Social Science IssuesSometimes it is helpful to get an outside p.docx

Social Science Issues
Sometimes it is helpful to get an outside perspective. In your
discussion post, describe your selected social science issue and
include two relevant questions that social science professionals
(psychologists, sociologists, or anthropologists) might be
interested in. Then look for your classmates to post their own
social science issues and related questions.
Economics Terminology
Review Flashcards
Review the terms below then practice using the flashcards tab.
Adverse Selection
A situation often resulting from asymmetric information
in which individuals are able to purchase insurance at
rates that are below actuarially fair rates plus loading
costs.
Asymmetric Information
Situations in which the parties on the opposite sides of a
transaction have differing amounts of relevant
information.

Average Cost
Total cost represents the sum of all fixed costs and
variable costs in the long run. Average cost equals total
cost divided by the quantity of the output and also equals
the sum of average variable cost (AVC) and average fixed
cost (AFC). In the long run, average total represents the
minimum possible cost per unit of producing any given
level of output when there are no fixed costs.
Capitation
A method of reimbursement in managed care plans in
which a provider is paid a fixed amount per person over a
given period regardless of the amount of services
rendered.
Cardinal Utility
A quantitative measure of the value of a good in terms of
metrically measurable utility. It is used in the study of risk
and insurance.
Case Mix Index

A numerical measure of the assortment of patient cases
treated by a given hospital so that a higher value
indicates a greater average degree of complexity of the
cases.
Ceteris Paribus
Other things being held constant.
Coefficient of Variation
A measure of dispersion equal to the standard deviation
divided by the mean (and sometimes multiplied by 100).
Concentration Ratio
The share of the market sales or production accounted
for by a certain number of the largest firms. Often the
four firm ratio is used.
Consumer Driven Health Plan (CDHP)
Page 1 of 5Economics Terminology
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A high deductible health plan coupled with a tax-

advantaged health spending account (HSA or HRA).
Consumers are provided with information and tools to
help with health care service and financing decisions.
Cost Benefit Analysis (CBA)
A method of comparing the monetary value of all benefits
of a social project with all costs of that project.
Demand Function
The relationship between quantity demanded and price
(and other independent variables such as income and
tastes). One could study individual demand as well as
market demand.
Depreciation
The change in the value of a good over time due to
deteriorating physical characteristics or technical
obsolescence.
Discount Rate
The interest rate used when converting sums to be
received at a future date due to a present value.

Economies of Scale
Situations in which the long run average costs of a firm
decline as output increases.
Economies of Scope
Situations in which a firm can jointly produce two or more
goods more cheaply than under separate production of
goods.
Efficiency
Technical efficiency occurs when the firm produces the
maximum possible output from a given set of inputs. This
is distinguished from allocative efficiency-situations in
which either inputs or output are put to their best
possible uses in the economy so that no further gains in
output or welfare are possible.
Elasticity
The percentage change in some dependent variable (e.g.
quantity demanded) resulting from a 1 percent change in
some independent variable (e.g. price). Elasticities that

exceed 1 in absolute value are considered elastic; less
than 1 are inelastic.
Equilibrium Price (quantity)
The price (quantity) at which the quantity demanded and
the quantity supplied are equal.
Expected Value
A measure used with a probability distribution of returns.
This is the sum of each probability multiplied by its
corresponding return.
Externality
A case in which a consumer (producer) affects the utility
(costs) of another consumer through actions that lie
outside the price system.
Gross Domestic Product (GDP)

The market value of final goods and services produced
within the borders of a country over a period of one year.
Human Capital
A form of intangible capital that includes the skills and
other knowledge that workers have or acquire through
education, training and health care that yields valuable
productive services over time.
Internal Rate of Return
The discount rate that will equate the time streams of
costs and returns of an investment. It is a measure of the
profitability of an investment.
Law of Demand
There is an inverse relationship between price and
quantity demanded, ceteris paribus.
Luxury Good
A good that richer people tend to buy in greater
proportions so that its income elasticity is greater than 1.
Marginal Cost

The increase in total cost resulting from a one unit
increase in output.
Marginal Product
The addition to total output resulting from an additional
unit of the variable input.
Marginal Revenue
The addition to total revenue associated with a one unit
increase in output.
Marginal Utility
The extra utility gained from consuming one more unit of
a good holding others constant. This is a measure of
satisfaction from consuming goods.
Market Demand
The total demand for a good by all consumers in the
market.
Monopoly
Situations in which a firm faces a negatively sloped
demand curve. In a pure sense, there is no other firm

that produces a close substitute for the firm's product.
Monopsony
Situations in which a firm faces a positively sloped supply
cure in the product or factor market because it is the only
buyer.
Necessity
A good whose consumption does not vary greatly with
changes in people's incomes. More generally, a good with
income elasticity less than 1.
Opportunity Cost
The value of the best alternative that is forgone in order
to get or produce more of the commodity under
consideration.
Ordinal Utility
Utility as evaluated through relative levels of satisfaction

