...A. Terms of Trade The relative price of exports in terms of imports and is defined as the ratio of export prices to import prices. It can be interpreted as the amount of import goods an economy can purchase per unit of export goods. An improvement of a nation's terms of trade benefits that country in the sense that it can buy more imports for any given level of exports. A deteriorating TOT would mean import prices rise relative to export prices. Lower results generally indicate that there is more money going out of the economy than coming in thus resulting to lower GDP figures. B. Demographic Transition Model Birth and death rates are both low, leading to a total population which is high and stable. Death rates are low for a number of reasons, primarily lower rates of diseases and higher production of food. The birth rate is low because people have more opportunities to choose if they want children; this is made possible by improvements in contraception or women gaining more independence and work opportunities. C. Trade Account The trade balance/ trade account is the amount a country receives for the export of goods and services minus the amount it pays for its imports of goods and services. Current Account The difference between a nation’s savings and its investment. The current account is an important indicator about an economy's health. It is defined as the sum of the balance of trade (goods and services exports less imports), net income from abroad and net current...
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...Economic Terms and Healthcare History July 1, 2013 By: Kelsey Breeden Economics within health care has changed drastically throughout the years. With the election and now reelection of President Obama, health care economics has become very important to not only providers, but managers and even the clients. In order to better understand the economics of health care, one needs to understand the history and evolution of health care. The purpose of this paper is to explore the history and evolution of health care throughout the United States history. Starting with the 1800’s, most people had their medical care and assistance come to their home. There were very little healthcare providers, as well as medicines and treatment. People during that time period were able to just deal with being sick instead of going to the doctors and to see all kinds of specialists. These types of options were not available, and if they were to seek medical attention it was very pricey. Healthcare insurance was not offered so all payments had to be paid out of pocket, and in full. As the 1800’s progressed, there became a formation of the medical field and medical professions. Now although there was a healthcare industry on the rise, people were still not sure of the money aspect of healthcare. When the 1900’s came about, healthcare continued to expand, with the expansion came the want and need for hospitals. Hospitals became very important to everyone and access continued to...
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...ECO 100 – Principles of Economics COURSE DESCRIPTION Presents a survey of basic macro- and microeconomic principles and concepts. Reviews the economic dynamics of market forces affecting competition, different economic systems, the role of government in the economy, and economic aspects of international trade. Discusses the labor market, interest rates and the supply of money, and performance of a national economy. Examines the use of economics in business decisions, considering such principles as opportunity costs, diminishing returns, and the marginal principle. INSTRUCTIONAL MATERIALS Required Resources O'Sullivan, A., Sheffrin, S., & Perez, S. (2012). Survey of economics: Principles, applications, and tools (5th ed.). Upper Saddle River, NJ: Pearson-Prentice Hall. MyEconLab book key Note: This book key comes with the purchase of a new textbook and is needed in order to access MyEconLab. Supplemental Resources Aaronson, D., Mazumder, B., & Schechter, S. (2010). What is behind the rise in long-term unemployment? Economic Perspectives, 34(3/4), 28-51. Andreyeva, T., Long, M. W., & Brownell, K. D. (2010). The Impact of Food Prices on Consumption: A Systematic Review of Research on the Price Elasticity of Demand for Food. American Journal of Public Health, 100(2), 216-22 Heyne, P., Boettke, P. J., & Prychitko, D. L. (2010). The economic way of thinking. (12th ed.). Upper Saddle River: Pearson-Prentice Hall. High, J. (2011). Economic Theory and the Rise of Big Business in...
