Distinguish Between a National Standard and the Same-Or-Similar-Community Standard in the Standard

question 40

Essay

Distinguish between a national standard and the same-or-similar-community standard in the standard of care required of doctors.

---

Definitions:

Opportunity Cost

The receipts from the next most valuable forgone alternative when making a decision or choice among many options.

Opportunity Cost

The value of the best alternative foregone where a choice needs to be made between several mutually exclusive alternatives.

Present Value

The current worth of a future sum of money or stream of cash flows given a specified rate of return.

Future Value

Value of cash flows at a future date, taking into account interest accumulated between when the cash flow occurred and the future date.