A profession in which knowledge of the mathematical and natural sciences gained by study, experience, and practice is applied with judgement to develop ways to utilize economically, the materials and forces of nature for the benefit of mankind

They are involved in developing sustainable practices that help in reducing waste products and pollution.

It is the study of how limited resources are used to satisfy unlimited human wants.

It is sometimes considered as the basic problem of economics

What are the resources?

It is everything supplied by nature

It includes people abilities or skills applied to production as well as their efforts

The three Areas of Capital

They include things such as tools, buildings, and machinery that have been produced for further production.

These are assets and money used in the process of production

education and training applied to labor in the process of production

It is a branch of economics that deals with financial evaluation of engineering projects

In most cases in the business environment, all the decisions are justified based on monetary criteria like _

The options to be discovered after which described for additional research

These will be the changes in the future expected outcome among alternatives that are important to us and relevant as a result

The likely result of the choices, economic and otherwise must each become elegantly defined from a known position

Quantifying as many of the prospective outcomes is straightforward if a single common unit of measurement can be used

Selection of preferred alternative by using criteria

While breaking down the alternatives of projects it is necessary that you estimate and compare them with future outcomes because risks anad uncertainty are inevitable as they remain inherent

The future results expected from a choice should be compared with different business projected outcomes

Are those which can be expressed in terms of monetary values

Are those that are difficult or impossible to express in terms of monetary values

A certain product is offered for sale by many vendors or suppliers, and there is no restriction against other vendors from entering the market.

A market structure exists in which a single supplier of some good or services exists. Entry of all other possible suppliers is prevented.

Few suppliers typify the market, such that any action taken by any of them will affect the course of action of the others

The higher the price of a commodity the more its production will be. If price drops, the production also drops or halts.

The place where buyers and sellers meet either personally.

Consumer goods are those that are consumed or used directly by people or are things and services which serve to satisfy human needs

The quantity of a certain commodity that is bought at a certain price at a given place and time

“States that the demand of commodity varies inversely as the price of commodity though not proportionately”

The capacity of a commodity to satisfy human wants

A fall in selling price will cause more than proportionate increase in the volume of sales

“An increase in the quantity of any good consumed or acquired by an individual will increase the amount of satisfaction derived from that good”

It is the utility of the last unit of the same commodity which is consumed or acquired

It is the amount of any commodity is available for sale at a price , at a place, and at a time

“States that the supply of a commodity increases with the rise in the price of a commodity, and falls as the price falls, but not in the same proportion”

“When free competition exists, the price of a product will be that value where supply is equal to the demand”

“When one of the factors of production is fixed in quantity or is difficult to increase, increasing the other factors of production will result in a less than proportionate increase in output”

The act of selecting a solution from many possible options

The process of recognizing problems and opportunities solving them

Decision that are to carry out the day to day activities

Are taken by a group of persons

The decision is taken by one person

These decisions are taken to determine the basic policies and goals of the organization

The decisions are taken at middle and lower management levels and are related to routine activities of business

The decisions are made by the executive in his/her capacity as manager in order to achieve the best interest in organization

The decisions are made by the manager personal capacity. The decision is not delegated.

The decision with regard to the quality of the product, price of the product and developing a new product

Factors of decision making

Recognizing problem-formulating the problem clear and completely

Collection and Classification

Sound decision- collect identify limited factor

Choose the best one

Converted action, implement, and communication, develop procedure

It refers to all investments decisions relating to engineering projects