, food, books, movies, medical and dental services, etc.

A

Consumer goods and services

45
Q

They also satisfy human wants but indirectly in as much as they are used to produce the consumer goods and services.

A

Producer goods and services

46
Q

Example of these are factory buildings, machine tools, airplane, ships, busses, etc.

A

Producer goods and services

47
Q

It is the initial cost of a capitalized property, including transportation, installation of service, taxes, and other related initial expenditure in order to make the property or asset equipment functional.

A

First Cost

48
Q

First Cost is sometimes called ___________.

A

investment cost

49
Q

These are incurred by the operation of physical plant or equipment needed to provide service.

A

Operating Costs

50
Q

Examples of these are labor and raw materials.

A

Operating costs

51
Q

These occur over time until the structure, system, or equipment item is retired from service.

A

Maintaining costs

52
Q

It is a cost that remains constant over a wide range of activity as long as the business does not permanently discontinue operations.

A

Fixed Cost

53
Q

This include property taxes, overhead, interest of borrowed capital, etc.

A

Fixed Cost

54
Q

It also refers to the cost that is not a function of the independent variable.

A

Fixed cost

55
Q

It is a cost the varies more or less directly with the volume of output.

A

Variable cost

56
Q

This includes labor, material, power, etc.

A

Variable cost

57
Q

The additional cost that will result from increasing the output of a system by one or more units.

A

Incremental cost

58
Q

It is the cost of an additional unit of a product.

A

Marginal Cost

59
Q

It refers to the cost in the past.

A

Sunk Cost

60
Q

This may include any past expenditure, the uncovered balance of an investment, and capital already invested that cannot be retrieved.

A

Sunk Cost

61
Q

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

A

Necessities

62
Q

It is defined as any product that has an income-elasticity of demand less than one.

A

Necessity product or staple product

63
Q

What does it mean when a product has an income-elasticity of demand less than one?

A

This means that as income arises proportionately less income is spent on such products.

64
Q

These are 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

65
Q

It is defined as any product that has an income-elasticity of demand greater than one.

A

Luxury product

66
Q

What does it mean when a product has an income-elasticity greater than one?

A

This means that as income rises, proportionately more income is spend on such products.

67
Q

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

A

Demand

68
Q

It occurs when a decrease in selling price result in a greater that proportionate increase in sales.

A

Elastic demand

69
Q

It occurs when a decrease in selling price produces a less than proportionate increase in sales.

A

Inelastic Demand

70
Q

It occurs when the mathematical product of volume and price is constant

A

Unitary elesticity of demand

71
Q

It refers to the exchange mechanism that brings together the sellers and buyers of a product, factor of production or financial security.

A

Market

72
Q

It refers to the place or are in which buyers and sellers exchange a well-define commodity

A

market

73
Q

It is defined as the basic consuming or demanding unit of a commodity.

A

Buyer or consumer

74
Q

It may be an individual purchaser of a good service, a household ( a group of individuals who make joint purchasing decisions), or a government.

A

Buyer or consumer

75
Q

It is defined as an entity which makes product, good or service available to buyer or consumer in exchange of monetary decision.

A

Seller

76
Q

Many sellers and many buyers. What is the market situation?

A

Perfect Competition

77
Q

One seller and many buyers. What is the market situation?

A

Monopoly

78
Q

Many sellers and one buyer. V

A

Monopsony

79
Q

One seller and one buyer. What is the market situation?

A

Bilateral monopoly

80
Q

Two sellers and many buyers. What is the market situation?

A

duopoly

81
Q

Many seller and two buyers. What is the market situation?

A

duopsony

82
Q

Few sellers and many buyers. What is the market situation?

A

oligopoly

83
Q

Few sellers and few buyers. What is the market situation?

A

Oligopsony or bilateral oligopoly

ENGECON 213 (3 decks)

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