Research Paper Example | Topics and Well Written Essays - 500 words

Research Paper Example It comes under the category of social sciences which deal with the costs, profits, efficiency and other related concepts. Along with their application in business and services sectors, the public sectors of the country such as medical and healthcare services also make use of economics in their management and decision making (Kitty & Mack, 1995). Significance in Medical and Healthcare The recent research studies indicate that the ideas of theoretical and practical applications have contributed greatly to the medical and health sector. This great deal of contribution can be initially summed up in three words: heterogeneity, sustainability and scarcity. In order to identify and imply the technically best and socially desirable approach, the medical practitioners apply the concepts of providing the patients and need with ‘optimal’ care and benefits. It is the maximum point where the marginal benefits of the service provider is zero and does not care for the opportunity costs involved in it.