...Demand Versus Supply of Registered Nurses HCS/552 March 19, 2012 Jayme Carrico Demand Versus Supply of Registered Nurses Demand versus supply in the United States continues to be an issue with increasing shortages of registered nurses (RN) and the increasing demand for health care services. There is a higher demand for registered nurses because of the increase in population, aging baby boomers, and increase in chronic diseases. The shortage of registered nurses impacts the health status and quality of life of the population. Factors that impact health care are the importance of supplying adequate nursing personnel and retaining RN’s in the workplace. There is a need to provide resources to educate registered nurses along with recruiting future registered nurses. “Economists use the concepts of demand and supply to inquire how the quantity of services used changes as price changes” (Getzen, 2007, p. 24). The purpose of this paper is to discuss demand versus supply of registered nurses and the effects of consumer demand versus the economic variables of cost, access, and supply. Demand Registered nurses are in more demand than ever before because of the continued nursing shortages. Factors contributing to the shortages are advancements in technology, people are living longer, and the health care needs are more complicated. In the early years nurses were trained to take vital signs, administer shots, and insert catheters. Nurse training in the...
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...Demand Versus Supply Paper Robin Wanamaker HCS/552 March 26, 2012 Jim Brown Demand Versus Supply Paper “Demand refers to one of the fundamental concepts in economics. Demand refers to how much (quantity) of a product or service is desired by buyers. The quantity demanded is the amount of a product people are willing to buy at a certain price; the relationship between price and quantity demanded is known as the demand relationship” (Hekla, 2012). Supply represents the amount the market can offer. Quantity supply is the amount of a certain product that can be produced for certain prices. Price is the relationship between supply and demand. “The law of demand is if factors remain equal, the higher the price of the supply the less demand there will be. The law of supply is the quantities that will be sold at a certain price, and the higher the price the higher the quantity supplied” (Hekla, 2012). This in turn increases revenue because with high demand, comes high supply due to wanting or needing the product. With high supply and low price, than comes high demand due to the lower price. Demands and supply for health care products and medications continues to be in high demand as products are developed. The newer the product, the higher the demand, and the higher the price. Product Lovenox is a product used to treat and prevent deep vein thrombosis or pulmonary embolisms. This medication is given subcutaneously by a care giver or the patient may be trained to give...
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...Student Name: Instructors Name: Date: Supply vs Demand Abstract Supply and demand are two important concepts in a marketplace. These concepts are dynamic and vary from market to market. The objective of this paper is to compare and contrast the supply and demand concepts based on available scholar material. The comparison involves reviewing the literature material under the definitions of demand and supply; the relationship between supply and demand; the effect of supply and demand on the market; and the factors affecting demand and supply in the United States of America. The review uses book materials in economics including the classical economics. Definition of demand and supply The demand in economics is defined as the quantity of a good or service that consumers are willing and able to purchase at a given price during a given period of time, (Richard Ely, 1919). In economics, demand is greater than a desire to purchase. Richard argues that a beggar, for instance, may desire a good house, but due to lack of money to pay for the house, the demand becomes ineffective. Such a demand has no purchasing power. Thus, demand in a market is dependent on desire, affordability and willingness to purchase. Supply is defined as the number of goods and services that the seller is willing to sell at a given price, (Richard Ely, 1919). Richard clearly states that supply is seller-centered. Like the demand concept, supply depends on the availability of goods, the price of the goods...
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...Health Care Budget HCS/577 When it comes to the creation as well as monitoring of a budget, the use of effective financial management practices cannot be overemphasized. To begin with, the budget construction form must identify all relevant data. An operating budget is best presented as a profit and loss statement projection. With that in mind, estimates of expenses and revenues (future) must be prepared. To ease monitoring, Finkler et al. (2006) notes that an operating budget should be presented together with the appropriate schedules as well as statements which act as supportive documentation? This paper will discuss the most effective and least effective budget management practices. According to Gapenski (2008), an effective operating budget must be created on an annual basis. However, for purposes of effective monitoring of an operating budget, it is important to note that an entity can come up with a number of quarterly or monthly budgets for utilization as the year progresses. An operating budget must also include all the important information including inventory and operating expenses, costs associated with manufacturing as well as sales forecasts. The inclusion of all this information as well as the categorization of the various items according to Boyd et al. (2010, May) is vital as this is what avails the financial outlays necessary for sales generation as well as other activities. Based on the size of the company or entity, Campbell et al. (1998) note that it...
