What Is The # 2 Economic Principle

The principle of market justice is a system where medical care and benefits are distributed on the basis of people willing and able to pay. Moreover, the principle of market justice assumes that the free-market forces for supply and demand can govern health care, individuals are responsible for their achievements, and the market works best with minimal inference with the government (Shi and Singh, 2013). On the contrary, the principle of social justice is when health care is equally distributed, and it is a societal responsibility. Social justice regards health care a social good that should be available to all citizens regardless whether they can pay or not. The social justice method assumes that the government can decide through rational planning how much health care to produce and how to distribute it among all citizens. The problem is that the United States does not follow free-market principles, which can be seen in market justice, and social justice has been ongoing and gradual in the United States. Social justice drives publically financed programs such as Medicare and Medicaid. However, market justice drives employer-based insurance (Shi and Singh, 2013). Nonetheless, there are many Americans who cannot afford insurance, or do not have a job and do not qualify for any public programs. The amount of Americans uninsured is because of health care costs. As health care costs go up, the middle class is diminishing. Health care can very well be a factor contributing to

In the first week of classes we learned seven economic principles that would later be reinforced with examples in the class along with providing our own examples and analysis of the concepts in our own written work and debates about real world issues and events. We first talked about how incentives matter. In agriculture, and many other business sectors, incentives are very important and come in many forms such as subsidies or tax breaks from the government. It was also very important to learn about the shortages and surpluses that could amount from such incentives. For example, if the government were to give farmers prices above equilibrium, farmers would then be able to over produce above the demand levels. This is not to say that the government can’t sometimes improve the market outcomes. If a market failure is present and the government interferes, it would result in a positive market outcome. Next we discussed the importance of trade-offs and the opportunity costs behind those trade-offs. We make our trade-offs among three pillars of values: social/cultural, environmental, and economics and only when all three are balanced are we completely sustainable. In agriculture, trade-offs and opportunity costs are faced daily, and decisions should be made according to what is most sustainable now, and in the future. If a farmer decides to drain a wetland for more crop space to produce more (economic), the opportunity cost is the ecosystem being destroyed (environmental). Another example is if a farmer decides to farm organically, the opportunity cost is the increased yields of non-organic farming practices. Next I learned that rational people think at the margin. An example of this within agriculture is that a farmer does not think that he will hire five people to run two tractors, he thinks at the margin, hires two people to do the job, and therefore profits from that decision. I learned that markets are a good way

What is the effect on the equilibrium price and equilibrium quantity of orange juice if the price of apple juice decreases and the wage rate paid to orange grove workers increases?

C) There are opportunity costs involved when scarce resources are used up for free lunches

-In economics, this is referred to as “there is no such thing as a free lunch” or the concept that when something appears to come free of charge there is actually a hidden cost somewhere.

For example, when a good is scarce, the prices goes up, so consumers try to avoid buying and therefore conserving the resource. Then, the suppliers want to find more of the source as to get a better profit. The reasons behind their actions are selfish, yet they benefit all of society. Smith identified that the pursuit of profit and the power of self-interest would increase motivation and result in more advances in technology. His model of capitalism was on the basis of freedom and selfishness as a motivator for society. It was also on the basis that the economy would go through recessions and expansions but fix itself. Recessions are periods in the economy in which unemployment goes up, while profits and spending goes down; a slowdown of the economy. An expansion is essentially the exact opposite. The classical model of economics states that the economy will continue to go through these fluctuations over time and will fix itself with no help, thus not needing a government to give influence.

Consent is a fundamental principle of health care and at Crest Support Services Patient trust and relationship is given prime importance. Moreover it also helps in decision making. Each person will sign an agreement on how the organization can use the information. At Crest Support Services personal information is used and disclosed only with the consent or when it is permitted by the law. People receiving service, employees and volunteers were informed about the policy and signs it. Consent can be in oral, written and in implied, expressed form.

The knee-jerk response from some economists and libertarians is “TANSTAAFL!” And of course it’s true that There Ain’t No Such Thing As A Free Lunch, because somebody must bear the costs of the supposedly “free” stuff. Nothing is free because every action has an opportunity cost.

Define the concept of scarcity: Scarcity: The goods available are too few to satisfy individuals' desires. Scarcity is a central concept in economics. Resources are scarce if any individual would prefer to have more of that good or service than they already have. Most goods and services are scarce - those that are not are known as free goods. Where goods are scarce it is necessary for society to make choices as to how they are allocated and used. Economists study (among other things) how societies perform the optimal

When using the Utilitarian principle of a primary ethical principle, there are several things to consider. First, the utilitarian principle focuses on the whole group or focuses on what will benefit the majority of groups. The theory of utilitarian suggests that happiness and well-being are what everyone is trying to achieve. Another idea of utilitarian belief is that everyone should try to achieve and strive for greatness (Tännsjö, 2013).

In the 1960’s Milton Friedman was known to say “there’s no such thing as a free lunch. “If the government spends a dollar, that dollar has to come from producers and workers in the

Everyday people make minor or major decisions. People have a different way on how they make certain decisions. Some people make quick time decisions while others carefully take their time. I am a person who takes their time when making certain decisions. I follow my three primary principles before making a decision. The primary principles that I follow in my life are Caring of life, Respect and Honestly. I prefer to analyze the situation and then make my decision by including my primary principles. When I am making a decision I want to ensure that I make an honest decision because I don’t want to favor one person over another. I am a person who doesn’t like to make a quick decision because I want to make sure that the decision I am making will

One of the key factors in economics is an opportunity cost. Opportunity cost is when you are gaining something but losing something else. This means that if I were to purchase the iPhone, for example, I would be turning down the other options of phones as in Androids, Samsung’s, and etc. Another example would be if someone were to get Lays chips they will be turning away Pringles. While I have been on campus I have made some opportunity costs. One of the few opportunity costs I have made is choosing a meal plan. I chose Meal Plan B, which is a plan where I get one hundred and fifty meals per semester and then one hundred dollars in Ben Bucks. I lost the chance of getting Meal Plan A. Meal Plan A had unlimited meals in the Cafeteria but also

The ethical principle in which I think is most important is autonomy. “The term autonomy denotes having the freedom to make choices about issues that affect one's life” (Burkhardt & Nathaniel, 2008, p. 54). Patients should be able to make the decisions regarding their health. As health care professional, we are responsible for educating the patient on certain things in which can improve their health. After the patient has been educated, this would allow and encourage the patient to become involve in the planning of their health. If the patient is involved with their care planning the patient would be more likely to be compliant with the recommended treatment. In the end, this

In conclusion, “there is not no such thing as a free lunch”, I believe that life is all about trade-offs. By