ipl-logo

Importance Of Applied Economics In Engineering

1052 Words5 Pages

What is Applied Economics for Engineers?

Applied economics is the application of economic theory and econometrics in specific settings. Thereby applied economics for engineers is the study of economic solutions to engineering problems. The purpose of engineering economics is to assess cost benefit analysis, with the suitability of a given project, estimate its value and support it from an engineering point of view.

Importance of Applied Economics for Engineers

1. Provide understanding of the basic rationale and techniques, for applying cost-benefit analysis to engineering projects and policies.

The job of an engineer is to search for solutions to problems and assess whether the solution they found is viable or not. In order to do that engineers are taught applied economics for engineers. There may be a number of solutions for a single problem; identifying which is the best solution also comes under the job description of an engineer. An engineer not only has to learn things related to his field but he also has to take care of the cash flow and also factor in the aspect of time value of money. Among all these, the most important aspect behind studying applied economics is to understand the factor of cost, revenue and the life of a project.

Engineers face a number of problems every day and are presented with a number of solutions to those problems. At this point an engineer has to determine which is the best possible solution to the problem at hand. He has to do that

Show More
Related

  • Cocktail Party Economics Essay

    570 Words  | 3 Pages

    These two are used to evaluate systems of resource allocation. Allocating a resource means deciding what to use it for. The reason resource allocation is important, is because economics studies what people do when resources are scarce, that is, when there 's not enough resources to satisfy all the human wants that are competing for them. Its very rare to find a perfectly functional competitive market. Even though they are efficient they result in very inequitable markets.

    Read More

  • Why Is Economics A Friend Or A Foe Of Ethics?

    967 Words  | 4 Pages

    The purpose of this essay is to argue whether "economics is a friend or a foe of ethics". A concept discussed by Norman Bowie, A.K Gavai and Milton Friedman. Before moving into further detail, what is economics and ethics all about? According to the dictionary, "economics is the science that deals with the production, distribution and consumption of goods and services or the material welfare of human kind." Whereas ethics are the "values relating to human conduct, with respect to the rightness and wrongness of certain actions and to the goodness and badness of the motives and ends of such actions".

    Read More

  • Why Is Bang For The Buck Important In History

    1188 Words  | 5 Pages

    After reading "Bang for the Buck", it is evident that the guns have had a special place in history. The major problem is that the political class got it all wrong when it decided to allow citizens to own guns and made it became more of a love affair. Apparently, people had held different types of rifles during the militia wars that took place a long time ago in the United States history. One most critical recognizance of the history of the guns can be seen by looking at Britain's Militia Acts that took place in 1661 and 1662. The amendment gave an opportunity for the American citizens for rival groups to fire salvos at each other, and it largely played a part in the enhancement of gun violence that is still in play in the country.

    Read More

  • BPBE 272 Week 3 Assignment

    1420 Words  | 6 Pages

    Throughout the term in BPBE 272 there has been many important skills I have learned to help me pursue my goal in University. I have learned all key concepts of economics and also learned how to use them in my everyday life. This class has gave me tremendous help on how to look at the world in the way an economist does. You have taught us in a way that did not require us to just memorize the material but to actually take the time to learn about the information we are given. I will explain the main points I have learned in this class, what it means to have learned all of the information, How I have changed my perspective on economics, how I can apply my knowledge in the workforce and why this course was so important to me.

    Read More

  • Analysis Of Cocktail Party Economics

    757 Words  | 4 Pages

    The world of economics has many different concepts that help to explain why we produce and purchase any good that is available to produce or, in contrast, why we don’t produce some goods. One of these concepts are that of supply and demand, to a person who is uneducated in the world of economics these concepts can seem like and easy thing to grasp, however there are so many factors that go into supply and demand that it can be very easy to lose yourself when trying to understand what seemed like a simple concept. I will be trying to clarify these concepts through the use of the book “Cocktail Party Economics” written by Eveline Adomait and Richard Maranta and applying it to the news article “Demand for pre-k is increasing, supply must catch

    Read More

  • Lco Case Study

    879 Words  | 4 Pages

    What is Economics? Economics is the science regarding the production, distribution, and use of goods, services, resources and wealth. A large part of our economy comes from the influence and decision making of our government. The Canadian Government Established the LCBO to monitor and manage the sales and distribution of liquor across Ontario.

