Introduction to Economic Thinking

May 5th, 2015
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The reality of scarcity is the conceptual foundation of economics. Understanding scarcity and its implications for human decision-making is critical to economic literacy – but that understanding is not easily achieved. As prices, increase healthcare economist should consider looking more into the actual cost of the tradeoffs.

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Introduction to Economic ThinkingSherry A. DaileyPhase 1 DB 2Introduction to Economic ThinkingColorado Technical University OnlineCourse: ECON 202Instructor: Paul NapolitanoDate: 1/12/2013The reality of scarcity is the conceptual foundation of economics. Understanding scarcity and its implications for human decision-making is critical to economic literacy but that understanding is not easily achieved. As prices, increase healthcare economist should consider looking more into the actual cost of the tradeoffs. Undoubtedly, there is going to be a higher shortage of qualified medical personnel in upcoming years because of the rapidly rising cost of education. A quick glance at the programs cost to society, most people only consider the programs budget. Salaries for physicians and nurse practitioners, expenses for other financial or accounting cost and educational brochures should appear with in the budget. However, such an examination of the budget ignores the programs economic cost or opportunity cost to the society, which in fact is what economist look for.Marginal AnalysisMarginal Analysis is one of the most important concepts in microeconomics. Margina

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