This activity is to expose students to other types of currency of Spanish speaking countries. Students will practice the numbers in Spanish and will use adjectives to describe items that they can sell and buy.
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Students act as mining engineers and simulate ore mining production by using chocolate chip cookies. They focus on the cost-benefit analysis of the chocolate ore production throughout the simulation, which helps them understand the cost of production. As students “mine” with tools such as paperclips and toothpicks, they keep records of their costs—land (cookie), equipment used, cookie size before and after production, and time spent. While the goal is to make as much profit as possible, other costs and goals are taken into consideration—as in real-world mining engineering. For example, mining engineers also consider the resulting amount of destruction to the lithosphere when deciding the best method to obtain ore. Thus, a line item for land reclamation cost is included from the beginning. A provided worksheet serves as a profit and loss statement.
Students learn about the many types of expenses associated with building a bridge. Working like engineers, they estimate the cost for materials for a bridge member of varying sizes. After making calculations, they graph their results to compare how costs change depending on the use of different materials (steel vs. concrete). They conclude by creating a proposal for a city bridge design based on their findings.
This is a short description of the differences in business between cost and price, as well as consumer and business customer. These terms are often confused.
Integration of design, engineering, and management disciplines and practices for analysis and design of manufacturing enterprises. Emphasis is on the physics and stochastic nature of manufacturing processes and systems, and their effects on quality, rate, cost, and flexibility. Topics include process physics and control, design for manufacturing, and manufacturing systems. Group project requires design and fabrication of parts using mass-production and assembly methods to produce a product in quantity. This course introduces you to modern manufacturing with four areas of emphasis: manufacturing processes, equipment/control, systems, and design for manufacturing. The course exposes you to integration of engineering and management disciplines for determining manufacturing rate, cost, quality and flexibility. Topics include process physics, equipment design and automation/control, quality, design for manufacturing, industrial management, and systems design and operation. Labs are integral parts of the course, and expose you to various manufacturing disciplines and practices.
Choice of material has implications throughout the life-cycle of a product, influencing many aspects of economic and environmental performance. This course will provide a survey of methods for evaluating those implications. Lectures will cover topics in material choice concepts, fundamentals of engineering economics, manufacturing economics modeling methods, and life-cycle environmental evaluation.
In this activity, students are going to practice asking for the cost of something and practice purchasing items. Students are also going to be exposed to the concept of bartering and how to do it with a vendor. This activity will teach students more about questions, prices, money, numbers, and items that are frequently purchased.
In this activity, students are going to practice asking for the cost of something and practice purchasing items. Students are also going to be exposed to the concept of bartering and how to do it with a vendor.
Basic theory of consumer behavior, production and costs, partial equilibrium analysis of pricing in competitive and monopolistic markets, general equilibrium, welfare, and externalities.Recommended for students planning to apply to graduate school in economics, accounting, or finance.
A public interest group claims that pharmaceutical companies overstate the costs of developing drugs because they include the foregone earnings from the money invested in drug development. The story can be used to discuss the concepts of opportunity cost and normal profit.
Principles of Macroeconomics 2e covers the scope and sequence of most introductory economics courses. The text includes many current examples, which are handled in a politically equitable way. The outcome is a balanced approach to the theory and application of economics concepts. The second edition has been thoroughly revised to increase clarity, update data and current event impacts, and incorporate the feedback from many reviewers and adopters.Changes made in Principles of Macroeconomics 2e are described in the preface and the transition guide to help instructors transition to the second edition.
In this Unit, you will learn about:How Individuals Make Choices Based on Their Budget ConstraintThe Production Possibilities Frontier and Social ChoicesConfronting Objections to the Economic Approach
By the end of this section, you will be able to:
Interpret production possibilities frontier graphs
Contrast a budget constraint and a production possibilities frontier
Explain the relationship between a production possibilities frontier and the law of diminishing returns
Contrast productive efficiency and allocative efficiency
Define comparative advantage
Students use real-world data to evaluate whether solar power is a viable energy alternative for several cities in different parts of the U.S. Working in small groups, they examine maps and make calculations using NREL/US DOE data from the online Renewable Energy Living Lab. In this exercise, students analyze cost and availability for solar power, and come to conclusions about whether solar power is a good solution for four different locations.
Students learn about the major factors that comprise the design and construction cost of a modern bridge. Before a bridge design is completed, engineers provide overall cost estimates for construction of the bridge. Students learn about the components that go into estimating the total cost, including expenses for site investigation, design, materials, equipment, labor and construction oversight, as well as the trade-off between a design and its cost.