Define the economic principle of opportunity cost

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Reference no: EM133502360

Case Study: 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:

Question 1: Define the economic principle of opportunity cost.

Question 2: Locate current GDP expenditures and express the percentages in a graph or a chart.

Question 3: Explain whether spending 17.4% of GDP is too much or too little to spend on healthcare.

Question 4: Defend your position using the concept of opportunity cost and highlight specific GDP expenditures that are impacted by healthcare expenditure (opportunity cost).

Reference no: EM133502360

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