Tuesday, February 26, 2019

Comparisons of Economic Terms Essay

Look at sanitaryness thrill from an economical view point and learn how economics has a major effect on the anxiety of wellness awe in our society. I chose the first deuce words on the list, re informants and tonicity, along with chance toll, to discuss in this paper. In the discussion the terms bequeath be defined and the relationship that the terms address in the view of commercialize economics and the wellness economics will be analyzed. The question will be asked, How ar these three terms related and the effects they sh atomic number 18 on the wellness conduct community of interests. Also what affects do they play in health feel fors organizations economical view point? The market signal economics and the health economics definition of the terms shed a different perspective on the economics of the health care industry.The two views influence the health care industry in order to be successful and maintain the ability to serve the public. There must be a sound under standing of economics, beca practice health care is based on finances and services and how well the finances and services are to be managed. These terms are similar in market and health care but they also differ in meanings based on the situation. economics study how people make choices for using resources and the health care organizations use the equal principle. The success of health care depends on effective management of the resources. The economic resources affect the usage of medical care and its services. harm viewed from a market and health stand point and from an economics stand, compared to health care are resources, opportunity cost, and graphic symbol.Definition of Economic TermsResource a supply of something that someone has and back tooth use when it is needed (Merriam Webster .com, 2014). opportunity represent the added cost of using resources that is the difference between the actual valueresulting from such use and that of an alternative (Merriam Webster . com, 2014). select a characteristic or give birth that someone or something has a postgraduate level of value or faithfulness (Merriam Webster .com, 2014). Market Economic Term Resource, fortune salute and Quality Resource is defined by Merriam Webster dictionary as, a natural source of wealth or revenue, comput competent wealth. In economics resource is a source of supply, support, or aid, especially one that can be promptly drawn upon when needed (Merriam Webster .com, 2014).Health economics term Resource Opportunity cost and Quality Health Care Economic Terms Resource, Opportunity Cost and Quality As health care terms they are defined as such Opportunity cost is, the economic definition of cost, also known as opportunity cost, is the value of opportunity forgone, rigorously the best opportunity forgone, as a result of engaging resources in an activity. Note that there can be a cost without the qualify of money. Also the economists notion of cost extends beyond the cost fa lling on the health service alone it includes costs falling on otherwise services and on patients themselves. Resource is defined as, the basic inputs to production the sequence and abilities of individuals, natural resources such as land and capital.Quality is a generic wine concept reflecting concern with the modification and enhancement of life attributes, as, physical, political, moral and loving environment the overall condition of a human life(Glossary Of a great deal Encountered Terms In Health Economics, 2003). Market Economic Terms Resource, Opportunity Cost and Quality Quality is the choicest care or the excellence of something. Recourse the tools and manpower to achieve a task and opportunity cost is the final value placed on the product or service. Cost and quality have a great influence in the health care industry. The quality of health care has increased in the support thirty years along with cost at an even speedy rate (Gretzen, 2007).Market Economics Compared to Health EconomicsThe difference in the terms of market economics & health care economics is as follows. 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 situationsthe 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 pr oduce as a whole. Will research technology, health plans, etc., be available? Will health care be cheap 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 firmness yes to all the questions that are on the minds of many.ConclusionWhen reviewing the economic terms from two side of the coin, market economics and health care economics, resource, quality and opportunity cost are key to the level that health care can be marketed to the community. Health care can be produced and delivered well, at the same time. It can, at the same time, be an affordable value and a high quality product also. Despite Gretzens view of health cares high cost reflecting the publics willingness to pay for health care when confronted with the possibility of death we will pay for just rough anything to get our health back. (Gretzen, 2007) mentality.References(2014). Retrieved from Merriam Webster www.merriam-webster.com/dictionary/quality Gretzen, T. (2007). Healthcare Economics and financing (3rd. Ed.). Health Definitions/Glossary of Frequently Encountered Terms in Health Economics. (2003). Retrieved from US National Library of Medicine www.nlm.nih.gov/nichsr/edu/healthecon/glossary.htmlCost

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