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Essay / Research Paper Abstract
This 3 page paper provides definitions for eight basic concepts in economics and applies them to the health care industry. Each concept is fully defined. Examples are provided. Bibliography lists 4 sources.
Page Count:
3 pages (~225 words per page)
File: RT13_SA603def.rtf
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Unformatted sample text from the term paper:
health care, there is a peculiar kind of economics. That is, there are economic considerations that go beyond ordinary expectation. With health care, there are life and death situations. Allocation
of scarce resources therefore must be done in such a way as to accomplish the greatest sustenance of human life while considering quality of life issues as well. In different
countries, resources are divvied out differently. Some take a socialized approach and others rely on market forces. 2. Supply: Supply is "the amount of a good which producers are
both willing and able to sell at a given price" ("Economics Glossary," 2006). Medical supplies, or health care in general, is widely available in certain countries like the United States.
However, in nations that utilize a socialized approach, there is often a scarcity of resources. There is simply a limited amount of medical resources and they are to be divided
as best as possible. In nations that support competition, there are usually enough resources to meet demand. 3. Demand: According to the Economics Glossary (2006), " Demand is the
want or need or desire for a product that is backed by an ability to pay. Demand is measured over a given time period. It is determined by a number
of factors including income, tastes and the price of complementary and substitute goods." In health care, demand is often attached to individual needs. It is attached to income as those
with higher incomes seek greater care such as non-essential items like braces, health screenings, and regular check ups. Those with less income will wait out a problem and not seek
preventative services. Also, ideology enters the picture. Some people simply avoid medical care because they do not like doctors for example. Many things play a role in respect to demand.
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