Comparisons of Economic Terms Essay

Look at wellness c be from an frugalal bewitch orchestrate and learn how political economy has a major effect on the management of health c are in our society. I chose the first two words on the list, re beginnings and quality, along with luck be, to discuss in this paper. In the discussion the terms will be defined and the relationship that the terms share in the view of market political economy and the health economic science will be analyzed. The question will be asked, How are these three terms related and the effects they share on the health care corporation. Also what affects do they play in health cares organizations economical view meridian? The market economics and the health economics definition of the terms shed a different perspective on the economics of the health care industry.The two views make the health care industry in order to be successful and maintain the ability to serve the public. There must be a sound accord of economics, because health care is base d on finances and go and how well the finances and service are to be managed. These terms are similar in marketing and health care but they be ramps differ in meanings based on the situation. Economics study how people make choices for using resources and the health care organizations use the corresponding principle. The success of health care depends on effective management of the resources. The economic resources affect the usage of medical care and its services. Terms viewed from a market and health stand point and from an economics stand, compared to health care are resources, opportunity cost, and quality.Definition of Economic TermsResource a supply of something that someone has and give notice use when it is needed (Merriam Webster .com, 2014). opportunity Cost the added cost of using resources that is the discrepancy between the actual nourishresulting from much(prenominal) use and that of an alternative (Merriam Webster .com, 2014). Quality a characteristic or featu re that someone or something has a high aim of value or excellence (Merriam Webster .com, 2014). securities industry Economic Term Resource, Opportunity Cost and Quality Resource is defined by Merriam Webster dictionary as, a natural source of wealth or revenue, computable wealth. In economics resource is a source of supply, support, or aid, especially one that can be readily drawn upon when needed (Merriam Webster .com, 2014).wellness economics term Resource Opportunity cost and Quality wellness Care Economic Terms Resource, Opportunity Cost and Quality As health care terms they are defined as such Opportunity cost is, the economic definition of cost, also known 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 thither can be a cost 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 other services and on patients themselves. Resource is defined as, the basic inputs to cropion the time and abilities of individuals, natural resources such as come and capital.Quality is a generic concept reflecting concern with the modification and enhancement of life attributes, as, physical, political, moral and complaisant environment the overall condition of a human life(Glossary 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. Recourse the tools and manpower to achieve a task and opportunity cost is the final value placed on the product or service. Cost and quality have a great influence in the health care industry. The quality of health care has increased in the last 30 years along with cost at an even faster rate (Gretzen, 2007).Market Economics Compared to Health EconomicsThe difference in the terms of market economics & healt h care economics is as follows. Market economics is trade 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 doctor is the seller and the patients are the buyers. In other situationsthe pharmaceutical companies, medical equipment producers and so on are the sellers and the clients/patients are the buyers. Gretzen states these proceedings are based on the terms of the trade, (Gretzen, 2007). In market economics the resources that are used 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 right for the product.In health care economics resources, quality and cost do work as separate entities, as well as one entity. The resources of health care economics depicts what the health community can produce as a whole. go away research technology, health plans, etc., be available? 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 both 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 also. scorn Gretzens view of health cares high cost reflecting the publics willingness to pay for health care when confronted with the possibility of death we will pay for just 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 National Library of Medicine www.nlm.nih.gov/nichsr/edu/healthecon/glossary.htmlCost