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...Simone Pauline HCS/552 Health Care Economics July 09, 2012 Amy Stoles Abstract The United States has a great consumer demand for health care services. The supply of these services or products, such as new medications or medical equipment, is affected by many factors. Factors such as the situation of a financial aspect, patient education and the quality of the services or products being distributed. Care of the Dying “Hospice care is palliative care given to individuals who are terminally ill, with an expected survival of six months or less. The focus of hospice care is on meeting the physical, emotional, and spiritual needs of the dying individual, while fostering the highest quality of life possible.” (Rastegari RN, B.S.N., 2002, para.). In the way that our world is becoming, we are seeing many individuals coming down with diseases that are either not curable or that it has ran its’ course in the body and that there is nothing that can be done to prolong life. This is when this type of service is needed and many of individuals, especially the minorities and the American Indians. Many people do not understand what Hospice is all about. When they do find out about it, then they wish that it was known about sooner. The sole purpose of using this service is to help reduce both the physical pain and the emotional suffering of the patient during their final stages of the illness that they are dying from. According to "Evercare Hospice And Palliative Care" (2012) Hospice...
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...the country. The effect that this will have on the demand for fuel is explained in this report, using the demand and supply model and also the priced determinants of demand. The report also explains the effect the removal of the subsidies will have on the revenue of the people supplying the fuel. The increase in fuel prices has a flow on effect increasing the prices of other goods which use fuel in their production. Question 1 The supply and demand model shows that when supply and demand quantities are balanced we have an equilibrium price. Once the price increases over this equilibrium price the demand decreases and supply increases which results in a surplus of good. When the price drops and demand increases it results in a shortage of goods. This is shown in diagram 1 below. Diagram 1 (Word Press 2011) The removal of the subsidy will mean there is an increase in the price of fuel making it too expensive for many consumers and therefore decreasing demand which may result in a surplus of fuel. Question 2 A “Elasticity of demand is a measure of how responsive consumers demand is to a change in the price of a product” (Jackson et al 2012, page 61). Inelastic demand occurs when the change in the price of a product has little impact on the quantity demanded. The price elasticity of demand for fuel in Nigeria is inelastic, as the increase in price from the removal of the subsidy would have little impact on the demand for petrol. I have reached this answer based on the...
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...Supply and Demand Simulation ECO/365 The simulation addressed many factors including supply and demand in the big picture of both microeconomics and macroeconomics. GoodLife Management is a company that manages rental complexes and has a monopoly of sorts in that it is the only company that rents at seven certain complexes. As Lintech, a new company moves to Atlantis an increase in the demand for housing causes some change in both prices and supply. A good example of one principle of microeconomics in the simulation is the concept of reaching equilibrium, where supply and demand (opposing forces) cancel each other out (Colander, 2010). When Lintech moves to Atlantis there is a sharp increase in which a surplus on the market caused a downward pressure on the price. At that time there was no shortage or surplus because equilibrium was reached. Another principle that demonstrates microeconomics is that of opportunity costs. During the simulation Lintech, a large company moves in to Atlantis which causes the demand for rentals to increase. Opportunity cost is essentially what you give up to attain what you desire (Colander, 2010). The concept of employees of Lintech needing to travel to and from Atlantis and giving up other things in order to either accommodate the travel time and expense or accommodate moving to the city of Atlantis to be closer to work brings to mind opportunity cost. A principle of macroeconomics that is shown in the simulation is when the government...
