Introduction to SituationThis paper is based on a fictional case study in which a young woman is considering becoming a physician. Prior to fully committing to this decision, she desires to attain prudent financial information about its repercussions. Specifically, she is seeking to identify the return on investment that her decision could potentially generate. This involves both qualitative and quantitative factors, the former of which pertains to personal gain derived from aiding people in a much needed professional setting. The latter relates to the finances she can generate from practicing medicine.
This financial data is stratified into a number of different categories corresponding to the market for doctors in terms of supply and demand, elasticity, production costs, pricing, and normal profit. These factors will help her to decide in which state it is beneficial to practice. The focus of this paper, then, is to identify how these factors relate to this young woman's decision and to advise her of the value that she can derive from it. Therefore, it is necessary to evaluate this financial data both individually and holistically to truly discern its impact on the future of this young woman.
Relevant Economic Principles
There are a number of germane economic principles that one must consider in order to provide truly prudent advice for a young woman in the aforementioned situation. One of the most basic concepts that will play a determining factor in this situation is the economic notions of supply and demand. Analyzing these factors will shed a considerable degree of insight into where, if at all, this woman should attempt to practice medicine so that she can optimize the financial yield gained from it. Market elasticity is another factor to consider, particularly as it relates to supply and demand. Depending on the elasticity of a particular market, some of the rudiments of supply and demand may greatly or modestly affect the actual market for doctors. The realities of supply and demand are also mitigated by a host of additional factors, which can potentially affect the decision-making process of the young woman. These include variables such as production costs and pricing,...
Physician-Assisted Suicide: The Right to Die Abstract More and more patients in and end-of-life phase are expressing a desire for physician-assisted suicide (PAS) as an option that allows them to die with dignity and forego the pain and suffering associated with their disease and deteriorating condition. Yet in most states in the U.S., physician-assisted suicide remains illegal. The policy of this paper would be for lawmakers to be encouraged to pass a
Economics of Healthcare The Economics of Health Care The healthcare in the United States is a system of economics that has been referred to as a Ponzi scheme and most assuredly, the economics of the U.S. healthcare system are unsound at best. The United States is the only industrialized nation in the world that fails to provide universal access to basic health care and according to the work of Kilchevsky (2004), 'the
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Since its inception, the Food and Drug act developed into the Food and Drug Administration, which is responsible for oversight and administration of the rules. Once an application to test a new drug compound has been approved, it must pass a series of tests. Only about 23% of all drug compounds that enter into Phase I ever make it through this phase and into the second phase (Scherer, 2000). This
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Thus, the longer a woman delays becoming pregnant, the more she is susceptible to suffering psychological ramifications. Of course, the biological clock, or that which determines the best period of time in a woman's life to become pregnant and experience a successful pregnancy, plays a major role in fertility treatments. However, some young women, due to a lack of education early in life, may not realize that such a thing
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