Economic Concepts Worksheet Dys Singa University of Phoenix MBA 503: Introduction To Finance And Accounting

Economic Concepts WorksheetConceptApplication of Concept from Personal ExperienceReference to Concept in Readingscarcity and ChoiceScarcity and Choice, there survive only a limited supply of human and non-human resources that be available without sacrifice of something else.

My Psychiatric department is limited by the amount of funds it receives annually for staffing and the implementation of various healthcare projects and operate. A recent change in the acuity and demographics of the psychiatrical forbearing population has increased the necessity to hire additive nursing staff to maintain a high tonus of services and care. Due to financial constraints, scarce human and topographic point resources the Director has elected to use financial resources to execute slender changes that positively impact more than eighty percent of our patient population, as long as these interventions attract and retain patients and does non lead to substantial labor costs. Our department has become automatize in an effort to enhance efficiency and delivery of services offered. As a result, additional nurses have not been hired, our psychiatric unit census and acuity is high and the Director has given the nurses the choice of working overtime hours, working understaffed, or pursuit new employment.

There are predetermined and/or lacking(predicate) amounts of goods and services that can be produced for human consumption, all psyche or societal needs and desires cannot be fulfilled, a scarceness in resources necessitates that choices be made from all existing options. ? Scarcity limits our options and necessitates that we make choices. Because we ?can?t have it all,? we must get back what we will have, and what we must forgo,? (McConnell & Brue, 2004).

Marginal AnalysisMarginal Analysis is a valuable economic approach to validate if a circumstance want is worth satisfying.

I am a trade shopper at heart; therefore, I often impulsively acquire merchandise when stores advertise ?buy one, get...

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