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John Israel R.

Catedral
September 15, 2014
BS MetE 4
A3

ENGINEERING ECONOMY
A. DEFINITION AND EXPLANATION
Science
Science, a term derived from the Latin word scientia, meaningknowledge. Science
refers to any information obtained through study or process. Thus, it can be think of as a
system of acquiring knowledge. This system uses observation and experimentation tested
through scientific method to describe and explain a natural phenomena. Science also refers
to any systematic field of study or organized body of knowledge people have gained using
that system. In general, science is the pursuit and application of knowledge and
understanding of the natural and social world following a systematic methodology based on
evidence.
Anonymous. nd. The definition of Science, What is Science. Retrieved from http://
www.sciencemadesimple.com/science-definition.html
Engineering
Engineering is the application of scientific and mathematical principles to solve
problems in the design, construction, manufacture and operation of materials and services.
The discipline of engineering is extremely broad, and encompasses a range of more
specialized fields of engineering, each with a more specific emphasis on particular areas of
technology and types of application.Generally, engineering is the application of science to
the optimum conversion of resources of nature to the use of humankind.
Anonymous. nd. Engineering. Retrieved from http://www.thefreedictionary.com
/engineering
Economics
Economics is the study of the production and consumption of goods and services. It
seek to answer important questions about how people, industries and countries can maximize

their productivity, create wealth and maintain financial stability. It also explains how people
interact within markets to get what they want or accomplish certain goals that meet their
satisfaction. Since, economics is a driving force of human interaction, studying it often
reveals why people and governments behave in particular ways.
Anonymous.

Nd.

What

is

Economics?.

Retrieved

from

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economics.org/
B. COMPARISON
South Korea and North Korea
These countries are of the same blood and origin but disputes following World War II
led the separation of the country. A democratic-based government (Republic of Korea, ROK)
was set up in the southern half of the Korean Peninsula while a communist-style government
was installed in the north (Democratic People's Republic of Korea, DPRK).
Due to the communist-style government, North Koreas economy is heavily regulated
by the government through central planning and control. With this, entrepreneurial activity
remains impossible resulting to the dull economic growth of the country. Unlike North
Korea, South Korea promotes economic freedom and serves as a source of vibrant economic
growth. Hence, South Korea is labeled as the worlds 12th largest economy.
Just like any democratic government South Koreas Government Administration is
divided by: executive, judicial and legislative powers, where system of check and balance is
applied. Compared to the government of North Korea, there exists only executive branch of
the state. This explains why North Korean government is highly centralized and highest
decisions are made by the National Defense Commission of North Korea.

Human rights in South Korea is freely exercised by its citizens, where people are able to
think and communicate as they please. On the other hand, human rights in North Korea is
very poor, where law is forced before human equality.

C. THINKING DEVELOPMENT
Thinking, Fast and Slow by Daniel Kahneman
Thinking, Fast and Slow by Daniel Kahneman takes us on a ground breaking tour of the
mind and explains the two systems that drive the way we think. System 1 is fast, intuitive, and
emotional; System 2 is slower, more deliberative, and more logical. Kahneman exposes the
extraordinary capabilitiesand also the faults and biasesof fast thinking, and reveals the
pervasive influence of intuitive impressions on our thoughts and behavior. The impact of loss
aversion and overconfidence on corporate strategies, the difficulties of predicting what will make
us happy in the future, the challenges of properly framing risks at work and at home, the
profound effect of cognitive biases on everything from playing the stock market to planning the
next vacationeach of these can be understood only by knowing how the two systems work
together to shape our judgments and decisions.
We're hopelessly subject to the "focusing illusion", which can be conveyed in one sentence:
"Nothing in life is as important as you think it is when you're thinking about it." Whatever we
focus on, it bulges in heat of our attention until we assume its role in our life as a whole, is
greater than it is.
D. SIGNIFICANCE OF POPULATION INCREASE
Population Increase in the Philippines
The data obtained from NSO shows that the population in the Philippines is rapidly
increasing. Without the equivalent economic growth to sustain the increase in population,
Philippines is suffering from poverty. Also there is not enough job for everyone resulting to
unemployment and consequently subsistence. Given these, more people are expected to be in the
slums, where there is poor sanitation and health, which affects the environment.

The population increase in Philippines, Mindanao, and Lanaodel Norte have a common
effect. In fact, population increase is a global issue. It is global because it pertains to all humanity
affects the whole world, especially the environment. Almost all human activities affect
negatively the environment in one form or another, as human population will expand the
damaging effects on the environment will multiply. But as to economy, it differs in the country.
For example, Philippines have a hard time in its economy because the government cannot utilize

the countrys resources to the demand of the people.