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.... Opportunity costs are most simply defined as cost in terms of foregoing alternatives. This means what you potentially lose in making a choice for one thing in a decision. Stella would need to be aware that whatever resources she allocates to paying for the new car, will be removed from using them for other purposes. She should consider how much the car will cost in comparison with the other uses for her funds combined with the cost of another means of transportation. In short, for this to be a good choice, the cost of the car should be lower than the cost of the alternative uses + the cost of alternate transportation if she wishes to maximize this decision. http://wordnetweb.princeton.edu/perl/webwn?s=opportunity%20cost 2. In regards to which method should be used, I would make my choice based on the cost of the method. This means that I would be looking to put the cheapest labor option in to use. To determine this I calculated the cost of each option. Method 1 Cost – 20x10 + 10x100 = $1,200 Method 2 Cost - 50x10 + 2x100 = $700 Method 3 Cost - 100x10 = $1,000 Method 4 Cost - 10x10 + 12x100 = $1,300 After determining that method 2 is the cheapest method, I would suggest that the trucker use method 2. 3. I feel that Enron’s biggest problem was the misappropriation of its profit and revenue. They did not do all they could to ensure that their fixed costs were covered while simultaneously managing their money. Instead they were victim of accounting...
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...Economics Terms and Health Care History Joshua A. Barron HCS/440 May 08, 2012 Larry Gonzales Economics Terms and Heath Care History To understand how Americans came into being with the current health care system in place today, it would behoove society to look where it began, where health care economics had its genesis, and how it evolved into the monster it is today. “The United States spends more on health care, both per capita and as a share of Gross Domestic Product (GDP), than any other country in the world. In 2009, spending on health care reached a record high $2.5 trillion, or 17.6 percent of U.S. GDP” (Center for U.S. Health System Reform, 2011, p. 1, Para 2). The health care industry is the dominating industry in the United States and it is currently controlling and dictating the lives of Americans across the nation. Many workers are weighing the facts of switching jobs because they may have to switch health care coverage, and with the high cost of health insurance many people are left out or cannot afford it. Patients complain about the care they receive and are eager to award their physician with a lawsuit. This paper will discuss the history and evolution of health care economics and the timeline of health care funding. History of Health Care Economics “Who will pay for the dramatic changes to health care. In the past it has been our experience, for most individuals to pay their medical bills with private funding...
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...Term Project ON Euro Crisis: Origin, consequences and impact on world and Indian economy Submitted By: Ajay Sharma 2011SMF6623 Nitesh Goyal 2011SMF66 Sajal Agarwal 2011SMF66 Contents Description | Page No. | | | | | | | | | | | | | | | | | | | | | | | Impact on India | | Impact of FDI in India | | Snapshot of impact on India | | Conclusion | | References | | Impact on India Though India is primarily a domestic economy, India’s exports are positively linked to the global economic growth. This is likely to adversely impact India’s export growth in the coming months. However, growth will be only marginally affected by the slowdown in the euro region debt stricken countries as our exposure is low. Software services and other export oriented sectors would benefit from the rupee depreciation. FDI has not been significantly affected by the crisis while the FIIs are showing outflow in the last couple of months. International commodity price moderation is not being translated in domestic prices. Inflationary Concerns: Further, exchange rate depreciation would worsen the inflationary conditions in the economy. Therefore, the RBI would have to continue with its anti-inflationary stance in the near term if domestic conditions do not improve Source: World Bank, Ministry of Commerce, Government of India Interpretation of Graph - Graph 1 show that the share of the euro zone exports...
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...Economic Terms and History Paper Vicki Sellers HCS 440 July 10, 2014 David Disciascio Economic Terms and History Paper Health care economics have dramatically evolved throughout generations in this country. And those changes have caused a shift in how health care organizations to adjust their financial methods, strategies, and how they provide overall care. Health care economics has at times put a great burden on the health care industry such as the providers, the ones needing care, and the insurance companies who now help pay for that care. Health care facilities and companies continually have so many demands put on them with all the changes, it is not surprising that something has to suffer because of it and in our current economy, what seems to suffer most is the quality of care provided. Changes to health care and its delivery have also been impacted by technology, advances in medicine as well as different procedures and medicines . People vary in their belief systems in what has caused the changes to health care economics. Some individuals believe that is due to various changes that United States have gone through since her birth. However many others believe that a lot of influence has been due to advances in technology and how those changes have impacted health care. What is most important is having an understanding of these changes and the impacts they have made on the health care industry over all throughout history. Comprehending the history of and how health...
