Economic Terms in the Health Care Industry

HCS 440 Economics: The Financing of Health Care

Economic Terms in the Health Care Industry

In this paper the history of economics will be discussed and how economics pertains to today's health care world. Understanding terms that are used in economics can help with better understanding this subject. We will discuss terms such as economics, supply and demand, macroeconomics, microeconomics, elasticity, inelasticity, and GDP. Supply and demand will also be researched further and the different issues that it can apply to in the health care industry.

Economics

Economics is a science that focuses on distribution, production, and consumption of services and goods. Resources that can be used include talent and time available, buildings, land,...