Comparing Terms In Economics And Health Care
Economics involves making choices. Individuals, groups, busineses and organizations like health care organizations choose how to use resources. Economics and health care are interlinked in that heath care practitioner apply economics in their activities. This is mainly through resource allocation. A health carte organization has to plan how to use the resources it has. Economic and health care share some terms like cost, quality and resources. This paper analyzes how the terms are similar in economics and health care. Also, the paper analyzes how the terms differ in economics and health care.
In economic a resource is considered to be any physical thing or virtual element that has limited availability. It is also considered to be anything that is used to help people earn a living. Economists use the term resources to refer to different things (Chung, 2006). In economics there are different types of resource like human resources, natural resources. Human resources in economics mean human capital or employees in an organization. Resources can also mean factors of production. Natural resources are used in production. A resource in economics has economic value (Hall & Jones, 2007). Economists view resources in economics important as they help in production. Resources in economics are limited, and people have to look for ways of allocating resources.
Resources in health care means all materials and funds used to provide health care services to people. In addition, the term resource in health care means the facilities and personnel that can be used to provide health care services (Chung, 2006).Economics and health care are interlinked as economics is used in health care. The term resource has similar meaning in health care and economics (Chung, 2006). In health care, it means all the materials and funds used to provide health care. In economics, resources are either the personnel, the funds, facilities or any other material used in production. Thus, the term is similar in health care and economics (Carroll, 2007). Another similarity is that resources in health care and economics are limited and they have value. The resources in economics are limited and health care practitioners have to plan how to allocate resources. For example, funds and personnel in health care are limited and they hinder delivery of health care services and productivity. In economics resources are also limited, and they affect productivity (Carroll, 2007).
Economic evaluation is important in health care as it helps allocate resources. It helps health care organization set priority as resources in health care are limited. Everyone prefers to get quality health care. The term quality in health care has various meanings. Quality in health care means the superiority of something. That is the best standards of something. For example, quality in health care can be determined by analyzing if the health care fits the patients, if it causes harm. Moreover, health care practitioners consider quality of health care to be the right treatment for the right illness, and delivering health care at the right time. Quality in health care means giving the best health care. Most health care practitioners’ emphasize on the quality of health care provided to patients. The practitioners use various methods used to measure the quality of health care (Carroll, 2007).In economics quality means the best. The term quality in economics has various meanings. It can be quality in management or something else.
The term is similar in economics and health care as it is used to refer to the superiority of something and it has various meanings in health care and economics (Carroll, 2007).Cost in health care means the funds used to deliver health care to the citizens. It also means the amount of funds used to access health care (Getzen, 2007).In economics cost means an alternative that is rejected when making a choice. The term cost differs in health care and economics. Cost in health care means the funds used to access health care or deliver health care while in economics cost means an alternative that is given up when making a choice. The term cost is applied in health care in different ways. For example, health care practitioners apply economic principles like cost benefit analysis, cost effect analysis to determine if the choice is good or bad. The principles help the government to provide the best intervention in health care (Getzen, 2007).
Health care and economics are interlinked. This is because health care practitioners apply economic principles in health care. The principles help in decision making and providing the right intervention. Principles like cost benefit analysis, cost effective analysis are applied in health care. The term resource has the same meaning in health care and economics. It means materials, funds, employees and facilities used to achieve the goals set. In addition, the term cost has different meaning in health care and economics. In health care cost means the funds used to deliver health care or to access health care. While in economics, cost means an alternative that is rejected when making decisions. The term quality has similar meaning in health care, and economics. It means giving the best or superiority of something. The term has different meanings in health care and economics. Thus, economics and health care are interlinked as health care practitioners depend on economic principles to make decision.
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