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 Choice scarceness and Choice, there survive only a special(a) supply of piece and non- human race 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 different healthcare projects and operate. A recent change in the edge and demographics of the psychiatrical forbearing population has increased the necessity to take additive nursing staff to maintain a soaring tonus of services and care. Due to financial constraints, scarce human and topographic point resources the conductor has elected to use financial resources to execute slender changes that positively impact more than 80 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 pose automatize in an effort to enhance efficiency and economy 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 straits or societal needs and desires cannot be fulfilled, a scarcity in resources necessitates that choices be made from all existing options. ? Scarcity lim its our options and necessitates that we mak! e choices. Because we ?can?t have it all,? we must support back what we will have, and what we must forgo,? (McConnell & Brue, 2004). Marginal analytic thinkingMarginal 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 hold... If you want to get a full essay, order it on our website: OrderCustomPaper.com

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