Preview

ECON545: Project 1—Microeconomic Analysis

Powerful Essays
Open Document
Open Document
1868 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
ECON545: Project 1—Microeconomic Analysis
ECON 545 Microeconomic analysis
KELLER GRADUATE SCHOOL OF MANAGEMENT
Project 1

Situation A

My situation has to do with my niece Jenny. Jenny is a super intelligent high-school student who wants to make intelligent choices about her future so she’s decided to call upon me for advice in regard to possibly pursuing a career as a doctor and on the best location to practice medicine. She got wind that I am currently taking a business course in economics and decided to e-mail me for information on the market for physicians in terms of supply and demand, elasticity, costs of production, pricing, and economic profit and loss. As a caring uncle, I definitely recognize the significance of choosing a career in medicine. I truly want Jenny to be armed with the most valuable and pertinent information on the topic possible, so I decided to educate myself about the market for physicians. With this information I provided hopefully, Jenny will have the tools she needs to make an educated decision and evaluation on her career choice…

In terms of quantity, the demand for health care services in the United States shows that society is willing to pay the minimum price in order to avail their services in the future. The demand of the physicians depends on several factors such as needs of the population, some of the economic constraints of the people such as their income level and prices they are facing, other technological constraints related to the feasibility of what the consumers demand, and last, the cultural considerations. The final demand of health care physicians depends on the interactions of demand and supply conditions prevailing in the market of services. According to the report, there will be less agreement on the future demand of the physicians in U.S. As for the past projections of demand and supply of the physicians in the market, there has been consistent shortages of the physicians which ultimately influenced the


References: AAMC. (2007). AAMC Statement on the Physician Workforce, June 2006.” AAMC. AAMC. (2014, JULY 16). Retrieved from https://www.aamc.org/data/workforce/359282/2013physician.html BARGAIN, J. (2010). The Impact of Health Care Reform on the Future Supply and Demand for Physicians Updated Projections Through 2025. CENTRE FOR WORKFORCE STUDIES. Hough, D. E. (2009). Size Matters: The Impact of Physician Practice Size on Productivity. Innovation and Research, Medical Group Management Association. MGMA. (2014, July 16). Medical group medical association. Retrieved from mgma.com: http://www.mgma.com/practice-resources/practice-solutions-topic-search?categoryid=642 NIH. (2014, July 16). U.S National Library of Medicine. Retrieved from nlm.nih.gov.in: http://www.nlm.nih.gov/hsrinfo/datasites.html
Continue Reading
View Writing Issues

You May Also Find These Documents Helpful

  • Powerful Essays

    Economics 545: Microeconomics Course Project
    • 3391 Words
    • 14 Pages

    Economics 545: Microeconomics Course Project

    There are many factors that will affect his success. Crude oil is a commodity and prices are not set by the establishment, they are set by the market and what it is trading it. Currently it is a necessary commodity that if you have a vehicle it is extremely necessary. Even if you take public transportation, gas prices would still affect the consumer, because if gas prices remain high after a certain period, you know they will request a price increase adjustment for bus passes and single trips. Now how much the consumer uses is all up to how much the consumer wants to spend or adjust their budget. Gas prices fluctuate from one day to the next and is never a set price. For example, if I want to get to work and I am low on fuel in my car, I have to fill up on gas regardless on the price of gas. I could search around to try to locate the lowest priced gas in my area, but by doing that you also waste precious gas. I would have to adjust my budget to either lower it or cut something out that isn’t necessary. Instead of pizza every Friday, I would have to cut back to every other week or none at all. Not many consumers have the luxury of not using gasoline at all. Gasoline is used in many different gas powered tools, and in the farming industry. I would suggest he start off with opening one gas station with a convenience store in a high population and…

    • 3391 Words
    • 14 Pages
    Powerful Essays
    Read More
  • Good Essays

    Physician Shortage: A Case Study
    • 632 Words
    • 3 Pages

    Physician Shortage: A Case Study

    Some specialty doctors earn up to three times as much as their primary care counterparts. Insurers and the government have significant influence on reimbursement and fee scales for physicians. They determine, based on a set of criteria, what should be and what will be paid for physician services. The Association of American Medical Colleges (AAMC) should encourage medical schools to endorse primary care to their students. It can develop and implement the primary care medical programs to the medical students. The insurance companies are known to reimburse reduced amounts for the primary care services. They can emphasize primary care by increasing their reimbursements. Due to the mismatched ratio of primary care versus specialists 60:40, federal and state policies encouraged the training of more primary care physicians (Sultz & Young, 2011). A master plan, which includes specific distribution of primary care vs specialists in each geographic location of the country is need. This can be done by all the stakeholders getting together and design a master plan. The shortage of primary care physicians can be lessened by integrating nurse practitioners and the physician assistants (HRSA,…

