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About this document
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- 5 pages
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- $5 one-time, yours to keep
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- Subject
- Economics, Healthcare
This paper compares key terms in health care economics. It explains how economic principles apply to health care, and how the health care industry benefits from economic analysis. It is useful for students studying health care economics.
What's inside
- Definition of economics
- Microeconomics and macroeconomics
- Demand and supply in health care
- Economic analysis in health care
- Role of insurance in health care financing
Who it is for: Students studying health care economics. (Postgraduate)
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Summary
Health care economics is about how choices are made with limited resources in health care. Students learn how economics applies to health care, and how it differs from other fields.
Economics and its branches
Economics is about making choices with limited resources. Microeconomics studies individual decisions. Macroeconomics looks at larger economic factors.
Demand and supply
Demand is what buyers want at a certain price. Supply is what sellers offer at a certain price. These concepts are important in health care economics.
Health care economics
Health care economics needs adjustments to fit its unique features. Health care consumers often use someone else's money and buy a product they know little about.
Health care costs
Health care costs have been increasing. Insurance has changed how health care is paid for. This has made the financing system complex.
Key terms
- Microeconomics
- The study of individual and small group economic decisions.
- Macroeconomics
- The study of large-scale economic factors.
- Demand
- The amount of a product that buyers want at a certain price.
- Supply
- The amount of a product that sellers offer at a certain price.
- Third-party payment
- Paying for health care with someone else's money, often through insurance.
- Cost-shifting
- Moving the financial burden of health care from individuals to third parties.
Questions this document helps with
- How does economics apply to health care?
- What makes health care economics different?
- How has insurance changed health care financing?
Summary written with AI from the document's text.
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