Engineering Economics Prelim questions fully solved & updated(passed)

Engineering Economics Prelim
questions fully solved &
updated(passed)
Engineering - answer a profession in which the knowledge gained
from physics, chemistry, life sciences, and mathematics is applied to
make products that increase the prosperity of man.


Economics - answer deals with production, distribution, and
consumption of goods and services.


Economic Activity - answer systematic endeavor to satisfy a
material need.


Engineering Economics - answer discipline concerned with the
economic aspects of engineering; involves the systematic
evaluation of costs and benefits of a proposed technical project.


Production - answer an economic activity which is the creation of
utility or value in goods or services


Land - answer A factor of production which is available to
humankind as a free gift of nature


Labor - answer factor of production which is the physical and mental
effort of humans in the process of production


Capital - answer factor of production that is man-made material and
is a source of production; part of the production which is used for
further production