Economics
1. Explain why is it important to take a societal view when conducting an economic evaluation?
It is important to consider a broader view when conducting an economic evaluation. In simplistic terms, when conducting an economic evaluation, there is a systematic attempt to identify measure and compare the costs and benefits of interventions so it could be understood on a larger scale and benefit lots of people. From a societal view, all costs and benefits would need to be included in the evaluation or analysis. Costs, for example, would need to include direct and indirect costs. All of the resources that contribute to the outcome would need to be included. For example, if a patient receives services as an out-patient or in-patient, those services can be converted into costs by multiplying the unit cost of each service. It’s difficult to estimate the cost of services. However, when we understand the total cost of the services, then you can evaluate those services per person receiving the services, per unit of service, from an economic business perspective and also from a larger societal view. If the service is appreciated and helps a population of people, then it provides value to a society. The society, as a whole, benefits. Even if it is difficult to quantify components of the service, if the society finds the service worthy, the stakeholders, stockholders and community groups will support the service. In turn, the economic analysis of the service should show a greater benefit on a larger scale that would help society.
2. In looking at measures of effectiveness such as QALY and DALY, how can cultural factors affect the ability to compare the cost-effectiveness data internat...
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...usehold goods, increase government unrest or instability, etc. These are all warning signs that should be observed and reviewed when considering an economic analysis. The analysis could be impacted by a program that is under review and the outcomes may change depending on the economic influence of the direct factors involved.
In addition, there are also opportunity costs that must be factored into an economic analysis decision. In assessing economic evaluation results, incremental cost effective ratios (ICERs) may show whether an economic planner should move forward with a program. The ICER may show the cost effectiveness to move forward with a program or the need to look at other options. Finding out the likely distribution of the ICER, compared to a threshold level, will assist to set priorities of whether to move forward with a program or not.
A cost-benefit analysis is “whenever people decide whether the advantages of a particular action are likely to outweigh its drawbacks” (Benefit-Cost Analysis, n.d.). The analysis estimates the economic value placed upon a
What does society have to benefit from this? In short, this does not affect the
-Outsiders do not behave the same way as everyone else and this benefits the community.
important and helps with different types of areas in the community. If we were to go to the moon
I feel that the importance of service is to help a person in need because you could change someone's life, not because you feel that you need to. People who love what they are doing are the people who effect everything around them.Service has impacted my life because it makes me a better person. My family feels the impact, the community feels the impact, even servicing for a few hours a week affects the people around you. It makes the community a better place to live.
...qual opportunity to all citizens it will allow for the best situation for people no matter if they change beliefs, stay the same, or just drop their beliefs all together.
important for organization, it can also have a great impact on government regulation and cultural
enables human beings to put principle ahead of self and to rise above self-interest and immediate
The government benefits our society in many ways. All branches of the government protect and provide for our society. The government provides great educational systems in different parts of the world. Th...
Can a person’s worth be measured? Every person’s value or purpose in life is quantifiable by the economic worth of each individual. Those who are a burden to society by not being able to reach financial balance and must rely on others to provide and therefore are seen as dispensable. This is book argues that human life has no worth and we are only valued for what we can provide for those around us. Thus, those who can provide more to those around us are more successful in life. Within the book The Unit, a single person’s purpose and value in life is quantifiable to the economic worth of every other individual.
These costs are not straightforwardly associated to a project. Examples include organization costs such as advertising or accounting. G&A costs are generally billed as a percent of total costs, or items such as labor, materials, or equipment. Using the sums of direct and overhead costs for work packages, it is possible to cumulate the costs for any deliverable for the entire project (Gray & Larson, 2005).
13. Describe how you would ensure subsequent monitoring and evaluations of the program. What steps can you put in place if the family needs assistance in the future?
They are all based on the theory that if the cost of something, whether it be the purchase
The main reason why community service is very important is, it brings people together.
It advances education substantially, saves many lives, allows communication throughout the world instantly, organizes so much information that is easily accessible, and helps with innovation and creativity in humans. Sure there are negatives to it, but what really matters is how much the positives and negatives weigh out. It has advanced the human race so far above any other race on Earth that we have trouble keeping up with it. The beauty behind it is that it can never stop advancing. There will always be that more that can be upgraded or invented, and it’s only getting better. What will be next? Flying cars powered by wind power? Just wait to see where we will be by the year