U.S. health care spending grew 3.6 percent in 2013, reaching $2.9 trillion or $9,255 per person.  As a share of the nation's Gross Domestic Product, health spending accounted for 17.4 percent.

 Using the above information and other information you will be directed to below, do the following:

• Define the economic principle of opportunity cost.
• Locate current GDP expenditures and express the percentages in a graph or a chart.
• Explain whether spending 17.4% of GDP is too much or too little to spend on healthcare.

Answer rating: 100% (QA)

1 Define the economic principle of opportunity cost Opportunity cost is an economic concept that refers to the potential benefits an individual invest... View the full answer