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The study of how limited resources is used to satisfy unlimited human wants.

TYPES OF RESOURCES

All gifts of nature, such as: water, air, minerals, sunshine, plant and tree growth, as well as the land itself which is applied to the production process.

The efforts, skills, and knowledge of people which are applied to the production process.

Tools, buildings, machinery -- things which have been produced which are used in further production

Assets and money which are used in the production process

Education and training applied to labor in the production process

civil engineer latter part of nineteenth century; addressed role of economic analysis in engineering projects;

PRINCIPLES OF ENGINEERING ECONOMY

ENGINEERING ECONOMIC ANALYSIS PROCEDURE