    Read More

  • Industrial Changes: Helpful Or Harmful Analysis

    1406 Words  | 6 Pages

    In the early 1800’s, the Industrial Revolution began in America. New laws began to be enforced. Also, New machines, products, and jobs were created in this time, which changed the way people lived. These changes made life easier and overall better than before. The period of rapid industrial growth during the 1800s and into the early 1900s was more helpful than harmful because new transportation, safer and more jobs and more inventions were created.

    Read More

  • The Importance Of College Cost

    229 Words  | 1 Pages

    College costs have risen dramatically over the years. Since obtaining a college degree has become a necessity in today’s society, freshly graduated high school students feel the need to go to college, potentially racking up debt. Colleges also do not include book and lab costs in with tuition, potentially causing more debt. Colleges should have a more set tuition and consider being not-for-profit when offering basics to newly graduated high school students. This could possibly lower student debt and encourage more teens to attend college and obtain degrees.

    Read More

  • Naked Economics Chapter 1 Study Guide

    1265 Words  | 6 Pages

    What is Economics? Economic is the study of goods and services are produced, bought and sold, economics explains how do the people interact in the market to get what they really want or accomplish some of their different goals. Since economic is a drive force of human interaction studying it often reveals why people and government behave in particular ways. Anything that related in money is called economic.

    Read More

  • Naked Economics Chapter 1 Study Guide

    1208 Words  | 5 Pages

    Definition of economics The study of how man and society choose, with or without the use of money, to employ scarce production resources to produce various commodities over time and distribute them for consumption, now and in the future, among people. Economics is interested in: How are choices made? How choices ought to be made?

    Read More

  • Life As We Knew It Essay

    580 Words  | 3 Pages

    Engineers of all types will be needed for multiple reasons. Some probable causes for engineers to help are to build better shelters, perhaps they could even create a refuge from the hardships and destruction of the world around them, maintain current roads and buildings, create new, more helpful products, and design better items that are critical for survival. Progression in this new way of life will be just as important as sustaining a suitable lifestyle in the

    Read More

  • Career Goals For Mechanical Engineering

    820 Words  | 4 Pages

    Very similar to real life engineering, we are tasked with designing and constructing various projects based on a set of requirements or problems. I have always been incredibly successful in this class achieving high marks, and in grade 11 receiving the award for the highest mark for my grade. Although not a prerequisite for any engineering programs, I believe that it greatly benefits all potential engineering students. It puts our teachings into practice to solve real life situations, giving us a preview into the future as engineers. Scheduling conflicts prevented me from taking this great course in grade 12.

    Read More

  • Utilitarian And Kantian View Of Virtue Ethics

    897 Words  | 4 Pages

    In utilitarian and Kantian view of ethics, such virtuous values are not taken into consideration. This short paper suggests how future engineers should apply the virtues and excellences in their fields and why virtuous engineers are more likely to contribute to society and make it better. In Aristotle’s view, virtue(arête) is defined as an essential factor to achieve happiness of an individual, while happiness(eudaimonia) is defined as an ultimate objective of human-being. Aristotle insisted that the order of priority may decide whether one’s goal should be considered as a means or the goal itself.

    Read More

  • Essay On Value Of Knowledge

    1578 Words  | 7 Pages

    This essay will discuss the statement with the aid of Mathematics and Natural sciences as the two areas of knowledge. The reason that attracted me to discuss this knowledge question is that it was the title that evoked the most reaction and emotion from me. As a student who wants to specialize in the field of engineering, I thought writing this essay would be a fascinating opportunity to explore the definition of application and the value of knowledge application and value especially caught my eye. I decided that the most suitable areas of knowledge to discuss this statement were

    Read More

  • Essay On Science And Engineering

    1441 Words  | 6 Pages

    THE FUNCTION OF ENGINEERS IN PROTECTING THE SOCIETY 1. MEANING OF ENGINEERING We often use the words “science and technology” for engineering. what can be done by engineers with science and technology? Researchers think about it and do some research which resulted in the understanding that engineering is about planning and designing something that helps society by regulating science and technology.

    Read More

More about Importance Of Applied Economics In Engineering

Open Document