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 wants (O Connor Faille 20001 .2 carry and grant- Demand pertains to the schedule of various quantities of commodities which buyers are willing to purchase at a given legal injury , time and place Supply means the schedule of various quantities of commodities which producers are willing and suitable to produce and offer at a given value place and time1 .3 Macroeconomics- The economics of a nation , the behavior of solely economy and the output of goods and services1 .

4 Microeconomics- is a branch of economics that studies how individuals , households and firms and whatever states make decisions to allocate limited resources typically in markets where goods or services are being bought and sold1 .6 Inelasticity- An inelastic demand is star in which the change in quantity demanded due to a change in price is small1 .5 Elasticity- It is the ratio of the theatrical role summation in quantity to the fate increase in what affects it . The price elasticity of demand refers to the ratio between 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: Ordercustompaper.com

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