Module 1

Question 1

focuses on how finite resources are used to satisfy unsatisfied human desires.

Answer 1

Economics

Question 2

What are the three resources?

Answer 2

Land, Labor, Capital.

Question 3

is all gifts of nature, such as water, air, minerals, sunshine, plant, and tree growth, as well as the land itself which is applied to the production process

Answer 3

Land

Question 4

is the efforts, skills, and knowledge of people which are applied to the production process.

Answer 4

Labor

Question 5

Three areas of Capital

Answer 5

Real, Financial and Human Captials

Question 6

are tools, buildings, machinery - things which have been produced and are used in further production.

Answer 6

Real Capital (Physical Capital)

Question 7

assets and money which are used in the production process.

Answer 7

Financial Capital

Question 8

education and training applied to labor in the production
process.

Answer 8

Human Capital

Question 9

is a way to make decisions about money for engineering systems.

Answer 9

Engineering Economy

Question 10

is about finding out if a project is worth doing and choosing which projects to do.

Answer 10

Engineering economy