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About this document
- Pages
- 4 pages
- Price
- $4 one-time, yours to keep
- Membership
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- Format
- Subject
- Economics, Healthcare
- Module
- HCS 552
This research paper compares the economic terms resources, quality and cost in the context of healthcare. It explains how these terms are used in both fields and how they differ. It is useful for students of HCS 552.
What's inside
- Economics and healthcare definitions of resources
- Types of economic resources
- Healthcare resources and their scarcity
- Economic and healthcare definitions of quality
- Economic and healthcare definitions of cost
- Cost-benefit and cost-effectiveness analysis in healthcare
Who it is for: Students taking HCS 552. (Postgraduate)
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Summary
Economics is about how people choose to use resources. Healthcare organisations use the same ideas. This document compares resources, quality and cost in economics and healthcare.
Resources in economics
Resources are products, assets or services with limited availability. They are used to make goods and services. Resources include human, natural and manufactured resources.
Resources in healthcare
Healthcare resources include personnel, equipment, funds and facilities. They are used to provide healthcare services. Like economics, healthcare resources are limited and scarce.
Quality in economics and healthcare
Quality means the best of something. In healthcare, quality is about providing the best healthcare services. In economics, quality influences decisions to produce, buy or sell.
Cost in economics and healthcare
Cost means the funds involved in performing an activity. In healthcare, cost means the funds needed to access healthcare services. Cost analysis is essential for organisations to survive.
Key terms
- Human resources
- The quality and quantity of human effort directed toward producing goods and services.
- Natural resources
- Land with its innate mineral deposits that is accessible without any human effort.
- Manufactured resources
- Goods made by people and used to produce other goods and services.
- Cost-benefit analysis
- A process to determine whether the benefits of a decision outweigh the costs.
- Cost-effectiveness analysis
- A process to determine whether the costs of a decision are reasonable for the expected outcomes.
- Electronic medical record
- A digital version of a patient’s paper chart.
Questions this document helps with
- What are the similarities between economics and healthcare?
- How are resources used in healthcare?
- What is the difference between cost in economics and healthcare?
Summary written with AI from the document's text.
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