Microeconomics Versus Macroeconomics Bus610
Microeconomics versus Macroeconomics
Economics for the Global Manager
BUS610-1101C-02
Abstract I want to thank everyone for joining me today to review the effects of microeconomics and macroeconomics in conjunction with the healthcare industry. We will start with a brief introduction of what we will review, and then briefly hit on the subject matter in a bit more detail. “The world’s largest and most diverse economy currently faces the most severe economic challenges in a generation or more”. The value of resources is an important aspect of economic status with both microeconomics and macroeconomics. It is important to understand the differences and similarities between microeconomics and macroeconomics to fully understand the full aspect of how the economy as a whole is impacted by production, distribution and consumption. This will address the basic economic structures and give real life examples of situations in which micro and macroeconomics play a role in the economic conditions. Particular efforts will explain how microeconomics affects the medical healthcare industry in today’s economy. We will review the scare resources surrounding medical care and how the economic price is established along with the opportunity cost.
Keywords: microeconomics, macroeconomics, healthcare, resources, economics
Introduction Economics is an ever changing aspect of every country and the number of factors that affect the economy is dependent upon what aspect of the economy being analyzed. A simple definition of economics is the study of making choices (Malek & Walsh, 2009); however this simple definition becomes much more complex when analyzing any economic condition. It studies the scarcity of resources and its allocations, the wants and demands of the economy as a whole or the wants and demands from individual consumers or firms (Malek & Walsh, 2009). These studies help us determine the relationship between the supply and demand and analyze
Economics for the Global Manager
BUS610-1101C-02
Abstract I want to thank everyone for joining me today to review the effects of microeconomics and macroeconomics in conjunction with the healthcare industry. We will start with a brief introduction of what we will review, and then briefly hit on the subject matter in a bit more detail. “The world’s largest and most diverse economy currently faces the most severe economic challenges in a generation or more”. The value of resources is an important aspect of economic status with both microeconomics and macroeconomics. It is important to understand the differences and similarities between microeconomics and macroeconomics to fully understand the full aspect of how the economy as a whole is impacted by production, distribution and consumption. This will address the basic economic structures and give real life examples of situations in which micro and macroeconomics play a role in the economic conditions. Particular efforts will explain how microeconomics affects the medical healthcare industry in today’s economy. We will review the scare resources surrounding medical care and how the economic price is established along with the opportunity cost.
Keywords: microeconomics, macroeconomics, healthcare, resources, economics
Introduction Economics is an ever changing aspect of every country and the number of factors that affect the economy is dependent upon what aspect of the economy being analyzed. A simple definition of economics is the study of making choices (Malek & Walsh, 2009); however this simple definition becomes much more complex when analyzing any economic condition. It studies the scarcity of resources and its allocations, the wants and demands of the economy as a whole or the wants and demands from individual consumers or firms (Malek & Walsh, 2009). These studies help us determine the relationship between the supply and demand and analyze
References: Francis, D. (2010). Healthcare reform is smart economics. National Post. Retrieved from http://www.huffingtonpost.com/diane-francis/health-care-reform-is-sma_b_508694.html Gottheil, M. & Wishart, D. (1997). Principles of Economics with Study Guide. Encyclopedia of Business and Finance Hausman, D. (2002). The philosophy of economics and anthology (2nd ed.). New York: Cambridge University Press Malek, M. & Walsh, P. (2009). Current issues in economics: Healthcare Reform. Retrieved from http://www.smcvt.edu/sharedmedia/Documents/Academics/economics/healthcare09.pdf Samuelson, R. (September 10, 2008). Healthcare realism. Washington Post. Retrieved from http://www.washingtonpost.com/wp-dyn/content/article/2008/09/09/AR2008090902520.html Sherrod, R. (June 2010). The impact of healthcare reform on the future supply and demand for physicians updated projections through 2025 Wu, L. (September 2001). Health care economics. Journal of Family Practice. Retrieved from http://findarticles.com/p/articles/mi_m0689/is_9_50/ai_78917194/