Engineering%20Economics_CH1

Engineering%20Economics_CH1 - IE343A Engineering Economics...

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IE343A Engineering Economics Professor Pilsung Choe Fall 2008 MWF 2:30pm-3:20pm
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Ch.1 Introduction • Engineering economy • The principles of engineering economy
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Economics and Engineering Economics Economics is the social science that studies the production, distribution, and consumption of goods and services. Adam Smith 's The Wealth of Nations in 1776: Identified land, labor, and capital as the three factors of production and major contributors to a nation's wealth. Economic analysis is applied throughout society, not only in business and finance but also in crime, education, the family, health, law, politics, religion, social institutions, and war (Also in “Engineering”) Engineering Economics (Engineering Economy): – A subset of economics for application to engineering projects.
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Engineering Economics • Costs as well as revenues are considered • Considering the time value of money is central to most engineering economic analyses. • For each problem, there are usually many
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Engineering%20Economics_CH1 - IE343A Engineering Economics...

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