Question: a) (30 points) Define the following economic concepts and explain why these concepts are important and relevant in health care industry and to the nursing

a) (30 points) Define the following economic concepts and explain why these concepts are important and relevant in health care industry and to the nursing professionals: Opportunity Costs - Trade offs Role of Economic Efficiency Market Structure of Health Care Demand & Supply - Shortages & Surpluses Market Failure - Positive & Negative Externalities; Public Goods & Free Rider Problem Costs - Economies of scale & scope

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