Identify and briefly define 1 of the following concepts:

• Opportunity cost- I wanted to focus on this concept.
• Sunk cost
• Cost-benefit analysis

Based upon the concept that you have selected, respond to each of the following questions:

• What are the basic steps for the application of your chosen concept in resource allocation?
• Provide an example of how this concept can be applied in a specific health care resource allocation.
• How will the application of this concept impact the structure of the health care institution when allocating resources?

Ensure that you integrate economic terms, frameworks, and models throughout the review.