Hcs 552 Week 2 Comparison Of Economic Terms
The Comparisons of Economic Terms
Diedre Brown
HCS 552
4/28/2014
Patrice Skjerve
Comparisons of Economic Terms
Look at health care from an economical view point and learn how economics has a major effect on the management of health care in our society. I chose the first two words on the list, resources and quality, along with opportunity cost, to discuss in this paper. In the discussion the terms will be defined and the relationship that the terms share in the view of market economics and the health economics will be analyzed. The question will be asked, “How are these three terms related and the effects they share on the health care community. Also what affects do they play in health care’s organizations economical …show more content…
Note that there can be a cost without the exchange of money. Also the economists ' notion of cost extends beyond the cost falling on the health service alone; it includes costs falling on other services and on patients themselves. Resource is defined as, the basic inputs to production - the time and abilities of individuals, natural resources such as land and capital. Quality is a generic concept reflecting concern with the modification and enhancement of life attributes, as, physical, political, moral and social environment; the overall condition of a human life("Glossary Of Frequently Encountered Terms In Health Economics", …show more content…
Market economics is trade “the making of a buck.” A place where buyers and sellers exchange dollars for a product and/or services (Gretzen, 2007). Health care economics is the purchasing of health care services, the doctor is the seller and the patients are the buyers. In other situations the pharmaceutical companies, medical equipment producers and so on are the sellers and the clients/patients are the buyers. Gretzen states these transactions are based on the terms of the trade, (Gretzen, 2007).
In market economics the resources that are used can influence the quality of product, produced and depicts the cost that will be attached to the product for the buyer to be required to pay for the product. In health care economics resources, quality and cost do work as separate entities, as well as one entity. The resources of health care economics depicts what the health community can produce as a whole.
Will research technology, health plans, etc., be available? Will health care be affordable and available to all that need it? And will the quality be able to meet the standards the federal government and the medical communities have set when providing health care and services? These are the questions to be looked at by the marketing and economics teams in the health care community. So they can answer yes to all the questions that are on the minds of
Diedre Brown
HCS 552
4/28/2014
Patrice Skjerve
Comparisons of Economic Terms
Look at health care from an economical view point and learn how economics has a major effect on the management of health care in our society. I chose the first two words on the list, resources and quality, along with opportunity cost, to discuss in this paper. In the discussion the terms will be defined and the relationship that the terms share in the view of market economics and the health economics will be analyzed. The question will be asked, “How are these three terms related and the effects they share on the health care community. Also what affects do they play in health care’s organizations economical …show more content…
Note that there can be a cost without the exchange of money. Also the economists ' notion of cost extends beyond the cost falling on the health service alone; it includes costs falling on other services and on patients themselves. Resource is defined as, the basic inputs to production - the time and abilities of individuals, natural resources such as land and capital. Quality is a generic concept reflecting concern with the modification and enhancement of life attributes, as, physical, political, moral and social environment; the overall condition of a human life("Glossary Of Frequently Encountered Terms In Health Economics", …show more content…
Market economics is trade “the making of a buck.” A place where buyers and sellers exchange dollars for a product and/or services (Gretzen, 2007). Health care economics is the purchasing of health care services, the doctor is the seller and the patients are the buyers. In other situations the pharmaceutical companies, medical equipment producers and so on are the sellers and the clients/patients are the buyers. Gretzen states these transactions are based on the terms of the trade, (Gretzen, 2007).
In market economics the resources that are used can influence the quality of product, produced and depicts the cost that will be attached to the product for the buyer to be required to pay for the product. In health care economics resources, quality and cost do work as separate entities, as well as one entity. The resources of health care economics depicts what the health community can produce as a whole.
Will research technology, health plans, etc., be available? Will health care be affordable and available to all that need it? And will the quality be able to meet the standards the federal government and the medical communities have set when providing health care and services? These are the questions to be looked at by the marketing and economics teams in the health care community. So they can answer yes to all the questions that are on the minds of