    • 632 Words
    • 3 Pages
    Good Essays
    Read More
  • Best Essays

    Econ 545 Project Paper
    • 1934 Words
    • 8 Pages

    Econ 545 Project Paper

    Throughout the late 1970s, American people had grown discontent with the government’s fiscal and monetary policies as the economy was stagnant and recovery was not in sight. This ultimately led to the election of former actor and California governor, Ronald Reagan in 1980. President Reagan’s economic policy was based in the theory of supply-side economics, which promotes the reduction of taxes to stimulate spending and investment. Additionally, he made cuts to social programs as he believed that government had become too big and intrusive. Next, the President also increased defense spending out of concern that the country had neglected its military after the Vietnam War. This combination overwhelmed the small reductions in other domestic programs and ultimately led to an increase in federal budget deficit even higher than the levels seen in the Carter administration; recovery stagnated once again.…

    • 1934 Words
    • 8 Pages
    Best Essays
    Read More
  • Best Essays

    Comparing and Contrasting Between Certified Nurse-Midwife and Certified Midwife
    • 1475 Words
    • 6 Pages

    Comparing and Contrasting Between Certified Nurse-Midwife and Certified Midwife

    Hartley, Heather. “The Influence of Managed Care on Supply of Certified Nurse-Midwives: An Evaluation of the Physician Dominance Thesis.” Journal of Health & Social Behavior (Mar1999): Vol 40. Issue 1. p87-101. Print.…

    • 1475 Words
    • 6 Pages
    Best Essays
    Read More
  • Satisfactory Essays

    Summary: Decline In Health Care
    • 260 Words
    • 2 Pages

    Summary: Decline In Health Care

    2- The health care system also will be facing a shortage of physicians, especially as coverage expands under the ACA. By 2025 there is expected to be a shortage of more than 130,000 specialist and generalist physicians. The below chart shows the projected employment growth by occupation in thousands, 2010 – 2020 3- hospitals will be competing with many other healthcare venues for workers such as home health agencies…

    • 260 Words
    • 2 Pages
    Satisfactory Essays
    Read More
  • Best Essays

    Nursing Shortage
    • 1330 Words
    • 6 Pages

    Nursing Shortage

    Nursing and a Nurse is one of the most important components of the health care hierarchy in that they see to the moment to moment care needs of patients after the doctor has performed his diagnosis and or services. Their responsibilities broach a wide spectrum of services with one of the most important being the administration of acute care. This type of care is one rung below critical care, however it is just as important in the recovery of a patient.…

    • 1330 Words
    • 6 Pages
    Best Essays
    Read More
  • Better Essays

    Physician and Nursing Shortages
    • 3003 Words
    • 9 Pages

    Physician and Nursing Shortages

    Healthcare reforms including Obama Care, formally named the Patient Protection and Affordable Care Act greatly impacts physicians and nursing shortages. There are several provisions which could direct impact physicians and nurses through incentives for potential recruitment, grants, training and retention. Through potential initiatives, the act may indirect effects that may question or present new reimbursement alternatives and models of health care delivery options. Healthcare reforms will allow millions of additional working as well as no working Americans to obtain healthcare coverage and this may challenge and highly impact physicians and nurses workforces across the United States. Many healthcare facilities have already reported high vacancy rates for technicians, pharmacists, maintenance staff, housekeeping staff and radiology technicians and laboratory technologists.…

    • 3003 Words
    • 9 Pages
    Better Essays
    Read More
  • Better Essays

    Us Healthcare Delivery Systems
    • 1228 Words
    • 5 Pages

    Us Healthcare Delivery Systems

    Currently costs are increasing and expected to continue to rise if there are not changes made. Costs are a concern in not only the public health service system, but also in the private sector as well. In the private sector, there are many issues related to costs, on the provider side but the consumer side as well. In the book, Delivering Healthcare in America: A Systems Approach, it states, “The greatest challenge in insurance is maintaining a balance between healthy and sick enrollees” (2008, p. 569). Insurance companies and private medical coverage must make sure there is a balance of enrollees because having an unbalanced amount will lead to higher cost for the providers and will result in high cost for the consumer. Consumers also have high costs with high insurance coverage premiums, high co-pay amounts and high deductibles. There has also been growth in the…

