HCS 552 Health Care Economics Terms Comparison Paper New

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 betweengiven ends and scarce meanswhich have alternative uses."

Economics can be sub divided into two broad categories:

i. Microeconomics: It studies the behaviors of businesses,...