Description
Assignment 1: Implications of Health Economic Concepts for Healthcare
Select at least five (5) economic concepts covered in the first four weeks’ readings, and discuss the primary manner in which these concepts impact the world of health care economics. Some examples of selected concepts are health demand and supply, elasticity, resources, health measures, and costs.
Write a four to six (4-6) page paper in which you:
- Assess the value of healthcare professionals and decision makers understanding the discipline of health economics.
- Defend or critique the importance of considering the complex nature of health and healthcare when examining the economic principles related to healthcare delivery.
- Analyze the primary potential benefits of learning about health economics related to government involvement in healthcare economics, financing, and delivery.
- Analyze the main potential benefits of learning about health economics related to private sector government involvement in healthcare economics, financing, and delivery.
- Use at least five (5) current references. Three of these references must be from current peer-reviewed sources to support and substantiate your comments and perspectives.
Your assignment must follow these formatting requirements:
- Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
- Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
Explanation & Answer
Attached.
Running head: HEALTH ECONOMICS
1
Health Economics
Institution Affiliation
Date
HEALTH ECONOMICS
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Introduction
Health economics refers to a discipline that is mostly concerned with the utilization of
health sector resources efficiently and the various ways in which these resources can be utilized.
it means that it is of paramount need to the health officers in order to help them manage the
health care resources as well as health care service delivery. It equips the professional medical
practitioners with knowledge about the principles of economics and how they are applied in the
health sectors.
Health demand
Demand is the quantity of a commodity the consumers are willing and have the ability to
purchase at a stated price and at a specific time period. The consumer, in this case, refers to an ill
person or who seeks guidance about his health as well as who wants preventative treatment. The
consumer preference determines the demand for a given commodity. In health care, it is crucial
to understand the relationship that exists between the prices and the quantity demanded. This is
because it helps the health practitioners understand the factors that determine the demand for
health resources. Demand policies help in correcting market failure through giving relevant
information to the consumers. Initiatives should be developed to provide the consumers with
information that help them make viable choices about their health (Piros, & Pinto, 2013).
Health supply
Supply refers to the quantity of a good that the suppliers are willing and able to offer into
the market at a particular price at a particular time period. Suppliers in this respect refer to
individuals who provide the health care services as well as medical services. The suppliers make
the supply decisions which mostly rely on the cost of production. Understanding that the cost o...
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