Opprotunity cost in economics

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Identify and briefly define 1 of the following concepts:

• Opportunity      cost 
• Sunk cost 
• Cost-benefit      analysis

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

• 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 health care      resource allocation. 
• How will      the application of this concept impact the structure of the health care      institution when allocating resources?

Ensure that you integrate economic terms, frameworks, and models throughout the review.

Be sure to follow APA style page formatting, and provide at least 4 peer reviewed references from health care journals published in the past 5 years.