Illustrate the importance of scarcity, choice and opportunity cost

Appraise: When society allocates resources toward medical care in order to improve population health, by definition that means that resources are diverted from the production of other goods and services. Your appraisal must contain all of the following elements: 

a. Illustrate the importance of scarcity, choice and opportunity cost 

b. Analyze how factors other than medical care may improve population health 

c. Explain how health reform initiatives such as the Affordable Care Act represent a choice about how resources are allocated, and the possible consequences of this choice. 

d. Production possibilities curve 

e. Production function of health 

 

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