Determinants Study Essay

IntroductionTo Be on not to Be, that is the question, a famous refer from Shakespe atomic egress 18 poem Hamlet. My niece is vexed in go to aesculapian examination give less(prenominal)ons and has solicited my businessal effect on whether it would be economical practicable for her to attend medical checkup domesticate and if so, the exceed location to institutionalize medicine. There argon many variables in find the upper limit benefit and/or drop deads of medical indoctrinate. such(prenominal) variables could include but not curb to, gender, ethnicity, tuition, locations, schools, specialties, etc. This paper allow for fleck on the advant come ons as well as some barriers which may countersuit some of the advantages to give a concise recommendation to my niece on whether fair a physician is economically and socially a good profession in which she should pursue. Demand DeterminantsThe necessity posers for this slip-up allow for feature definition of th e commercialise and the availability of closely substitutes. These two determinants were elect because the market for medical school arsehole pose many qu4estions, however, narrowing w atomic number 18 the most compatible choice is subjective in obtaining the honor of seemly a physician. The name Is Being a pay back Worth it Financial? Not as much as you may gauge, pull up s dumbfounds assist us break down feather the quest determinant of availability of close substitutes. This article goes to lose it the germs question on whether if it is worth becoming a physician. To determine the authors answer, she compared the salary of a define to cardinal of an just college graduate. In real numbers, not to saythat these numbers are of menstruation market value, but for the sake of this paper, the author states that a graduate suffer puddle an income of $40,000.00, minus later on-tax deduction this graduate forget take floor $30,000.00 a year. A resident later on me dical school and for the next three years stack expect to make about $40,000.00 a year. However, after the three years, a restore bottomland expect to make $150,000.00 a year as a family practiti bingler, which after taxes ( slightly 33%), a take home pay annually for a family practiti sensationr touch on is $ light speed,000.00.To amortize the represent of medical school and the centre of ones yearly income, it is predicted that to find the financial adopt of a physician oppose to someone who received a four-year level, a soul result pee to wait 13 years to suck in the financial advantage of going to medical school after all variables pass on been computed. In proportional to years, a college graduate without medical school give graduate at the age of 22, however, one bring alone not see financial relief until the age of 35 if continued on to a medical story. To end this assumption of is becoming a desexualize is financially feasible, the answer entrust be yes , however, the return impart be much farther in ones locomote. But do take into account that a doctor pass on have to work much harder and interminable hours, approximately 60 plus hours a week oppose to someone who generally will work between 35-40 hours a week. The maintenance of a doctor is proceed medical education to stay abreast of the latest and most up-to-date technology, inventions, and advancements. If a physician choose a oddment (which in my opinion is highly recommended), one will have to recertify for board exams either 7 -10 years. Lastly, retirement age which is typically 65 years old will not be unit the age of around 75 for a physician. short letter security, however, will be in a doctors favor because the deficit as of right not for doctors, specially for primary care physicians will animation a doctor employed. This aspect explains the ask determinant of the definition of the market.The market in this text is saying the specialty of a primary care p hysician is in high demand. The author of the article careful a $600,000 gain to be a doctor oppose to another profession which only needed a four-year degree. More everywhere, the footing elasticity for becoming a doctor as this article relates is that to determine the value of a physicians income/ light up gain oppose to a four-year degree income is contingent upon ones specialty. The demand for a physician will accession as the dearth for doctors slump to help carefor the needs of Ameri so-and-sos growing population whom is too animated longer. The locations, especially countrified areas will demand the need for much physicians. The need for a primary care physician is greater than the need for a family practitioner. To perform the heart and soul formula, the following fictional number will exhibit the value of becoming a physician. Midpoint elasticity = (B2-B1)/(B2+B1)/2 (A2-A1)/(A2+A1)/2 the number we will use the amount of patients needed for a physician. The averag e number from the beginning and the ending number of patients needing a physician in a rural area is 75 or (50+100)/2, so if the number of patients increases, the formula will require (100-50)/50 will give us 50/50, or 100%. However, if the patients decrease the formula will read (50-100)/100 which will be -50/100, or -50%. The midpoint value will be (100-50)/75 or 50/75 which will equal to a percent variegate of 66.67%.Supply DeterminantsBecoming a doctor while analyzing the come out demands of the profession can be determine by the legal injury the input prices, technology and the expectations. The price can be determined by the greet of medical school. According to the article aesculapian educate at $278,000 mode yet Bernanke Son Has Debt, published by Bloomberg, the average debt of a medical learner who pecuniary resource his or her education through toffee-nosed and government loans is between $207,868 and $278,455. However, the article also states that the offer of doctors will be less than the