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...Economic Factors affecting the demand, Supply and Price of a commodity Introduction: Supply and demand are two important concepts in economics and supply and demand are considered to be the backbone of a nation’s economy. Demand is generally referred to as the quantity of product or services required by the consumers. The quantity of product or services referred to and the volume of product the consumers are ready to buy at a specific price. The demand relationship is generally referred to as the relationship between the price and quantity of products or services demanded nu the consumers. Supply generally represents the how much product or services a market can offer to the consumers. The product or services supplied refers to the amount...
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...argue the impact on consumer demand on health information technology versus the economic variables of cost, access, and supply. In addition, the writer will back his/her perspectives and rationale for the constant delivery of health information technology based on supply chain model. Demand is the quantity of goods a buyer needs, the quality demanded is the quantity of product buyer will pay for at a certain price. Demand always generate supply and vice versa, when demand increase, supply increases also their relationship balances each other. Supply is the total amount of a service or product in which a market will offer. Quantity supplied is the sum of a service or product that suppliers are ready to give at a certain price. As with demand quantity will be available as with everything else that has to with calculations. Supply and demand has its own law that governs them. The law of demand is “when all factors stay constant, if a good has a higher price, individuals will not demand it much.” It also means when the price of goods drops, the demand of the product will increase, and more people will want the product. Supply also has its own law that is “when prices rise for certain product or service, dealers will be willing to provide more of the product.” When a supplier provides more of a product or service, he or she makes more profits. As proceeds booms with greater demand, the supply of products and services will rise. Supply and demand for health services and products...
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... 1994: Long Run Supply and Equilibrium Managerial Economics Alp Atakan This material is for the exclusive use in MGEC classes at Koc University. No other use is allowed without my permission. 1 Road Map • • Why is the price of Aluminum so Volatile? • Demand analysis Long-Run Supply Curve – – – – – Difference between short-run and long-run supply curves ATC and the exit price FR-ATC and the entry price Building the long-run supply curve What drives the long-run price path in a commodity market? 2 Demand Curve Answers the Question: What Quantity Will be Demanded at Different Possible Market Prices? Movements along a given demand curve tell us how quan4ty demanded changes with respect to changes in the good’s price P0 Price ($ per unit) P0 Shi7s in the demand curve tell us how quan4ty demanded changes with respect to changes in demand drivers other than the good’s price (e.g, income) P1 D X0 X1 Quan?ty (units per period) X0 X2 D0 D1 Measure of sensi4vity: price elas:city of demand % QD = % P QD /QD dQD P = ⇥ D P/P dP Q % QD = % Y Measure of sensi4vity: other elas:ci:es of demand, e.g., income elas:city...
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...the article “Less Bang for a Buck” is that the military excessively spends so much on weapons for the war; it decreases economic sufficiency by investing in excess military ventures. By investing in such ventures it causes several repercussions such as consumption of resources in an immoderate manner. The Government kept spending so much money on the war that they did not think about the long term affects on the economy. The demand for weapons increased while supply decreased which cause the price to increase. Leading to a shift in demand and supply; supply would shift to the left since it decreased. At the rate the military is going, their incentives are more like a punishment to the economy. They had the property rights to the resources which meant that they had the enforceable rights to use the resources of any kind. The resources used to produce the materials were taxed away from the productive population which meant that they would get less of it and the demand would shift to the left. It is basically change in demand versus change in quantity demand. The Government spending was over the top which diverted from making civilian goods. If the Government keeps spending so much money on the war, it may lead to another depression. The economy becomes so fixed upon with its own inefficiency that it loses track on the current state of itself while the value of the dollar continues to drop and fixed institutions slowly get into a bigger...
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...Supply and Demand Simulation This paper discusses the Applying Supply and Demand Concepts simulation from the student website. First, it seeks to identify two microeconomic principles and two macroeconomic concepts presented in the simulation with explanations why they are categorized as macro or microeconomic. It also identifies one shift of the supply curve and one shift of the demand curve and the shifts’ cause. Additionally, impact on equilibrium price, decision making, and quantity are analyzed. Different ways are referred in which concepts about supply and demand can be applied in a real life/ workplace situation. Ways are shown in which concepts of micro and macroeconomics assist in understanding factors influencing movements in supply and demand, on the equilibrium price, and quantity. Finally, it explains the way in which price elasticity of demand has an impact on consumer’s purchasing, and on the pricing strategy of the company. Two microeconomic principles from the simulation are demand and supply. “The demand curve is downward sloping, and that quantity demanded increases as the price decreases, as you move down the demand curve” (University of Phoenix, n.d.). In the University of Phoenix simulation (n.d.), Good Life could increase the quantity demanded of its rented apartments only by reducing the rental rate. “The supply curve is upward sloping, and the quantity supplied increases with an increase in price, as you move up the supply curve” (University...
