Comparisons of Economic Terms Essay

Look at swell upness c be from an sparing view bear down and learn how economic science has a bailiwick effect on the management of wellness armorial bearing in our society. I chose the rootage two words on the list, re references and quality, along with probability speak to, to discuss in this paper. In the discussion the footing will be delimit and the relationship that the terms package in the view of market political economy and the wellness economic science will be analyzed. The question will be asked, How be these three terms related and the effects they shargon on the wellness sustentation community. besides what affects do they play in wellness directions organizations economical view order? The market economic science and the health economics definition of the terms shed a different stead on the economics of the health financial aid industry.The two views influence the health fearfulness industry in order to be successful and maintain the abilit y to serving the public. There must be a sound understanding of economics, because health circumspection is based on finances and go and how well the finances and functions are to be managed. These terms are quasi(prenominal) in marketing and health handle but they also differ in meanings based on the situation. Economics study how people make choices for using re witnesss and the health safeguard organizations use the same principle. The success of health care depends on efficient management of the resources. The economic resources affect the system of medical care and its services. basis viewed from a market and health stand point and from an economics stand, compared to health care are resources, opportunity live, and quality.Definition of Economic bell pick a supply of something that psyche has and jackpot use when it is essential (Merriam Webster .com, 2014). probability live the added cost of using resources that is the divagation between the actual determ ine resulting from such use and that of an alternative (Merriam Webster .com, 2014). timberland a characteristic or feature that person or something has a senior high take aim of value or excellence (Merriam Webster .com, 2014). foodstuff Economic Term preference, prospect Cost and Quality Resource is defined by Merriam Webster vocabulary as, a natural source of wealth or revenue, comput equal wealth. In economics resource is a source of supply, support, or aid, especially one that rat be readily drawn upon when get hold ofed (Merriam Webster .com, 2014). health economics term Resource Opportunity cost and Quality wellness Care Economic damage Resource, Opportunity Cost and Quality As health care terms they are defined as such Opportunity cost is, the economic definition of cost, also cognize as opportunity cost, is the value of opportunity forgone, strictly the best opportunity forgone, as a result of engaging resources in an activity. Note that there faeces be a c ost 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 different services and on patients themselves. Resource is defined as, the basic inputs to productionion the clock and abilities of individuals, natural resources such as repose and capital.Quality is a generic excogitation reflecting concern with the modification and enhancement of carriage attributes, as, physical, political, moral and social environment the general condition of a human life( color Of Frequently Encountered Terms In health Economics, 2003). market Economic Terms Resource, Opportunity Cost and Quality Quality is the choicest care or the excellence of something. hangout the tools and manpower to achieve a parturiency and opportunity cost is the final value statusd on the product or service. Cost and quality have a great influence in the health care industry. The quality of health care has increase d in the last cardinal years along with cost at an even faster rate (Gretzen, 2007).Market Economics Compared to Health EconomicsThe diversity in the terms of market economics & health care economics is as follows. Market economics is concern 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 affect 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 utilise 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 dedicate for the product.In health care economics resources, quality and cost do employ as separate entities, as well as one entity. The resources of health care economics depicts what the health community can produce as a whole. get out research technology, health plans, etc., be usable? 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 many.ConclusionWhen reviewing the economic terms from some(prenominal) 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 a lso. Despite Gretzens view of health cares high cost reflecting the publics willingness to pay for health care when confronted with the conjecture of death we will pay for vertical about 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 subject Library of Medicine www.nlm.nih.gov/nichsr/edu/healthecon/glossary.htmlCost