Course Project: Part 1

Topics: Supply and demand / Pages: 7 (2064 words) / Published: May 26th, 2014
BUSINESS ECONOMICS: ECON 545
Course Project: Part 1
Professor Robert Senn

INTRODUCTION
Based in recent surveys, reports show a trending decline on the rate at which physicians move. Statistically, this (may) suggest the economy is preventing or affecting physicians from frequent job changes, or retirement. According to survey results, the move rate was reported as follows: 18.2% in 2008, 15% in 2009, 12.4% in 2010, and 11.3% in 2011. In as much as this reflects an obvious trend of lower move rate over the years, and may be attributed to a number of factors, it is however not enough scientific measure to ascertain the market supply and demand for physicians.
PURPOSE:
The purpose of this paper is to analyze the current position of physicians, and to establish an informed/detailed study of the trends. The research will also establish a theoretical framework of these trends, and their relatedness to the law of Demand and Supply with a focus on physicians. This review will among other things, institute recommendations.
DEMAND DETERMINANTS
The Law of Demand:
As an initial approach, the analysis in this research paper will not be far-reaching if the concept of Demand is not critically examined. Demand has been defined in Economics as the goods and services people are willing and able to buy during a certain period of time at various prices, holding all other relevant factors constant (known as the ceteris paribus condition) (Chiang, 2014). A simple way to explain this would be to use an everyday example of say - a café. If for instance a café increases the price of items, the quantity demanded will decrease because fewer people will be willing and able to spend their hard-earned resources on such. Conversely, if the prices of items in the café decrease, the quantity of (latte or coffee) buyers will increase. A typical example is the after



References: Chiang E. P. CoreMicroeconomics (3rd Edition). 2014. USA: Worth Publishers Glenn, R., Patrick A. Economics, (4th Edition). 2012. Pearson Learning Solutions Slavin S. A Self-Teaching Guide Economics (2nd Edition). USA: John Wiley & Sons Sowell T. Basic Economics. 2004. USA: Basic Books http://www.netmba.com/econ/micro/supply/curve/ https://www.aamc.org/data/workforce/ http://www.innovationlabs.com/pa_future/1/background_docs/AAMC%20Complexities%20of%20physician%20demand,%202008.pdf http://2012books.lardbucket.org/books/theory-and-applications-of-economics/s20-01-supply-and-demand-in-health-ca.html Yang, B. M. Abstract – Asia Pac J Public Health. January 1989; vol. 3: http://aph.sagepub.com/content/1/2/26

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