Engineering Economy

The goal of this course is to familiarize students with the basic categorical apparatus and principles of fundamental social science - economics. The goal is to create competencies for independent and responsible participation in professional and public decision-making processes. The subject examines the basic aspects of micro and macroeconomics.

By mastering the Engineering Economics course, students strengthen their abilities for critical understanding of all the most important contradictions in the development of all modern societies, especially the so-called transitional, including ours. The emphasis is on the adoption of modern theoretical concepts and empirical methods in order to better understand contemporary social problems.

Micro and macro economy. Production and production factors. Consumer demand. Prices and incomes. Production function. Production costs. System of economic relations with foreign countries. The concept of "sustainable development". Technological changes, transition and globalization.

The exercises consist of auditory exercises, i.e. discussions and workshops where selected topics that are relevant both from a theoretical and a practical point of view are further elaborated. The emphasis will be on pointing out the specifics of the economic analysis of modern societies in relation to other analytical and methodological procedures. Also, exercises will be used for preparatory consultations for preparation and defense of seminar papers.

The student must be enrolled in the first year of academic studies (the second semester).

The basic resources of the course are literature, as well as prepared handouts and notes from lectures and exercises. Also, it is desirable to use the Internet, as well as wider literature that the teacher will recommend, especially for the preparation of seminar papers. Slobodan Pokrajac, Nikola Dondur, Introduction to Economics, Faculty of Mechanical Engineering, Belgrade, 2021.

Total assigned hours: 30

New material: 12
Elaboration and examples (recapitulation): 4

Auditory exercises: 8
Laboratory exercises: 0
Calculation tasks: 0
Seminar paper: 0
Project: 0
Consultations: 0
Discussion/workshop: 0
Research study work: 0

Review and grading of calculation tasks: 2
Review and grading of lab reports: 0
Review and grading of seminar papers: 0
Review and grading of the project: 0
Test: 2
Test: 0
Final exam: 2

Activity during lectures: 20
Test/test: 40
Laboratory practice: 0
Calculation tasks: 0
Seminar paper: 10
Project: 0
Final exam: 30
Requirement for taking the exam (required number of points): 30

S. Pokrajac, N. Dondur, Uvod u ekonomiju, Mašinski fakultet u Beogradu, 2021; Young, D.: Modern engineering economy, John Wiley & Sons, 1993.; Park, Ch: Contemporary Engineering Economics, Addison-Wesley Publishing Company, 1993.; Newnan D, Lavelle J: Engineering Economic Analysis, Engineering Press, Austin, Texas, USA, 1998.