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PBME Volume II ISBN: 978-81-947738-1-8
Author(s): DANIEL DAS A. 
Abstract
In Engineering Economics, formerly known as ‘engineers’ economy,' the use of application of economic concepts in the study of decision taking in engineering is a branch of economics. This chapter deals with the Managerial concepts and economics with the subtopics of relationship disciplines, firms, and objectives. Further, the value of particular economic goods or services to be sold at a given price is described in detail by analyzing market forces. The details research the law of supply and demand followed by the production function that determines the output of a company, an industry, or a whole economy for all input combinations. This role is indeed a supposed professional relationship that is based on the current state of the art. The price is the number of monetary units that consumers pay to purchase a single unit of good or service. It is essential to know the income account's definition as a starting point to understand the profit and loss account. The detailed research and analysis of economics and finance have been studied using this chapter.
Keywords: Engineering Economics, Financial Concepts, Profit and Loss, Capital Budgeting
JEL Classification: B21, B22, D24, J22
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