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Course
HKR 1001

Institution
Memorial University Of Newfoundland (MUNSU )

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Uploaded on July 13, 2023
Number of pages 21
Written in 2022/2023
Type Class notes
Professor(s) Sultana monisha
Contains All classes

hkr
study guide

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Lecture 1:Introduction to
Engineering Economy

$$ $$

$$ $$
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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