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Medical Questions
Your Question
1) When textbooks develop demand (or supply) curves, often the discussion illustrates the decisions of alternative price and quantity demanded by an individual. These are summed up across several individuals to create a market demand (or supply). Why are managers are more interested ior inclinded n market demand and supply than individual behavior?
2) Markets may be local, national, or global. The extent and size of the market is, in part, determined by how easy it is for suppliers to offer their product to buyers and how easy it is for buyers to find suppliers. How has the Internet expanded the extent and size of markets for goods and services? What specific examples can you cite? How do you see technology further expanding market reach in the future?
DQ 4. Choice in economics is based on scarce resources, such as land, labor, and capital. One other scarce resource often cited is time. We recognize the choices we make to allocate our 24 hours in a day and the concept of opportunity cost (when we decide to spend an hour on one activity, its opportunity cost is the value of the next best way to have spent that hour). What are some examples of opportunity cost in your professional life? Assuming you have some prerogative to choose time spent, how do you make the decision to spend time during your professional day?
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