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Identify and briefly define 1 of the following concepts:

  • Opportunity cost
  • 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.

Be sure to follow APA style page formatting, and provide at least 4 peer reviewed references from health care journals published in the past 5 years.

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