Economics and Engineering

I believe the primary objective for the study of economics is in order for us to find more and more efficient ways to utilize resources. The undeniable fact that man has an almost infinite want, coupled with the finite resources Mother Nature could offer, has led man to resort to ingenious ways to find satisfaction. As this paper aims to highlight the relationship between the study of economics and engineering, much is to be said about solving the problem of limited resources. This would perhaps be the most obvious connection between engineering (specifically, electronics communications engineering) and economics.
As discussed in class, it is technological change that brought about increased in production output in every economy. Graphically, it is marked by a shift in the curve in the production function graph. Practically, it means more output produced by firms for the same amount of input.
Technological change is classified in to two; process innovation and product innovatio...