The study of Methods of economic analysis, including the time value of money.
1. Understand U.S. and World economic systems.
2. Understand the law of supply and demand.
3. Compare world economies with GDP and other measures.
4. Evaluate limits on production and economies and diminishing returns.
5. Evaluate financial transactions over time.
6. Determine the effects of inflation on the value of money.
7. Evaluate retirement decisions.
8. Evaluate minimum cost alternatives.
9. Understand investment principles for economic planning.
10. Understand savings and retirement plans.
11. Use present worth, IRR, payback period and other procedures to evaluate engineering alternatives.
12. Determine breakeven points.
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