What all do the economic engineers consider in a design situation?
Engineering Fundamentals: An Introduction to Engineering (MindTap Course List)
5th Edition
ISBN:9781305084766
Author:Saeed Moaveni
Publisher:Saeed Moaveni
Chapter3: Introduction To Engineering Design
Section3.2: Additional Design Considerations
Problem 4BYG: Why do economics and material selection play important roles in the design decision making process?
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What all do the economic engineers consider in a design situation?
Expert Solution
Step 1
Minimizing economic harm through fair wages:
Fair wages are required to reduce economic inequality. Identifying a fair wage is about striking the best balance between cheap labor and economic equality while outsourcing goods or buying products.
Step 2
Minimizing economic damage by fair value:
Offering desirable goods or at a price that seems fair to the consumer. Price fairness is evaluated solely on the acceptability, reasonableness or justification of the price of a commodity or value provided for that price.
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