Engineers & Economics?

Question

what are the benefits from studying economics for engineers?

Answer 1

Money is what puts plans in place.

Economics is a critical factor for getting funding for projects. You need to know what the budget is, you need to know what ROI a project offers to your company or whoever is funding it.

You can also understand the motivation and attitude of cost savings managers. And you'll know when this is appropriate and when it's NOT appropriate. (Hint: they don't know the answer to that, they've done as much harm as good for corporations)

It's also interesting to recognize that many scientific principles apply to economics: entropy, centrifugal force, statistical mechanics... You can use that understanding as part of your career.

Those who wish to advance will understand the whole picture, and that include finance. Concentrate on becoming a top engineer first, however. But, don't neglect the other pieces to the puzzle.

Answer 2

Economics and Engineering can go hand in hand.

Learning to become an engineer will teach you "how" to create, Learning economics will teach you "what" to create.

Here's how you can use the two:

First some economics:

We live in a world with scarce resources. Wood is scarce. Steel is scarce. Coal is scarce. Oil is scarce. Even human labor is scarce.

The basic question of economics is: "Where should we apply the Earth's scarce resources?"

Capitalism is the only economic system that can answer that question. And it does so through two valuable indicators:

Profits & Losses.

Profits are a signal. They tell property owners "Apply your scarce resources here. This is where the demand is."

At the same time, Losses are also a signal. Losses tell property owners, "Remove your scarce resources from this area. Put them where they are demanded more."

So an understanding of basic economics and being able to forecast consumer demand will help you greatly.

If, at the same time, because of your engineering knowledge, you have the ability to create what is highly demanded, you are in quite a favorable position.

If you'd like to study economics, I highly recommend The Mises Institute:
http://www.Mises.org

Answer 3

By experience I can tell you that in engineering you have to study a lot, you have to see tons of maths and physics, is cool if you are into sciences.

But While you are trying to solve some group of equations for your next exams, you see the people form the economics and business faculties sipping coffee and chatting... Then when you find yourself at the work place those economics and businees people that were sipping coffee become your bosses !
Managers and high executives hold management or economics degrees, most of the times.

Up top you to draw conclusions from now.

Answer 4

Alot of Economists have a basic degree in engineering. Their strong aptitude in math helps in doing complex economics modelling and the systematic and analytical ability helps them approach economics questions the same way.

Answer 5

i could wish so because of the fact my substantial and 2d substantial has similarities to yours. in case you do solid in the two one in all them it somewhat is going to honestly provide you that aggressive side over the contest. additionally to substantial in economics you need to take many super enterprise classes that ought to unquestionably be useful for everyone to be conscious of. additionally you have something to fall back on basically in case engineering does not artwork or perhaps you opt to circulate in for enterprise for your self sooner or later. i could follow it in case you may it ought to in hassle-free terms assist you. problematic artwork consistently will pay off contained in the long-term.

Answer 6

so that you can design an economical engine ah?

Answer 7

social awarenessss