In your readings this week, you explored the basic economic principles of trade, choice, opportunity costs, and scarcity, along with the law of demand. What are the potential positive and negative impacts of applying these principles to the healthcare industry? How do you think a healthcare organization should balance the economic principles described with issues of health, life, and death in terms of its policy decisions and strategic planning? Can you put monetary value on a life? Scarcity is utilized to look at the finite nature of resources in the realm of economics, although a scarce resource is not completely impossible to find; however, there is a limit on how it can be used. When limitations are placed on the scarce resources, and individuals are allowed to utilize them, they must trade off their choices, so they can determine what to do with the limited resources at the cost of something else; not necessarily better for them, but they forego one production to bank on another at the forgone product (Mankiw, 2014). Therefore, this action translates into an opportunity cost. The choices that are made are directly dependent on the demand of the product by the consumers