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...Economic Terms Comparison HCS 552 Economic Terms Comparison The economics of health care organizations and delivery is essentially the same as other services that employ principles of economics. The main goal is to make money from specific exchanges that take place in the business. Health care organizations provide a product which, hopefully, consumers want, and possibly need and the consumer is willing to exchange something of value for the product. How the organization determines the needs of the consumer is through the understanding of trends in the community. Specifically understanding the economic terms of utilization, supply and demand, variability, and third-party transactions will enable the organization to predict with some accuracy, the consumers health care needs. Utilization is a term to describe how consumer access or use a product. In health care utilization is used to help the health care organization understand what consumer health care trends are so that the organization can, with some accuracy, predict the necessary products of health care. Utilization and prices were out of control prior to the advent of diagnosis related groups (DRG) and managed care. Managed care helped to control some of the costs of health care by controlling the price of procedures and limiting utilization by the consumers. Increased access to or use of a particular item is may be beneficial in some business settings and through the use provides a better understand, which does...
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...A Real World Economic Problem In other instances, an American administration, such as the current Bush Administration, supports the timber industry in the United States to assure political support in a critical general election (Goldfarb, 2002). In the current environment, the softwood lumber dispute is further aggravated by supply shortages in the production of lumber in the United States stemming from environmental and habitat protection. Timber harvesting restrictions have the effect of curtailing the supply of lumber available for the market. In the case of harvesting restrictions related to the protection of spotted owl habitat, most of the timber affected is softwood lumber used extensively in the construction of houses. When the supply of lumber is restricted with no corresponding curtailment of demand, supply and demand analysis predicts that lumber prices will increase in the short run. This analysis, however, is very narrow and does not take into consideration the impacts of alternative sources of the product or substitutes for the product (Janigan, 2002). In the case of softwood lumber used in the construction of houses, there are few viable substitutes. There is, however, for homebuilders in the United States a reliable alternative source of softwood lumber. The alternative source is Canada. Therefore, while curtailing the harvesting of softwood lumber in the Pacific Northwest did lead to a reduction in the domestically produced supply of softwood lumber in the...
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...Long-term Finance and Economic Growth Working Group on Long-term Finance The views expressed in this report are those of the Working Group on Long-term Finance and do not necessarily represent the views of the individual members of the Group of Thirty. ISBN 1-56708-160-6 Copies of this paper are available for $49 from: The Group of Thirty 1726 M Street, N.W., Suite 200 Washington, D.C. 20036 Tel.: (202) 331-2472 E-mail: info@group30.org; www.group30.org Long-term Finance and Economic Growth Published by Group of Thirty© Washington, D.C. 2013 Table of Contents Abbreviations ............................................................................................................................................................................... 5 Glossary .............................................................................................................................................................................................6 Foreword ..........................................................................................................................................................................................8 Acknowledgments ..................................................................................................................................................................10 Working Group on Long-term Finance ................................................................................................................
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...Important Terms & Definitions | H2 Economics IMPORTANT TERMS & DEFINITIONS [ECONOMICS] Microeconomics 1. Introduction to Economics Scarcity Situation where limited resources available unable to satisfy unlimited human wants Opportunity Cost (OC) Cost of any activity measured in terms of next best alternative forgone Production Possibility Curve (PPC) Shows all different maximum attainable combinations of goods & services produced when all available resources are used efficiently at given state of technology Law of Increasing Opportunity Cost As more of a good is produced, more of another good has to be sacrificed in production Comparative Advantage When one can perform an activity at a lower opportunity cost than anyone else Law of Comparative Advantage Trade can benefit countries if they specialize in goods in which they have a comparative advantage 2. Demand & Supply Law of Demand Inverse relationship exists between price of good and quantity demanded of good, ceteris paribus Law of Supply Direct relationship exists between price of good and quantity supplied of good, ceteris paribus Price Elasticity of Demand (PED) Degree of responsiveness of quantity demanded of good to a change in its own price, ceteris paribus Income Elasticity of Demand (YED) Degree of responsiveness of demand to a change in income of consumers, ceteris paribus Cross Elasticity of Demand (XED) Degree of responsiveness...
