Term Comparison Healthcare Economics

Topics: Health care, Health economics, Microeconomics Pages: 3 (967 words) Published: June 24, 2013
Term Comparison
Juanita DeRico-Evans
HCS 552
March 19, 2013
Professor Amy Shoales

CERTIFICATE OF ORIGINALITY: I certify that the attached paper is my original work and has not previously been submitted by me or anyone else for any class. I further declare I have cited all sources from which I used language, ideas, and information, whether quoted verbatim or paraphrased, and that any assistance of any kind, which I received while producing this paper, has been acknowledged in the References section. I have obtained written permission from the copyright holder for any trademarked material, logos, or images from the Internet or other sources. I further agree that my name typed on the line below is intended to have, and shall have, the same validity as my handwritten signature.  

Student's signature (name typed here is equivalent to a signature): Juanita DeRico-Evans 

Term Comparison
The world of economics is a diverse and complicated subject. However, health care economics is an entity all its own. Economics recognizes that there is a trade-off of quality of services rendered in health care. Both subjects share a variety of terms that can mean the same thing or something totally different. “It is the utilization of medical care that plays an intermediary role in explaining the link between economic resources and health” (Chung, 2006). This paper will discuss the following three terms as they relate to economics in general and to healthcare economics: production, distribution, and economic incentives. Economics defined is: “the study of the forces between supply and demand and the impact they have on allocation of scarce resources” (2013). Some people believe that economics is the study of money—and its’ uses; but economics goes much deeper than that. “Economics is a framework for understanding fixed and variable costs, market demand, competition, and profitability” (Lee, 2000). Although the price of...

References: Chung, W. (2006). The role of medical care in explaining the link between health and economic
resources. ASEAN Economic Bulletin, 45-56.
Getzen, T. E. (2007). Health Economics and Financing. Hoboken: John Wiley and Sons, Inc.
Lee, R. H. (2000). Economics for Healthcare Managers.
http:dx.doi.org.exproxy.apollolibrary.com/10.1016/j.bbr.2011.03.031. Retrieved on March 17, 2013.
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