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ECON545: Project 1—Microeconomic Analysis

Intro
From a Microeconomic Analysis perspective this paper is designed to outline the current demand and supply associated with physicians in today’s economy and prospective future demand. Based on a microanalysis approach we will look at the current supply and demand for physicians, cost of production determinant, price elasticity of demand and the gains or losses from picking this profession.
Demand Determinants
Currently there are 691, 400 Physicians employed through the United States; however by 2022 the demand for the profession will increase by over 18% (numbers will vary based on origin of information) (Howard, 2013) (Occupational, n.d.)
Current factors for the future demand of physicians include demographics and population needs. Aging and population growth are projected to account for 81% of the change in demand between 2010 and 2020.
In the future the population will age and the number of people suffering from chronic diseases will increase. This will cause a demand for primary services (Projecting, 2013).
A major part of the future demand of physicians is attributed to the Affordable Care Act, which will expand the number of citizens covered by insurance. The increase will also be attributed to the increase in preventative services and primary care these individuals will be able to receive.
Technological and medical advances will also affect demand due to improving survival from illnesses and chronic diseases. Even though technology can increase the survival of the population, it may also lead to a decrease in the need for practitioners since it increases their productivity.
System-induced demand will also increase as health care practitioners refer patients to other practitioners based on referrals for tests, procedures, and follow-up visits.
Without changes to how primary care is delivered,

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