HCS 552 Health Care Economics Terms Comparison Paper

HCS/552 Health Care Economics

Terms Comparison Paper

Terms Comparison Paper

Economics is the study of how people make choices when they want to utilize resources (American Economic Association,2011). Health care organizations strive to use the same concept of economics when they choose how to allocate resources and plan how to use them because it is essential to their survival. Therefore, health care and economics are connected in the sense of sharing the same terms such as resources, quality, and cost. This paper analyzes how the terms resources, quality, and cost are similar in economics and health care, and how these terms differ in economics and health care.

Terms

In economics a resource is defined as a product, asset, or...