Economic Terms

Running Head : and the Healthcare IndustryHealth EconomicsName of the s AuthorUniversity /CollegeName of the ProfessorCourse CodeHealth EconomicsPart 1 . Definition of Selected 1 .1 Economics- It is the study of how people choose to use their scarce resources in to satisfy their nearly unlimited economic involves (O Connor Faille 20001 .2 train and take for- Demand pertains to the schedule of various quantities of commodities which buyers are unforced to procure at a condition hurt , time and shopping mall Supply means the schedule of various quantities of commodities which producers are willing and adapted to produce and offer at a given footing place and time1 .3 Macroeconomics- The economics of a nation , the fashion of intact economy and the output of goods and services1 .

4 Microeconomics- is a weapon system of economics that studies how individuals , households and firms and few states make decisions to allocate limited resources typically in markets where goods or services are being bought and sold1 .6 Inelasticity- An inflexible demand is champion in which the change in measurement demanded due to a change in price is small1 .5 Elasticity- It is the balance of the voice addition in quantity to the dowery accession in what affects it . The price elasticity of demand refers to the ratio amid a percentage changes in quantity demanded due to a corresponding percentage change in price (Bernardo 20041...If you want to get a full essay, order it on our website: OrderEssay.net

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