Discussion: Scarcity and Opportunity Costs

8/22/2020 Topic: Discussion: Scarcity and Opportunity Costs

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This is a graded discussion: 5 points possible due Aug 23

Discussion: Scarcity and Opportunity Costs 45 45

A fundamental question in Economic is concerned with how we allocate our scarce resources. As the COVID-19 pandemic progresses, we are seeing dramatic increases in the number of COVID-19 patients (particularly those with severe illness) in many communities, resulting in shortages of critical medical resources including staffing, beds and ventilators.

Discussion Topics:

1. If you were a supervisor in charge of medical resources allocation in a local hospital, what method will you use in allocating scarce medical resources during an emergency? [Say, which patients should get priority when allocating ventilators or intensive-care beds? Should it be "first-come, first- served"? Should it be based on patients' ability to pay? Should it be based on expected outcome? Or Should it be based on the other consideration of patient health benefits?]

2. It is worth bearing in mind that every choice you make has a cost, called the “opportunity cost.” What is the Opportunity Cost of your decision on medical resources allocation?

Share your thoughts.

8/22/2020 Topic: Discussion: Scarcity and Opportunity Costs

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Make your initial posting by 11:59 PM Pacific time on Sunday, August 23. 100 words minimum.

Respond to at least 2 classmates (with text or video). 50 words minimum. Responses may include describing your own life experience or other real-world situation related to the post, adding additional information from assigned content or outside content, disagreeing respectfully by describing your own interpretation, proposing a new idea, or asking a probing question.

Late penalties are 2% per day (including weekends and holidays). For example, for a discussion that is worth 5 points, if

8/22/2020 Topic: Discussion: Scarcity and Opportunity Costs

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