Defining economics and the role of scarcity, choice, and opportunity cost in economics
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Describe a large purchase you have made or one you might make in the future, e.g. a house, a car, etc. Describe the most important features and functions of the purchase?
In the end, what feature led (will lead) you to your final decision?
Was it the best decision you could have made, or has further information made you question your decision or what new information might make you believe, in hindsight, that you made a bad decision? Now, consider and write down how an engineer may be responsible for the economic performance of projects and products.
How would making a decision about a project, a building, a part design, a machine, or any product by an engineer be similar to the decision process you have just discussed for something personal?
How would their decision process be comparable to yours?
How would it be different?
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