Economics for Engineers - Part I
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Economics for Engineers - Part I

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Introduction to Business Economics for Engineers

Introduction to Business Economics for Engineers
Thinking like an Economist!
What are the basic tools for economic thinking?
Can you really understand what economics is all about?

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Economics for Engineers - Part I Economics for Engineers - Part I Presentation Transcript

  • Economics for Engineers Part 1 Economics for Engineers – Part I Mohammad Tawfik
  • Thinking like an Economist Based on: Thinking like an Economist: A Guide to Rational Decision Making By: Randall Bartlett, Ph.D. Economics for Engineers – Part I Mohammad Tawfik
  • 6 Principles of the Economist's Toolkit Economics for Engineers – Part I Mohammad Tawfik
  • Principle Number 1: People respond to incentives. Economics for Engineers – Part I Mohammad Tawfik
  • We need to anticipate the incentives we are creating Economics introducing policies! when for Engineers – Part I Mohammad Tawfik
  • Principle number 2: There is no such thing as a free lunch Economics for Engineers – Part I Mohammad Tawfik
  • Opportunity Cost Economics for Engineers – Part I Mohammad Tawfik
  • Resources are scarce! Time, money, food Economics for Engineers – Part I Mohammad Tawfik
  • Principle number 3: No thing is just one thing; There are always at least 2 sides to every interaction. Economics for Engineers – Part I Mohammad Tawfik
  • Every buy is a sell Economics for Engineers – Part I Mohammad Tawfik
  • If we do not spend money, no one will earn money! Economics for Engineers – Part I Mohammad Tawfik
  • Principle number 4: The law of unanticipated influences Economics for Engineers – Part I Mohammad Tawfik
  • Butterfly effect! Economics for Engineers – Part I Mohammad Tawfik
  • Medical cost will increase when disturbance happens in Iran! Economics for Engineers – Part I Mohammad Tawfik
  • Bombing in Iraq results in a drop of tourism in Egypt! Economics for Engineers – Part I Mohammad Tawfik
  • Principle Number 4: The Law of unanticipated consequences Economics for Engineers – Part I Mohammad Tawfik
  • Accidents because of red-light cameras! Economics for Engineers – Part I Mohammad Tawfik
  • Economics for Engineers – Part I Mohammad Tawfik
  • Principle number 6: No one is, and no one ever can be, in complete control. Economics for Engineers – Part I Mohammad Tawfik
  • Principle number 6: No one is, and no one ever can be, in complete control. Economics for Engineers – Part I Mohammad Tawfik
  • Economics for Engineers – Part I Mohammad Tawfik
  • 3 Core Concepts Economics for Engineers – Part I Mohammad Tawfik
  • I - Rationality Economics for Engineers – Part I Mohammad Tawfik
  • I - Rationality Economics for Engineers – Part I Mohammad Tawfik
  • Economics for Engineers – Part I Mohammad Tawfik
  • Personal preferences. How we decide not to what we decide! Economics for Engineers – Part I Mohammad Tawfik
  • Your preferences appear in your choices! Economics for Engineers – Part I Mohammad Tawfik
  • II – Marginal Analysis Economics for Engineers – Part I Mohammad Tawfik
  • Economics for Engineers – Part I Mohammad Tawfik
  • If we woke up tomorrow and gas prices had doubled, how would that affect automobile usage? Economics for Engineers – Part I Mohammad Tawfik
  • Economics for Engineers – Part I Mohammad Tawfik
  • Increasing spending in crime prevention Economics for Engineers – Part I Mohammad Tawfik
  • Water-Diamond Paradigm Value in use vs. Value in Exchange Economics for Engineers – Part I Mohammad Tawfik
  • III - Optimization Economics for Engineers – Part I Mohammad Tawfik
  • Equi-marginal Analysis Economics for Engineers – Part I Mohammad Tawfik
  • Imagine yourself on a new TV reality show. Economics for Engineers – Part I Mohammad Tawfik
  • The Price of Safety! Economics for Engineers – Part I Mohammad Tawfik
  • How to achieve Economic Efficiency? Economics for Engineers – Part I Mohammad Tawfik
  • Economists define efficiency as people being made better off. Economics for Engineers – Part I Mohammad Tawfik
  • They figured they could not find a strong, objective measure of social welfare, so they settled for a very weak one instead Economics for Engineers – Part I Mohammad Tawfik
  • Pareto Optimum Economics for Engineers – Part I Mohammad Tawfik
  • If we take a number of people, and something makes any one of them better off by their own judgment without making anyone else worse off, that is an unambiguous social improvement. Economics for Engineers – Part I Mohammad Tawfik
  • Incentives and Tragedy of the Commons Economics for Engineers – Part I Mohammad Tawfik
  • Tradable Quotas Economics for Engineers – Part I Mohammad Tawfik
  • Future Values – Discount Rate Economics for Engineers – Part I Mohammad Tawfik
  • Behavioral Economics Economics for Engineers – Part I Mohammad Tawfik
  • The Ultimatum Game Economics for Engineers – Part I Mohammad Tawfik
  • Anchor Points Economics for Engineers – Part I Mohammad Tawfik
  • Endowment Effect Economics for Engineers – Part I Mohammad Tawfik
  • Status Quo Effect Economics for Engineers – Part I Mohammad Tawfik