Description Of A Business Course

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Microeconomic analysis Samnang Chhim Keller Graduate School of Management ECON545-21511 January 25,2015 Professor Christopher Nguyen 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…show more content…
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 policies and programs of the prevailing in the country related to the health care systems. It takes time to train new physicians and to create the required infrastructure for new physicians. Therefore, the nation must predict in advance the future needs of the physicians. If we look into the past, there was considerable shortage of the physicians in the country which motivated the creation of new medical schools in the country. Government also increased the medical funding dedicated to such schools and motivated them for admissions to those schools at subsidized rates. The important factors which will estimate the future demand of the physicians depends on 800,000 present physicians, millions of nurses and other health care workers, about 300+ million patients, hundreds of health plans, thousands of health care facilities, thousands of employers in the industry, thousands of legislators and policy makers, and other factors such economic conditions, technology
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