Economics is very much a part of our daily lives and of society as a whole, and it comes into play when we make decisions.
For example, each of these scenarios requires us to use economic principles:
When we decide which new car to buy
How much to spend on groceries for a week
If we rent or buy a property
Who to elect to public office
Why we decided to enroll in college
In this discussion, we will look at another real-world example of an issue that requires us to understand economic principles. Before submitting your post, please make sure you have read the following sections from the ebook. All readings are in McGraw-Hill CONNECT in the ebook Principles of Economics.
Fundamentals Chapter Sections:
Introduction to Microeconomics and Macroeconomics
Resources
Scarcity
Comparative advantage
Demand Chapter Section:
Introduction to Markets and Prices
Supply Chapter Section:
The Supply Curve
Instructions
Discussion Topic
Healthcare has been an ongoing debate in our society for the last 20 years. Trade-offs force society to make choices when faced with these three fundamental economic questions:
What healthcare goods and services will be produced?
How will healthcare goods and services be produced?
Who will receive the healthcare goods and services produced?
In your original post, answer the following:
How do you think the healthcare debate in our country should be resolved:
INSTRUCTOR NOTE - ALWAYS PICK AN ANSWER WHEN IT READS “ “you think” IN ANY QUESTION!! THIS IS AN EASY WAY TO EARN 40 OUT OF 60 POSSIBLE POINTS.
Free market (personal responsibility, little to no government intervention)
Mixed economy (similar to the system we now have, but more government intervention, as in some European countries)
Centrally planned (single payer, socialism, government run, as in Canada or Great Britain)
Explain why you think this is the best fit for our country. Include the benefits and drawbacks of your proposed system. Share your personal experiences or observations with our current system and how you think it could be improved.
Why do we have to ration healthcare at all? (Hint, it is in italics above) Why not unlimited healthcare? Think in economic terms. What is at least one of the trade-offs and opportunity costs of your opinion? To gain more healthcare, what would we have to give up? Cite specific things we will lose because of the increased resources going to healthcare.