Due to globalization and economic complexity, engineers are now required to have an in-depth understanding of the markets and how changes in these markets affect their bottom line. These can include a variety of things, such as understanding interest rates required to increase or sustain levels of capital stock, opportunity cost, net present value for calculating the value of investments, basic cost and revenue analysis, and more. It thus becomes apparent that this field will play a growing role in shaping successful engineers. Engineering economics is a field that addresses the dynamic environment of economic calculations and principles through the prism of engineering. It is a fundamental skill that all successful engineering firms employ in order to retain competitive advantage and market share. Engineering economics is a topic that all industry-bound students should learn because of its real-world applications.
The Department of Business Economics is engaged in teaching various courses based on “Economics” in various departments of the Faculty of Technology and Engineering.