ES- 91 ( Engineering Economy)
College of Engineering ( COE) , MSU-IIT

Submitted By:
Jelord Klinn Cabresos, BSECE-5

Submitted To:
Prof. John Hansel

materials and processes. devise”. gathering of data. build. Engineering is a term derived from the Latin word “ingenium” meaning “cleverness” and “ingeniare” meaning “to contrive. It is a system of gaining knowledge based on a scientific method which has the following steps: unbiased observations. economic. formulation of hypothesis. systematic experimentation. design. and practical knowledge in order to invent. analysis of data and conclusion. and improve structures. . It expresses general truths and principles to explain how things work. systems. It is also concerned with the economy safety and the life preservation. is the application of scientific. social. is a systematic enterprise that builds and organizes knowledge in the form of testable explanations and predictions about nature and the universe. Economics is a term derived from the Ancient Greek word “oikonomia” meaning “management of a household. devices. each with a more specific emphasis on particular areas of applied science. is the social science that studies economic activity to gain an understanding of the processes that govern the production. and encompasses a range of more specialized fields of engineering. distribution and consumption of goods and services in an economy. administration”. The discipline of engineering is extremely broad. maintain.Science is a term derived from the Latin word “scientia” meaning “knowledge”. It focuses primarily on the demand and supply of the resources and of major concerns about how the availability and scarcity of resources would affect the lifestyle of the people. It aims to give better understanding of current phenomena and a better ability to infer future events. technology and types of application. research. It deals on how to improve or develop the status of individuals and the societies. machines.

The South Korean government's structure is determined by the Constitution of the Republic of Korea. and legislative branches. have been undercut by declines in property rights. Over the 20-year history of the index. rated “moderately free”. Local governments are semi-autonomous. Notable gains in market openness. with improvements in financial freedom and monetary freedom outweighing modest declines in business freedom. The government commands and dictates almost every part of the economy. Large military spending further drains scarce resources. and state-owned industries account for nearly all GDP. The judicial branch operates at both the national and local levels. and contain executive and legislative bodies of their own. although various ministries in the executive branch also carry out local functions. judicial. and reported statistics on the economy remain largely speculative. It sets production levels for most products. Every aspect of economic activity is tightly controlled by significantly in recent years. North Korea remains isolated from most of the rest of the world. The North Korean economy has been rated the latest free. South Korea’s economy. freedom from corruption. Data collection is extremely challenging. Despite the state’s attempts to crack down on them. The state directs all significant economic activity.9 point higher than last year. Over the 20-year history of the Index. Government Administration The government of South Korea is divided into executive. The executive and judicial branches operate primarily at the national level. North Korea has remained an unreformed and essentially closed dictatorial state. which measures trade freedom. and fiscal freedom. labor freedom. South Korea is ranked 8th out of 42 countries in the Asia–Pacific region. This document has been revised several . Its score is 0. has advanced to “mostly free” in the past two years.Compare South Korea and North Korea Economy South Korea’s economic freedom score is 71. black markets have grown.2. and financial freedom. making its economy the 31st freest in the 2014 Index. requiring careful evaluation. investment freedom. and the management of public spending. South Korea’s economic freedom has been largely stagnant.

Thinking. and partially by the legislature. And as for system 2. meaning all the task can be done by system 1 and less burden to system 2. When you acquire knowledge. because if you always use system 2 to analyze tasks. Most of the time. it automatically answers the doubt you are having instantly. The North Korea Government is often described as a Juche or a self-reliant one. The North Korea government is a highly personalized one with the ultimate loyalty to Kim II Sung. it may or can affect your performance. human brain works as instant thinking and deep thinking. you stop moving or doing other stuffs and will just focus on one thing. System 1 is an effortless part of brain which whenever you detect an object or hear some familiar voice. However. since it is effortless. It helps analyze and solve the problem system 1 is having which means that system 2 requires a longer time to provide an answer. System 1 labeled as “fast” and system 2 as “slow”. a careful system of checks and balances is in place. see History of South Korea). you are able to solve the problems easily. granting it the primary position. whenever you are facing difficulties. it is sent to the judiciary for a final decision. it works as a supporter of the previous system whenever there is a question which cannot be handled easily. it optimizes brain performance and can be able to do action flawlessly. So. Standing as a perfect example of the "rule of man". the country has always had a presidential system with a relatively independent chief executive. which is why it is labeled as slow. . system 1 and system 2. instant intuition. For instance. when a resolution of impeachment is passed by the legislature. the judges of the Constitutional Court are partially appointed by the executive. Compared to system 2. in other words. The best way to enhance these two systems is to acquire knowledge. North Korea’s “songun” (Military First) policy elevates the Korean People’s Army within the country as an organization and as a state function. Likewise. the part of the brain which is always working is the system 1. with the exception of the short-lived Second Republic of South Korea.times since its first promulgation in 1948 (for details. Fast and Slow Human brain is divided into two categories. which is the problem you are facing with. why are these systems labeled that way? Well. As with most stable three-branch systems. it has retained many broad characteristics.

Power. . And due to the increase of population in the Philippines. But aside from this. The elite by definition has power over the rest. Subsistence is mostly likely not considerably to occur. At times 'everyone else' has been stronger relative to the elite. and access to media. Poverty.Significance of Wealth. A great deal of the damage done by racism is done through the economic system. status and occupation. we cannot deny that the economy consists of an elite and everyone else. Subsistence. income. Environment. some who are less. business and government. access to education and health care. connections. People of color are denied economic power. This results into poverty. Unemployment. and geographic and social mobility. Rebellion on Population Increase The population in the Philippines has increased drastically for hundred years. Economic power is a combination of wealth. organization. there are some who are more elite and have more power. These in turn translate into political power. the government officials are having difficulties in balancing the economy due to the demand of the people. But the economy is not so simple. here and in many places in the world. at times weaker.