1. In the healthcare industry, which of the following

economic principles best explains the concept of scarcity?

A. Supply and demand

B. Opportunity cost

C. Elasticity

D. Marginal analysis

Answer: B. Opportunity cost

Rationale: Scarcity refers to the limited resources

available in comparison to unlimited human wants and

needs. Opportunity cost is the value of the next best

alternative forgone when a decision is made, which is a

key concept in understanding the economic implications

of resource allocation in healthcare.

2. Which financial management technique is commonly

used in healthcare organizations to assess the financial

performance and efficiency of operations?

A. Budgeting

B. Regression analysis

C. Capital budgeting

D. Financial forecasting

Answer: A. Budgeting

Rationale: Budgeting is a fundamental financial

management technique used in healthcare organizations to

set financial goals, allocate resources, and monitor

financial performance against established targets. It plays

a crucial role in strategic decision-making and resource

allocation

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jordancarter 7 months ago

This study guide is clear, well-organized, and covers all the essential topics. The explanations are concise, making complex concepts easier to understand. It could benefit from more practice questions, but overall, it's a great resource for efficient studying. Highly recommend!

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