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...treatment for their pre-existing conditions, and even minor circumstances, such as the cold or flu are something people are going to want to know the price to. These types of questions are in relation to healthcare economics. The meaning of health economics is the science that deals with the production, distribution, and consumption of good and services, or material welfare in healthcare. Because healthcare is always evolving there are some factors that have to do with the change, and those are types of medical care and technological developments in the industry. An example in the change in medical care is the quality. Now a day, people can be treated for any type of disease and as long as their insurance covers the specific service then they have a higher chance of being cured. In addition machines we have in clinics and hospitals also increase also affect health economics because most organizations always want to have the latest technology so their quality of healthcare maintains at a high level, however having this also increases their expenses. This paper will further on discuss evaluating the history of healthcare economics and its evolution along with how cash flows within the economic system Health care insurance is something that healthcare economics is based off of. Before when health care was as big issue and an actual business, people would use their own personal money to pay for treatments, services and other healthcare operations. Now a day, insurances pick...
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...Phoenix Material Week Two Health Care Financial Terms Worksheet Understanding health care financial terms is a prerequisite for both academic and professional success. This assignment is intended to ensure you understand some of the basic terms used in this course. Complete the worksheet below according to the following guidelines: In the space provided, write each term’s definition as used in health care management. You must define the term in your own words. In the space provided after each term’s definition, summarize a health care management scenario that illustrates the importance of the skill, concept, procedure, or tool to which the term refers. In the scenario, you may wish to consider the following: o Why the skill, concept, procedure, or tool is necessary for accurate record keeping, operational efficiency, excellent patient services, employee management, regulatory compliance, reducing costs, forecasting, and so forth o Successes enabled by an adequate understanding or appropriate application of the skill, concept, procedure, or tool o Risks or failures associated with an inadequate understanding or inappropriate application of the skill, concept, procedure, or tool Save the completed worksheet as a Microsoft® Word document with your name in the file name. Submit the file to your instructor. Worksheet Submitted By: [Earlene Patton.] |Term |Definition ...
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...Economic Terms and Health Care History HCS/440 March 03, 2013 Michele Burka Economic Terms and Health Care History Over the years healthcare economics have changed tremendously. These changes have everything to do with the evolutionary changes that have occurred in the United States which have influenced this dramatic change in the economics medical technology. The main key that moves all things or drives that are through health care economics is the money and money helps keeps an organization established and is the key to success. The cash flow system is something that the organization uses to help run the business and make decisions for the future and learning the health care economics are important. “Economics is the science that deals with the production, distribution, and consumption of goods and services or the material welfare of human kind.” We can’t use the ways of approach to health care services as we have done before with the depression or World Wars. The United States technology had to change because of the supply and demand and a new system have to be continuously be made to help United States population. A long time ago the person that needed services paid for their services that was needed with private funds, now today we have insurance companies assisting us with the cost, also third parties that cover the majority of payments, then if need be we pay a small portion with the private money. Who do you think is paying for this upcoming change that continues...
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...2011 Economic Terms and Health Care History Health care economics has gone through many changes over the years. With all of the changes health care organizations have had to adjust their financial strategies as well as their organizational strategies. The economy has had a lot to do with all of these changes. Healthcare organizations have so many demands put on them. Some of the changes that have occurred are due to the advances in medicine such as diagnostic, procedures and pharmaceutical. Insurance Payments over the years have changed. It used to be that you had health insurance and your bills would get paid over the years the payment system has changed and more and more is coming from the patient’s pocket. In this paper the focus will be these key terms supply and demand, microeconomics, microeconomics and elasticity. The issue is not how to fill or reuse empty beds. In this changing environment, hospitals and health systems must focus on streamlining and simplifying operational processes, facilitating case management, promoting the least costly setting for care delivery, and optimizing resource sharing among departments. When hospitals have addressed these issues, then solutions to the “bed problem” will be obvious.Cynthia Hayward, 1996(Marcinko, 2007). Division of economics focused on evaluating scarcity in health care systems in different economies. ("Health Economics", 2012). The currents state of our economy is a prime example. Health economics seeks to identify...
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