ENGECON QUIZ 1

43問 • 1年前

問題一覧

It is the social science that studies how individuals businesses, governments and societies allocate scarce resources to satisfy unlimited wants

Economics

It analyze the production, distribution and consumption of goods and services within an economy

Economics

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

Are expenses that remain constant regardless of the level of production or activity.

Fixed costs

Are expenses that vary in direct proportion to the level of production

Variable costs

Are the sum of fixed costs and variable costs incurred by a business or project.

Total costs

Is the additional cost incurred by producing one more unit of output.

Marginal costs

Is the total cost divided by the quantity of output produced

Average costs

Are costs that have already been incurred and cannot be recovered regardless of future decisions.

Sunk costs

Refers to the value of the next best alternative forgone when a decision is made.

Opportunity costs

Are costs that are directly affected by a decision.

Relevant costs

It's principle is for loans and investment

Time value of money

If you choose to spend on something, you lose the opportunity on something eles

Opportunity costs

People trade time

Work-life balance

Invest money to save time

Equivalence

Time management techniques

Personal productivity

Work now pay later

Delay gratification

It is the money paid for borrowed Capital.

Interest

The amount of money paid to use the borrowed Capital.

For borrower

the income produced by the money has been a loan.

For lender

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

Based on 30 days per month or 360 days per year (also know as the banker's year)

Ordinary simple interest

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

It is calculated plus the total amount on interest accumulated in previous period

Compound interest

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

It is the actual rate of interest on the principal for one year

Effective rate of interest

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

Present Economic Studies

Macroeconomics, Microeconomics, International economics, Development economics, Behavioral economics, Environmental economics, Labor economics

Many sellers two buyers

Duopsony

Many sellers many buyers

Perfect competition

One seller many buyers

Monopoly

Many sellers one buyer

Monopsony

One seller one buyer

Bilateral monopoly

Two sellers many buyers

Duopoly

Few sellers many buyers

Oligopoly

Many sellers few buyers

Oligopsony

Few sellers few buyers

Bilateral oligopoly

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

It is a series of equal payments occuring at equal periods of time

Annuity

It is one where the payments are made at the end of each period

Ordinary annuity

It is one where the payments are made at the beginning of each period

Annuity due

It is one where the first payment is made several periods after the beginning of the annuity

Deferred annuity

It is an annuity in which the payments continue indefinitely

Perpetuity

Plumbing Arithmetic Terms 5

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Plumbing Arithmetic Terms 5