Answered: Relate the following Economic…

Relate the following Economic principles: in real life and medical field 1. Choices 2. Scarcity 3. Opportunity cost 4. Benefit/Cost Marginal analysis

MACROECONOMICS FOR TODAY

10th Edition

ISBN:9781337613057

Author:Tucker

Publisher:Tucker

Chapter2: Productions Possibilities, Opportunity Costs, And Economic Growth

Section: Chapter Questions

Problem 3SQ

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Relate the following Economic principles: in real life and medical field

1. Choices

2. Scarcity

3. Opportunity cost

4. Benefit/Cost Marginal analysis

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Economic way of thinking: The economic way of thinking has several critical and closely interrelated features: Scarcity, choice, opportuniy cost, rational behavior, marginalism. Define each of the concepts of scarcity, choice, opportunity cost, rational behavior and marginalism. Then, for each concept, give an example!
Match each term with the correct definition. economics opportunity costmarginal analysis utilitya. The next-best thing that must be forgone in order to produce one more unit of a given product.b. The pleasure, happiness, or satisfaction obtained from consuming a good or service.c. The social science concerned with how individuals, institutions, and society make optimal (best) choices under conditions of scarcity.d. Making choices based on comparing marginal benefits with marginal costs.
Discuss the principles of individual decision making with examples
Timothy quits his job, which pays $60 000 a year, to enrol in a 2-year graduate program. His annual school expenses are $60 000 for tuition, $8000 for books, and $1400 for food. a) What is his opportunity cost of attending the graduate program? b) What core principles are considered in timothy's decision making? scarcity,choice and opportunity cost , cost-benefit analysis, incentive principle or diminishing returns
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How does cost-benefit analysis differ from cost-effectiveness analysis?