engineering economy, engineering and economics
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Engineering Economics Lecture Notes
Course Outlines
What is Engineering economics?
Engineering economics is the application of economic techniques to the evaluation of design and engineering al ternatives. The role of engineering economics is to assess the appropriateness of a given project, estimate its value, and justify it from an engineering standpoint.
Objectives of economics
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To improve the distrubution of wealth: Circultion of welath is necessary to reduce the gap between the rich and the poor community. Circulation and well distribution of welath also endures that all the people receive basic necessities of life e.g medical, educational, security etc.
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Study of mony for public welfare
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Mathematical modelling is used in Engineering Economics to simplify and solve problems. In this method, numericla values are assigned as variables or constants and are arranged accordingly in equations, inequalities or formulae...  [Read More] |
Interest is a fee paid on borrowed assets. It is the price paid for the use of borrowed money. Interest is wron because it charging for both the thing and the use of the thing.. [[Read More] |
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The decrease in value of an asset with respect to time is called depreciation. The value may be market value or an other monitoring value. Depreciation is applied on every commodity except land because there is no limited use or life span of the land .... |
In broad sense business includes industry commerce & trade. Its main aim is to increase wealth. Industry means a place where... Types of Business Organizations |
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