tailieunhanh - Lecture Engineering economics - Chapter 1: Introduction to U.S. Financial System

Upon completion of this chapter you should understand: Reasons for economic success and a brief history of the . economic system, legal forms of the organization and their respective sources of capital, the money cycle, contemporary financial techniques including total financial management and the team triangle approach to financial decision making, financial responsibilities as they relate to the constituents of an organization. | Chapter 1 - Unit 1 Introduction to . Financial System IET 35000 Engineering Economics 1 Learning Objectives - Chapter 1 Upon completion of this chapter you should understand Reasons for economic success and a brief history of the . economic system. Legal forms of the organization and their respective sources of capital. The Money Cycle. Contemporary financial techniques including total financial management and the team triangle approach to financial decision making. Financial responsibilities as they relate to the constituents of an organization. 2 Learning Objectives - Unit 1 Upon completion of this unit you should understand Reasons for economic success and a brief history of the . economic system. Legal forms of the organization and their respective sources of capital. The Money Cycle. Contemporary financial techniques including total financial management and the team triangle approach to financial decision making. Financial responsibilities as they relate to the constituents of an organization. 3 1 1 Introduction Essentially no decision in made in an organization without considering the financial implications. The success or failure of an organization is directly linked to financial and economic decisions. The high standard of living in the . is due to capitalism which comes from the economic framework established by the founding fathers and constitution. To effectively manage the financial aspects of an organization an understanding of economic concepts analysis methods record-keeping requirements is essential. 4 1 Introduction Contemporary management includes the empowerment of employees to take an active role in decision-making therefore an understanding of economic decision tools is essential. A key concept within financial decision-making is the value of money. Organizations must never be satisfied - application of continuous improvement is essential to survival. This includes continuous improvement of financial and economic management. 5 1 .