There are various topics and studies which economists have delved into with contemporary and emerging issues on intricate interrelationships in the field of health care. The world is beset with a crisis which is financial in nature affecting economies on a global scale. This…
The subject of costs in economics is a trivial concern because as simple as it looks, costs assume many forms and applications. As conventionally defined, cost means the amount of money paid for a certain product or service. According to Encyclopedia Britannica (par. 1), cost “in common usage, (is) the monetary value of goods and services that producers and consumers purchase.” What make the concept of cost challenging in microeconomics is the diverse types or classifications attached to it. Since microeconomics encompass the study of the behavior of individuals, firms, and industries in terms of producing and consuming of economic goods and services, the concept of cost is relevant as it affects microeconomic activities of the units concerned. For consumers and individuals who are not familiar with the concepts of costs, one might have the tendency to discard this as irrelevant and immaterial. However, close examination of these underlying theories would enlighten consumers on their effects on prices and quantities of goods which are normally offered to the public. This concept is also relevantly applicable to the health care industry.
It is interesting to note that in economics, all costs are considered opportunity costs. As rationalized by Petroff (2002, par. 2), resources are usually indented for a particular purpose. When goods are produced using a definite resource, other goods could not be produced using the same raw materials. To use a practical application, for a consumer who decided to buy a television set, the opportunity cost could be the value of a trip to a nearby beach resort which was not taken due to the purchase.
In health care, the concept of opportunity cost is best exemplified by the number of years in terms of lives saved and the improvement in the quality of life should monetary resources be spent on an alternative medical intervention suggested or recommended for a diagnosed health care procedure. ...
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On the contrary, those societies which recognized the need for revising their environmental policies to overcome the problems posed by their ignorance continue to thrive today. For the purpose of this paper, the two societies which will be contrasted hereafter are the Orkney Society, and the ancient Norse Greenland Society.
This is the case since the trials took place in the twentieth century. The United States may be a young country, but it carries many important historical aspects. The country returns to the Salem Witchcraft through different periods. Relation to the Salem Witchcraft Trials remains evident in the American population.
This unusual design gives it a delicate yet sturdy appearance. Suspended from the gold chain is a medallion, wrought in gold. It is medium - sized and disk - shaped. This ornamental piece is likely to have been made for the purpose of personal adornment. The medallion would also have been a symbol of wealth and prestige as jewelry throughout the ages usually serves as the ultimate status symbol.
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