問題一覧
1
It is the social science that studies how individuals businesses, governments and societies allocate scarce resources to satisfy unlimited wants
Economics
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It analyze the production, distribution and consumption of goods and services within an economy
Economics
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It is the analysis and evaluation of the monetary consequences by using the therories and principles of economics to engineering applications, design and projects.
Engineering economy
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Are expenses that remain constant regardless of the level of production or activity.
Fixed costs
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Are expenses that vary in direct proportion to the level of production
Variable costs
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Are the sum of fixed costs and variable costs incurred by a business or project.
Total costs
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Is the additional cost incurred by producing one more unit of output.
Marginal costs
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Is the total cost divided by the quantity of output produced
Average costs
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Are costs that have already been incurred and cannot be recovered regardless of future decisions.
Sunk costs
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Refers to the value of the next best alternative forgone when a decision is made.
Opportunity costs
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Are costs that are directly affected by a decision.
Relevant costs
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It's principle is for loans and investment
Time value of money
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If you choose to spend on something, you lose the opportunity on something eles
Opportunity costs
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People trade time
Work-life balance
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Invest money to save time
Equivalence
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Time management techniques
Personal productivity
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Work now pay later
Delay gratification
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It is the money paid for borrowed Capital.
Interest
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The amount of money paid to use the borrowed Capital.
For borrower
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the income produced by the money has been a loan.
For lender
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If the interest earned is linearly proportional to the initial amount of the loan, interest rate and the number of interest periods for which the principal is committed.
Simple interest
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Based on 30 days per month or 360 days per year (also know as the banker's year)
Ordinary simple interest
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Based on the exact number of days in a year, 365 days for an ordinary year and 366 days for a leap year.
Exact simple interest
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It is calculated plus the total amount on interest accumulated in previous period
Compound interest
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It specifies the rate of interest and a number of interest periods in one year, it is the annual interests rate ignoring the effect of any compounding.
Nominal rate of interest
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It is the actual rate of interest on the principal for one year
Effective rate of interest
27
Principles of Engineering Economy
Develop alternatives, Focus on the differences, Use a consistent viewpoint, Use a common unit of measure, Consider all relevant criteria, Make risk and uncertainty explicit, Revisit your decision
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Present Economic Studies
Macroeconomics, Microeconomics, International economics, Development economics, Behavioral economics, Environmental economics, Labor economics
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Many sellers two buyers
Duopsony
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Many sellers many buyers
Perfect competition
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One seller many buyers
Monopoly
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Many sellers one buyer
Monopsony
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One seller one buyer
Bilateral monopoly
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Two sellers many buyers
Duopoly
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Few sellers many buyers
Oligopoly
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Many sellers few buyers
Oligopsony
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Few sellers few buyers
Bilateral oligopoly
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A visual representation of the inflows and outflows of cash for a particular project, investment or business over a specific period of time
Cash flow diagram
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It is a series of equal payments occuring at equal periods of time
Annuity
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It is one where the payments are made at the end of each period
Ordinary annuity
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It is one where the payments are made at the beginning of each period
Annuity due
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It is one where the first payment is made several periods after the beginning of the annuity
Deferred annuity
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It is an annuity in which the payments continue indefinitely
Perpetuity