{"id":2791,"date":"2023-02-19T16:10:49","date_gmt":"2023-02-19T16:10:49","guid":{"rendered":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/chapter\/apply-it-2-1-understanding-economics\/"},"modified":"2023-07-01T03:13:52","modified_gmt":"2023-07-01T03:13:52","slug":"apply-it-2-1-understanding-economics","status":"publish","type":"chapter","link":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/chapter\/apply-it-2-1-understanding-economics\/","title":{"raw":"Apply It 2.1: Understanding Economics","rendered":"Apply It 2.1: Understanding Economics"},"content":{"raw":"<section class=\"textbox learningGoals\">\r\n<ul>\r\n \t<li>Define scarcity<\/li>\r\n \t<li>Understand opportunity cost<\/li>\r\n \t<li>Understand the difference between microeconomics and macroeconomics<\/li>\r\n<\/ul>\r\n<\/section>\r\n<h2>Medical Debt<\/h2>\r\nIn the U.S., whether you have health insurance or not, there usually is some out of pocket expense for getting health care. At some point, you might have caught a cold and decided to wait and see if you get better rather than go see a doctor. The opportunity cost of that choice is the time and money saved plus giving up the possibility that you may have gotten some advice or medication to speed up your recovery. In other situations, the medical problem could be so severe that you cannot delay seeking health care. In this video, look for the hidden costs that accompany the high cost of medical care.\r\n\r\n<iframe src=\"\/\/plugin.3playmedia.com\/show?mf=9475098&amp;p3sdk_version=1.10.1&amp;p=20361&amp;pt=375&amp;video_id=MtWIvbxl-iE&amp;video_target=tpm-plugin-mb6k8hpm-MtWIvbxl-iE\" width=\"800px\" height=\"450px\" frameborder=\"0\" marginwidth=\"0px\" marginheight=\"0px\"><\/iframe>\r\n<p class=\"p1\">You can view the <a href=\"https:\/\/course-building.s3.us-west-2.amazonaws.com\/Intro+to+Business\/transcripts\/Newresearchsays100millioninUSsaddledwithdebtfromhealthcare_transcript.html\" target=\"_blank\" rel=\"noopener\"><span class=\"s1\">transcript for \u201c<\/span>New research says 100 million in U.S.\u00a0saddled with debt from health care<span class=\"s1\">\u201d here (opens in new window).<\/span><\/a><\/p>\r\n\r\n<section class=\"textbox tryIt\">[ohm2_question height=\"500\" hide_question_numbers=1]3297[\/ohm2_question]<\/section>","rendered":"<section class=\"textbox learningGoals\">\n<ul>\n<li>Define scarcity<\/li>\n<li>Understand opportunity cost<\/li>\n<li>Understand the difference between microeconomics and macroeconomics<\/li>\n<\/ul>\n<\/section>\n<h2>Medical Debt<\/h2>\n<p>In the U.S., whether you have health insurance or not, there usually is some out of pocket expense for getting health care. At some point, you might have caught a cold and decided to wait and see if you get better rather than go see a doctor. The opportunity cost of that choice is the time and money saved plus giving up the possibility that you may have gotten some advice or medication to speed up your recovery. In other situations, the medical problem could be so severe that you cannot delay seeking health care. In this video, look for the hidden costs that accompany the high cost of medical care.<\/p>\n<p><iframe loading=\"lazy\" src=\"\/\/plugin.3playmedia.com\/show?mf=9475098&amp;p3sdk_version=1.10.1&amp;p=20361&amp;pt=375&amp;video_id=MtWIvbxl-iE&amp;video_target=tpm-plugin-mb6k8hpm-MtWIvbxl-iE\" width=\"800px\" height=\"450px\" frameborder=\"0\" marginwidth=\"0px\" marginheight=\"0px\"><\/iframe><\/p>\n<p class=\"p1\">You can view the <a href=\"https:\/\/course-building.s3.us-west-2.amazonaws.com\/Intro+to+Business\/transcripts\/Newresearchsays100millioninUSsaddledwithdebtfromhealthcare_transcript.html\" target=\"_blank\" rel=\"noopener\"><span class=\"s1\">transcript for \u201c<\/span>New research says 100 million in U.S.\u00a0saddled with debt from health care<span class=\"s1\">\u201d here (opens in new window).<\/span><\/a><\/p>\n<section class=\"textbox tryIt\"><iframe loading=\"lazy\" id=\"ohm3297\" class=\"resizable\" src=\"https:\/\/ohm.one.lumenlearning.com\/multiembedq.php?id=3297&theme=lumen&iframe_resize_id=ohm3297&source=tnh\" width=\"100%\" height=\"500\"><\/iframe><\/section>\n","protected":false},"author":21,"menu_order":7,"template":"","meta":{"_candela_citation":"[{\"type\":\"copyrighted_video\",\"description\":\"New research says 100 million in U.S. saddled with debt from health care\",\"author\":\"CBS Mornings\",\"organization\":\"\",\"url\":\"https:\/\/www.youtube.com\/watch?v=MtWIvbxl-iE\",\"project\":\"\",\"license\":\"arr\",\"license_terms\":\"Standard YouTube License\"}]","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"part":2786,"module-header":"apply_it","content_attributions":[{"type":"copyrighted_video","description":"New research says 100 million in U.S. saddled with debt from health care","author":"CBS Mornings","organization":"","url":"https:\/\/www.youtube.com\/watch?v=MtWIvbxl-iE","project":"","license":"arr","license_terms":"Standard YouTube License"}],"internal_book_links":[],"video_content":null,"cc_video_embed_content":{"cc_scripts":"","media_targets":[]},"try_it_collection":null,"_links":{"self":[{"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/pressbooks\/v2\/chapters\/2791"}],"collection":[{"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/wp\/v2\/users\/21"}],"version-history":[{"count":8,"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/pressbooks\/v2\/chapters\/2791\/revisions"}],"predecessor-version":[{"id":7416,"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/pressbooks\/v2\/chapters\/2791\/revisions\/7416"}],"part":[{"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/pressbooks\/v2\/parts\/2786"}],"metadata":[{"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/pressbooks\/v2\/chapters\/2791\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/wp\/v2\/media?parent=2791"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/pressbooks\/v2\/chapter-type?post=2791"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/wp\/v2\/contributor?post=2791"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/wp\/v2\/license?post=2791"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}