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Econ 545 Project 1 Keller

In: Business and Management

Submitted By almike52
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This is a situation involving my niece Jenny. Jenny is a student who likes to make informed choices about her future. She called me for some advice regarding a potential pursuit in a career as a physician. She also wanted information on where the best locations to practice medicine would be. Jenny knows that I am currently enrolled in a course in economics and has decided to contact me for information on the market for physicians. More specifically information on elasticity, economic profit and loss, pricing, supply and demand, and costs of production. To provide her accurate answers, I chose to educate myself on the subject matter With the information I provided, Jenny should be equipped with the resources she needs to make an informed decision on her potential career choice.
The United States demand for health care services shows that citizens are willing to pay the minimum price for required services. Physicians demands varieson many different factors to include the needs of the population, some of the economic constraints of the people such as their income and prices of product, cultural considerations, and technological constraints related to the feasibility of what the consumers demand. The last demand of health care physicians depends on the interactions of supply and demand conditions prevailing in the market. There has been consistent shortages of physicians. This has ultimately influenced programs and policies of the the country in relation to health care in the past. It is very time consuming to train new physicians, which requires the nation to predict the future needs of the physicians. In years past, there have been considerable shortages of physicians in the America which generated the creation of new medical schools throughout thecountry. Medical funding was increased by the government to such schools and increased admissions to schools at…...

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