    • 1228 Words
    • 5 Pages
    Better Essays
    Read More
  • Best Essays

    Microeconomics Versus Macroeconomics Bus610
    • 1627 Words
    • 7 Pages

    Microeconomics Versus Macroeconomics Bus610

    Sherrod, R. (June 2010). The impact of healthcare reform on the future supply and demand for…

    • 1627 Words
    • 7 Pages
    Best Essays
    Read More
  • Powerful Essays

    Health Care in Us and France
    • 3201 Words
    • 13 Pages

    Health Care in Us and France

    First of all, let us define what health is. These can be two ways to define it: 1) Negative: the absence of disease 2) Positive: “a state of complete physical, mental and social well-being.” (World Health Organization, 1946).Therefore we can outline two aims of health policy: to improve health and to reduce health inequalities. In terms of the first definition, the US health care system is efficient. In terms of the world-accepted definition, the second one, the US health care system is expensive and in many cases not efficient. Let us analyze the relation between costs and effectiveness in this system. First of all let us trace the development and progress of both health care systems. The basis for current health care system was established after the World war II, when private doctors were serving most of the market.…

    • 3201 Words
    • 13 Pages
    Powerful Essays
    Read More
  • Powerful Essays

    Staffing Shortage In Health Care
    • 18426 Words
    • 74 Pages

    Staffing Shortage In Health Care

    PricewaterhouseCoopers’ Health Research Institute What works* Healing the healthcare staffing shortage *connectedthinking Table of contents 01 02 03 04 Executive summary l Key findings l Future Forces l Recommendations l About the research 05 Background: Business policy issues around the supply of nurses and physicians 11 The challenges of inadequate supply 20 Overcoming the disconnect 22 23 25 27 31 Strategies for developing a workforce model for the future l Develop public-private partnerships l Encourage technology-based training l Design flexible roles l Establish performance-based metrics 35 Conclusion 36 Appendix Executive summary…

    • 18426 Words
    • 74 Pages
    Powerful Essays
    Read More
  • Good Essays

    Primary Care Issue Analysis
    • 647 Words
    • 3 Pages

    Primary Care Issue Analysis

    The United States has prided itself for many years on the health care system which ranks highly in treatments of many diseases, cancers, and conditions. However, problems are emerging with the ever expanding healthcare sector and the industry cannot keep up. At the beginning of this year, CNN chief Medical Correspondent Dr. Sanjay Gupta wrote about the nine largest health issues in the United States. One of the topics was the simple lack of Doctors and healthcare professionals in the United States. This concern is shared with Health Resources and Services Administration, which state that between the years of 2010 and 2020, there will be an 81 percent increase in the demand of primary care practitioners. Some of the findings of the study to project the supply and demand of primary care practitioners conclude that,…

    • 647 Words
    • 3 Pages
    Good Essays
    Read More
  • Better Essays

    Healthcare Spending
    • 1728 Words
    • 7 Pages

    Healthcare Spending

    National health care spending within the United States is at an all-time high and continues to rise. The nation is driving into economic woes with health care at helm. This paper will provide an overview of current national health care expenditures. It will also provide opinions on if the spending is sufficient and where and why cuts should be made. To help understand costs and payment, a breakdown of how health care is financed is included. The second half of the paper will provide a forecast of the future economic needs of U.S. health care, why these needs must be addressed, and my opinion on how the finances will be covered.…

    • 1728 Words
    • 7 Pages
    Better Essays
    Read More
  • Good Essays

    Introduction to Economic Thinking
    • 935 Words
    • 4 Pages

    Introduction to Economic Thinking

    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. 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 program’s 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.…

    • 935 Words
    • 4 Pages
    Good Essays
    Read More
  • Powerful Essays

    Case Study Of PAREXEL International
    • 1438 Words
    • 6 Pages

    Case Study Of PAREXEL International

    It is attractive for medical product manufacturers to reinforce their own labor forces without the need for more training or increasing the number of employees. This means that they don’t have to invest in human resources more than necessary.…

    • 1438 Words
    • 6 Pages
    Powerful Essays
    Read More