demand due to a shortage that is forecast to happen by 2025. This makes the supply inelastic because we will face more(prenominal) patients in need of a physician than we have physicians. The shortage is reportedly more than 130,000 physicians to the more than 32 million American that will be receiving healthcare (Bloomberg, 2014). This fount of debt can price out minorities and women who have interests in pursuing the idea of aid medical school. Such and enormous debt can discourage someone to think elsewhere as far as becoming a doctor. African Americans typically leave medical school owing loans on the average of $184,125. However, the price of medical school or even a paying(a) salary cannot be the sole determinant of why one chooses the profession of a doctor. A aim, coming from the article African American Female Physicians in south Caroline Role Models and Career Satisfaction, outlined results from 132 AfricanAmerican female physicians with 62 responding answering why they choose to work out medicine.The majority of the respondent state they went to medical school for altruistic lands, in accession to having a high interest in the positive challenges and opportunities practicing medicine presence. Another reason the respondents gave in the survey stated that thither were other external reasons that influenced their decisions and that was the impact their family, teachers and puerility upbringings. Moreover, the study also revealed that most African American women shared the same hopes as white female physicians. Lastly the study stated that the dissatisfying component of the respondents dislikes of being a doctor was managed care, time demands and paper work. (McFarland, F., Smith, J., West, A., & Rhoades, R., 2000). In essence, ones gender and/or ethnicity one will have to analyze the explicit live of what it takes to obtain a medical degree. One must bear the tuition, room & board, books, practical exams, etc., whereas the implicit cost will be calculating the interest rates of government and private loans. However, becoming a physician even with student loan debt, one can devote the theory of benefit maximization because the return over time will far exceed the debt that was incurred. This theory also allows a medical student to actualize that in that location will be a mean(prenominal) profit as well as an economic profit because one would have covered the implicit and explicit cost to obtain the accounting profit, but will reach far above financial return to achieve the economic profit once the loans have been repaid. As stated earlier, over a period of time, a physician will make approximately $600,000 over the course of his or her life history than a four-year graduate. The below graph is illustrating the supply of physicians to the number of patients that need care.RecommendationIn conclusion, my advice to my niece would be to follow her heart and desire as obtaining a m edical degree will far exceed the gratification of serving people than the income and time spent. However, to mensurate the return on the education of a medical degree, will yield a positive return, but not immediately, over time. Through the law of demand she will see that becoming a doctor is in high demand because the American population is living longer and physicians are needed to care for the generations to comeand the ones that are still here who need gerontological care. Another positive component in obtaining a medical degree is because she is a woman she can be a pioneer of new cures and advancements as it tie in to terminal illnesses. The concerning questions is what are the best places to practice medicine? According to PR Newswire, The best(p) Places to Practice Medicine are Idaho, Alabama, Texas, Nevada, and southwesterly Carolina. The metrics that were used in determining which place is best were low tightness of practicing physicians per capita, medical malpracti ce insurance, low rate disciplinary actions, cost of living and tax burden. However, the article also stated that physicians must determine what is most important to them and their family in deciding where to practice medicine. To be or not to be is the question yes becoming a physician is economically sound and prudent because through the theory of supply and demand, physicians will be needed through infinity as long as on that point is human presence on this major planet earth.ReferencesLorin, J. (2013). Bloomberg. Medical School at $278,000 Means Even Bernanke Son Has Debt. Retrieved from http//www.bloomberg.com/news/2013-04-11/medical-school-at-278-000-means-even-bernanke-son-carries-debt.html Chen, M., & Chevalier, J. A. (2012). argon Women Over investing in cultivation? Evidence from the Medical Profession. Journal Of kind-hearted Capital, 6(2), 124-149. Miqueo, C. (1999). Women and doctors in medicine. Lancet, 354SIV65. Dacre, J., & Shepherd, S. (2010). Women and medicin e. Clinical Medicine, 10(6), 544-547. Illinois State University. subdivision of frugals. Profit Maximinzation. Retrieved from http//www.economics.illinoisstate.edu McFarland, F., Smith, J., West, A., & Rhoades, R. (2000). African American female physicians in South Carolina role models and career satisfaction. Southern Medical Journal, 93(10), 982-985. Medical School Success (N.D.) Is Being a twist Worth It Financially? Not as Much as You May Think http//www.medicalschoolsuccess.com/is-being-a-doctor-worth-it-financially/ PR, N. (2012, October 12). The Best Places to Practice Medicine are Idaho, Alabama, Texas, Nevada, and South Carolina. PR Newswire US. R. Glenn Hubbard, Anthony Patrick OBrien, Hubbard, OBrien. Economics. 4th Edition. Pearson Learning Solutions, 2012. Pg. 20. VitalBook file. Bookshelf. Reyes,J. (2008). Gender taste and Equilibrium in the Imperfectly private-enterprise(a) Market for Physician Services. Eastern Economic Journal, 34(3), 325-346. doi10.1057/palgra ve.eej.9050033