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Memorial University of Newfoundland (MUNSU
)
Human Kinetic Resources
HKR 1001
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Lecture 1:Introduction to
Engineering Economy
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Slide 1 of 43 Industrial &Production Engineering
What is Economics ?
The study y of how limited resources is used to
satisfy unlimited human wants.
Slide 2 of 43 Industrial &Production Engineering
1
, What is Economics ?
The study of how individuals and societies
choose
h t use scarce resources that
to th t nature
t and
d
previous generations have provided.
Slide 3 of 43 Industrial &Production Engineering
Resources
• Land
• Labor
• Capital
Slide 4 of 43 Industrial &Production Engineering
2
, Land
All gifts of nature, such as: water, air, minerals,
sunshine,
hi plant
l t andd tree
t growth,
th as wellll as the
th land
l d
itself which is applied to the production process.
Slide 5 of 43 Industrial &Production Engineering
Labor
The efforts, skills, and knowledge of people which are
applied to the production process.
process
Slide 6 of 43 Industrial &Production Engineering
3
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