Terms Comparison Paper
Terms Comparison Paper
[Insert Name]
HCS 552 – Health Care Economics
[Date]
[Insert Professor’s Name]
Terms Comparison Paper
Economics is often described as the “theory of choice,” and health economics is about the choices people make with regard to health, choices medical providers make in order to care for people and earn money, and choices made collectively (by Congress, community groups, or professional associations). Economy is driven by money. There will exchange of money for services rendered and purchase of goods. In this day and age, you no longer are able to get goods or services by offering the seller a type of service or some other type of goods in exchange. Today’s time the equal barter of trade is a thing of the past. According to Getzen (2007, p. 2), "money drives the health care system just as it does many other activities in a modern industrial society". In this paper, we will identify these terms usually used in economics and health care. We will compare these terms and differentiate what it may mean in health care economics. The terms used for this purpose are Trades, Cost, Resource and Technology.
Trades
Trades is define as what the buyer give to the seller and what the seller give to the buyer in return. In health care the organization offers a medical service and care. In todays trade the health insurance companies service value, which sets an amount on how much they would pay for the service. For example when a provider is offering services to a patient like seeing in primary care for annual medical physical, during the annual visit, the cost of the visit is $100 in which the patient pay the bill. That is considered as a trade of service. If the patient has health insurance coverage the provider will bill the insurance company, which the insurance will pay for the services. If only we would be able to trade a bag of peanuts for medical services.
Cost
Cost is the value of opportunity predetermined, strictly the best
[Insert Name]
HCS 552 – Health Care Economics
[Date]
[Insert Professor’s Name]
Terms Comparison Paper
Economics is often described as the “theory of choice,” and health economics is about the choices people make with regard to health, choices medical providers make in order to care for people and earn money, and choices made collectively (by Congress, community groups, or professional associations). Economy is driven by money. There will exchange of money for services rendered and purchase of goods. In this day and age, you no longer are able to get goods or services by offering the seller a type of service or some other type of goods in exchange. Today’s time the equal barter of trade is a thing of the past. According to Getzen (2007, p. 2), "money drives the health care system just as it does many other activities in a modern industrial society". In this paper, we will identify these terms usually used in economics and health care. We will compare these terms and differentiate what it may mean in health care economics. The terms used for this purpose are Trades, Cost, Resource and Technology.
Trades
Trades is define as what the buyer give to the seller and what the seller give to the buyer in return. In health care the organization offers a medical service and care. In todays trade the health insurance companies service value, which sets an amount on how much they would pay for the service. For example when a provider is offering services to a patient like seeing in primary care for annual medical physical, during the annual visit, the cost of the visit is $100 in which the patient pay the bill. That is considered as a trade of service. If the patient has health insurance coverage the provider will bill the insurance company, which the insurance will pay for the services. If only we would be able to trade a bag of peanuts for medical services.
Cost
Cost is the value of opportunity predetermined, strictly the best