ECON312N Week 3 Assignment Latest 2019 September

ECON312N
Principles of Economics

Week 3
Assignment

Required Resources

Read/review the
following resources for this activity:

Textbook: Review
Chapter 1, 3, 4, 5

Lesson

Minimum of 2 scholarly
sources

Introduction

In Chapter 4 of the
text, we learned that a market is in equilibrium when the demand curve
intersects with the supply curve. The general notion in Economics is that when
a market is in equilibrium, the desires of consumers are considered to be
aligned with those of suppliers, and there is an efficient use of resources in
the market. These conditions, however, do not always prevail in the market.
There are times when there is, what is known as, a disequilibrium condition in
the market. Under this condition, there is either a surplus or a shortage in
the market. A surplus occurs when there is an excess of supply of a commodity
over the quantity demanded. A shortage, on the other hand, is a situation where
the quantity demanded of a product exceeds the supply of the product.

The preponderance of
evidence in the market for the services provided by nurses is that there is an
issue of perennial shortages that has lasted for several decades. Ms. Roberta Spohn, Assistant Executive
Secretary of the American Nurses’ Association, Research and Statistics Unit,
stated that “Although there are reports of manpower shortages in many other
professional fields, nursing seems to enjoy the dubious distinction of
continually suffering from this condition” (Spohn, 1954, p.865).

Activity Instructions

Provide a
comprehensive analysis of demand and supply factors that seem to cause the
persistent shortage of nurses in the U.S. Please make sure you address the following
items, in your paper.

Identify, at least,
five factors that are likely to cause the increase in the demand for nurses and
five factors that are likely to cause a decline in the supply of nurses, or the
failure of supply to keep up with demand.

What are the likely
implications of the shortage of nurses on the quality of care given in U.S.
hospitals?

What solutions do you
propose to address this seemingly persistent issue of nursing shortages in the
U.S.?

Has government policy
intervention over the years helped or exacerbated the shortage of nurses?
Provide reasons to justify your opinion.?

Writing Requirements
(APA format)

Length: 2-4 pages (not
including title page or references page)

1-inch margins

Double spaced

12-point Times New
Roman font