Essay Title: 

Econmic Terms

April 3, 2016 | Author: | Posted in health and medicine

Economics

Economics is a branch of science that deals with the production distribution and consumption of wealth , and other related issues such as taxation , labor and finance , which influence the economy of a country

Supply and demand

Supply and demand theory explains that the prices of goods and services rise when their supply is higher than the demand , and prices fall when the supply exceeds the demand . Hence , the market price is the point at which the consumers ‘ demands equal producer ‘s supply

Macroeconomics

Macroeconomics is an economic study of [banner_entry_middle]

aggregate variables such as interest rates , exchange rates , unemployment , economic policies , gross national product , inflation and inventories to understand the economy of an entire nation

Microeconomics

Microeconomics is the study of economic activities and decisions made by firms , consumers and markets , to understand how they influence the price and production of goods and services

Elasticity

Elasticity is the measure of the percentage change in one economic variable with respect to one percentage change in another economic variable . It is essentially the ratio of the incremental percentage change of one variable to another

Inelasticity

Inelasticity is a phenomenon which is said to exist when consumption is unaffected by price change . For instance , the demand and supply for certain essential goods does not go down even if the prices are hiked

GDP (Gross Domestic Product

GDP is the nation as a whole in one year or economic quarter . This includes all private domestic and foreign investments , consumer and government purchases and The striking imbalance between the numbers of patients needing healthcare and capacity of available service reiterates the need to put in place a mechanism which would regulate unnecessary expenditure without any reduction in the level of service . This imbalance has forced a lot of economically-driven changes into the system . The big corporations entered the scene during the 1980s in the form of insurance companies providing coverage to patients (Isaacson , 2001 . Now , the medical care providers became the suppliers and the patients demanded their services . Corporations forced they way in by directly selling coverage plans for workers to the employers and the lack of opposition from the medical community made things easier for them . The corporations have since then regulated the payments made to the service providers and benefits given to the patients

The cost-containment is the buzzword in the health care industry of today . A study of registered nurses conducted in 1994 suggests that there is steady decline in the employment of registered nurses , by replacing them with ancillary personnel to cut down hospital expenditure (American Nurses Association , 1996 . However , this trend indicates a compromise in the quality of service . The American Nurses association is now working hard to educate the participants of the importance of having adequate number of registered nurses in improving patient outcomes

Higher medical expenditure does not necessarily mean superior quality of service or better treatment outcomes . For instance , a comparative study of health services in Boston and New Haven conducted in 1982 suggests that Boston spent… [banner_entry_footer]

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