when the particular unit of utility is not essential.
Examples of these numbers are first, second and third.
Perfect Competition
A market structure in which there are (1) numerous buyer
and sellers, (2) perfect information, (3) free entry and exit,
and (4) a homogeneous product.
Prevalence
In epidemiology, the fraction of the population that is
currently infected. Incidence adds new cases to the total
pool of the present cases.
Production Function
The relationship between the maximum output that can
be produced corresponding to any combination of factor
inputs.
Public Good
A good (e.g. national defense) that no one can be
prevented from consuming (i.e. nonexcludable), and that
can be consumed by one person without depleting it for

another (i.e. nonrival). The marginal cost of providing the
good to another consumer is zero.
Quality Adjusted Life Year (QALY)
A measure of health outcomes that incorporates quantity
and quality of life. It uses a weighting system that assigns
a value ranging from 1 (perfect health) to 0 (health state
equivalent to death).
Regression Analysis
Statistical analysis that posits a linear relationship
between a variable to be explained and one or more
explanatory variables.
Risk Aversion
The degree to which a certain income is preferred to a
risky alternative with the same expected income.

Risk Selection
The enrollment choices made by health plans or
enrollees on the basis of perceived risk relative to the
premium to be paid.
Substitution Effect
The change in quantity demanded resulting from a
relative change in commodity prices, holding real income
constant.
Supplier Induced Demand (SID)
The change in demand associated with the discretionary
influence of providers, especially physicians over their
patients. Demand that is provided for the self-interests of
providers rather than solely for the patients.
Time Costs
The money value of the time lost through travel or
waiting when consuming a product or service.
Yardstick Competition
A regulatory pricing policy in which an average of the

marginal costs of all competing firms is used as a
standard of payment to induce the firm to engage in cost
cutting innovation.
L i c e n s e d u n d e r a C r e a t i v e C o m m o n s A t t r i
b u t i o n 3 . 0 L i c e n s e .
Company Overview Scoring Guide
Due Date: End of Unit 2.
Percentage of Course Grade: 10%.
CRITERIA NON-PERFORMANCE BASIC PROFICIENT
DISTINGUISHED
Describe a publicly
traded company.
10%
Does not describe a
publicly traded
company.
Identifies a
publicly traded
company.

Describes a publicly
traded company.
Describes a publicly traded
company and includes
relevant information on its
history and organizational
structure.
Describe the
industry associated
with a publicly
traded company.
40%
Does not describe the
industry associated
with a publicly traded
company.
Identifies the
industry
associated with a
publicly traded
company.
Describes the
industry associated
with a publicly
traded company.
Describes the industry
associated with a publicly
traded company and
includes information on

where the company fits
within the industry
currently.
Analyze the current
economic
environment of an
industry.
40%
Does not analyze the
current economic
environment of an
industry.
Describes the
current economic
environment of an
industry.
Analyzes the
current economic
environment of an
industry.
Analyzes the current
economic environment of
an industry. Uses the
analysis to predict the
future economic
environment.
Correctly format
citations and
references using
current APA style.

5%
Does not correctly
format citations and
references using
current APA style.
Uses current APA
to format citations
and references but
with numerous
errors.
Correctly formats
citations and
references using
current APA style
with few errors.
Correctly formats citations
and references using
current APA style with no
errors.
Write content clearly
and logically with
correct use of
grammar,
punctuation, and
mechanics.
5%
Does not write content
clearly, logically, or
with correct use of
grammar, punctuation,

and mechanics.
Writes with errors
in clarity, logic,
grammar,
punctuation,
and/or mechanics.
Writes content
clearly and logically
with correct use of
grammar,
punctuation, and
mechanics.
Writes clearly and logically
with correct use of spelling,
grammar, punctuation, and
mechanics; uses relevant
evidence to support a
central idea.
Page 1 of 1Company Overview Scoring Guide
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n/MBA/MBA6008/170100/Scoring_Guides...
Company Overview
Preparation
In this assignment, the first component of your course project,
you will begin your

company analysis by researching and providing background
information on the publicly
traded company you have selected. Consult resources such as
MSN Money and Yahoo!
Finance for information. You should also consult the company
10-K report for relevant
details.
Requirements
Write a 2-3 page introduction to your company including the
following:
• Describe your publicly traded company. Provide the name,
size, and location of
the company. What type of organizational structure does it
have?
• Describe the industry. Where does the company fit in the
industry? Is it a major
player? A newcomer?
• Analyze the current macroeconomic environment for the
industry as a whole.
o Where does the company fit in relation to that economic
environment?
o How has the macroeconomic environment changed over the

last five
years? How will it change over the next five years?
o Consider factors such as GDP, inflation, unemployment,
economic
growth, and so on.
Organize your assignment logically with appropriate headings
and subheadings. Support
your work with at least three scholarly or professional resources
and follow APA
guidelines for your citations and references.
Additional Requirements
• Include a title page and reference page.
• Include 3-4 pages, not counting title page and reference page.
• Use at least three scholarly or professional resources.
• Use APA format for citations and references.
• Set your assignment in Times New Roman, 12 pt., double
spaced.
Resources
• Company Overview Scoring Guide.

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