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15 Cards in this Set
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Analysis and evaluation of the factors that will affect the economic success of engineering projects | Engineering economy | |
Products or services that are directly used by people to satisfy their wants | Consumer goods and services | |
Used to produce consumer goods and services or other producer goods | Producer goods and services | |
Those products or services that are required to support human life in somewhat the same quantity even though the price varies considerably | Necessities | |
Products or services that are desires by humans that are purchased after the necessities have been obtained | Luxuries | |
Quantity of a certain commodity that is bought at a certain price at a given place and time | Demand | |
Occurs when a decrease in selling price result in a greater than proportionate increase in sales | Elastic demand | |
Occurs when a decrease in the selling price produces a less than proportionate increase in sales | Inelastic demand | |
Occurs when the mathematical product of volume and price is constant | Unitary elasticity of demand | |
Occurs in a situation where a commodity or service is supplied by a number of vendors and there is nothing to prevent additional vendors entering the market | Perfect competition | |
Opposite of perfect competition. | Monopoly | |
Exists when a unique product or service is available from a single vendor and that vendor can prevent the entry of all others into a market | Perfect monopoly | |
Exists when there are so few suppliers of a product or service that action by one will almost inevitably result in similar section by the others | Oligopoly | |
Quantity of a certain commodity that is offered for sale at a certain price at a given place and time | Supply | |
Under conditions of perfect competition the price at which a given product will be supplied and purchased is the price that will result in the supply and the demand being equal | The law of supply and demand |
254.) The quantity of a certain commodity that is offered for sale at a certain price at a givenplace and time.A. Demand
B. SupplyC. StocksD. Goods255.) Work-in process is classified as:A.An assetB.A liabilityC.An expensesD.An owner’s equity256.) What is the highest position in the corporation?A. PresidentB.Board of DirectorsC.Chairman of the BoardD. Stockholders257.) Type of ownership in business where individuals exercise and enjoy the right in theirown interest.A. EquitableB. PublicC. PrivateD. Pure258.) Decrease in the value of a physical property due to the passage of time.A. InflationB. DepletionC. RecessionD. Depreciation259.) An association of two or more individuals for the purpose of operating a business as co-owners for profit.A.Sole proprietorshipB. CompanyC. PartnershipD. Corporation260.) We may classify an interest rate, which specifies the actual rate of interest on theprincipal for one year as:A.Nominal rateB.Rate of return
C.Exact interest rateD.Effective rate261.) It is defined to be the capacity of a commodity to satisfy human want.A. DiscountB. LuxuryC. NecessityD. Utility262.) It is the amount which a willing buyer will pay to a willing seller for a property whereeach has equal advantage and is under no compulsion to buy or sell.A.Fair valueB.Market valueC.Book valueD.Salvage value263.) This occurs in a situation where a commodity or service is supplied by a number ofvendors and there is nothing to prevent additional vendors entering the market.A.Perfect competitionB. OligopolyC. MonopolyD.Elastic demand264.) These are products or services that are desired by human and will be purchased ifmoney is available after the required necessities have been obtained.A. UtilitiesB. NecessitiesC. LuxuriesD.Products, goods and services265.) These are products or services that are required to support human life and activities,that will be purchased in somewhat the same quantity even though the price variesconsiderably.A. UtilitiesB. NecessitiesC. LuxuriesD.Products, goods and services266.) A condition where only few individuals produce a certain product and that any action ofone will lead to almost the same action of the others.
A. OligopolyB. Semi-monopolyC. MonopolyD.Perfect competition267.) Grand total of the assets and operational capability of a corporation.A.Authorized capitalB. InvestmentC.Subscribed capitalD.Money market
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