Identify and briefly define 1 of the following concepts:

• Opportunity cost
• Sunk cost
• Cost–benefit analysis

Based on the concept that you have selected, respond to each of the following:

• What are the basic steps for the application of your chosen concept in resource allocation?
• Provide an example of how this concept can be applied in a specific healthcare resource allocation.
• How will the application of this concept impact the structure of a healthcare institution when allocating resources?

Answer rating: 100% (QA)

Concept Opportunity Cost Opportunity cost refers to the potential benefit that must be given up when choosing one alternative over another In simpler ... View the full answer