Hcs 552 Economic Trends Let Us Define Economics Fi

HCS 552 Economic trends Let us define economics first. Economics is about making choices. Economics is the study of how individuals and groups make decisions with limited resources as to best satisfy their wants, needs, and desires. Many people hear the word "economics" and think it is all about money. Economics is not just about money. It is about weighing different choices or alternatives.Prof. Robbins, in his famous essay, the Nature and Significance of Economic Science, defined Economics as "Economics is the science which studies human behavior as a relationship between given ends and scarce means which have alternative uses."Economics can be sub divided into two broad categories:Microeconomics: It studies the behaviors of businesses, consumers, government, etc.Macroeconomics: This branch of economics looks at the impact of inflation, industrial production, unemployment, etc.Economics is basedon two main concepts – demand and supply.Demand – the amount of product that a buyer is willing and able to buy at a specified price. Supply - the amount of product that a producer is willing and able to sell at a specified price.The health care industry can benefit greatly from economic analysis, especially microeconomic analysis. More than many other areas of economics