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...Macroeconomics -Written Assignment 1 Mentor – Dr. Suzanne Page By: Sylvia Johnston Clarke 11/27/12 Answer all of the following questions. Title your assignment "Written Assignment 1," unless your mentor directs otherwise. This assignment covers text chapters 1 through 6. 1. What is the mechanism by which the "invisible hand" pushes markets to equilibrium? Invisible hands uses households and firms interacting in the markets that can lead to desirable market outcomes. It usually leads markets to allocate resources efficiently. 2. Explain the two main causes of market failure and give an example of each. Two causes of market failure are externality – which is the impact of one persons actions on the well being of innocent bystanders; and market power, which is one group / persons unduly influence on market prices. An example of externality is well designed public policy enhancing economic efficiency and an example of market power is everyone needing water but there is only one well and that owner doesn’t face competition. 3. Use a production possibilities frontier to describe efficiency. (This question can be answered either with or without the use of a graph, depending on whether you have a graphing program on your computer. It is possible to describe the various points on the PPF without a graph.) 4. What is the difference between a positive and a normative statement? Give an example of each. A positive statement claims to attempt to describe the world...
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...(4 cr) ECO1207 MICROECONOMICS (4cr) PREREQUISITE(S): None COURSE DESCRIPTION: This course is designed to enhance the students’ understanding of basic microeconomic concepts and theories in order to equip them with the basic conceptual abilities and skills in economic problem solving. The theories will include the basic economic problem, supply and demand analysis, consumer behaviour, market structure, production and cost and market failure. LEARNING OBJECTIVES: The aims of this course are to enable students to: Apply basic theoretical microeconomic models as a framework for understanding the real world problems. Establish the ability to communicate ideas pertaining to the basic microeconomic concepts, theories and events effectively, both verbally and in writing. LEARNING OUTCOMES: Successful students will be able to: Explain the core economic problems such as the scarcities and choices. Explain how economic problems can be reduced by improving the use of available resources and by using the concept of opportunity cost. Explain how equilibrium prices and goods are determined by using demand and supply curves analysis. Explain the behavior of individual firms towards maximizing profits (minimizing costs) in a perfectly competitive or monopoly market in determining the optimal production of goods and services and optimal price level. Calculate the necessary production costs to determine the profit maximizing output for different types of market. ...
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...Module 2 Written Assignment – Supply and Demand Cori Travers Rasmussen College Author Note This research is being summited on October 20, 2013 for Instructor Troy Stang’s B136/GEB1011 Section 21 Introduction to Business course Supply and Demand McDonalds, a globally acclaimed company, uses the factors of supply and demand every day to determine the impact of their operations. Supply is the availability of an item, while demand is the want or need to have that item (Solomon, Poatsy, Martin 2010). So what are the factors that determine supply and demand? Factors that affect supply are technology changes, changes in resource prices, price expectations, number of supplier’s, the price of substitute goods (Solomon, Poatsy, Martin 2010). Similarly, the factors that affect demand which are changes in income levels, population changes, consumer preferences, complementary goods and substitute goods affect how much the customer is willing to pay for the product (Solomon, Poatsy, Martin 2010). These factors can determine how much and at what price McDonald’s is willing to supply a product to a consumer. A main factor of supply that affects McDonald’s operation of business is resource prices. If a required resource to produce a product commands a high price, production costs will likewise be high, and the company will be less willing to supply their product (Solomon, Poatsy and Martin 2010). For example, consider that the price of beef increase – the increased cost of beef may...
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