Terms Comparison Paper

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Submitted By Bigred62
Words 836
Pages 4
Terms Comparison Paper
HCS 552
June 9, 2013

Terms Comparison Paper Economics is the study of how people make choices when they want to utilize resources (American Economic Association, 2011). Thus, this fundamental process links economics and health care, as health care professionals use economic principles in their everyday professional behaviors. 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. The objective of this paper is twofold – to analyze how the terms of cost, quality and resources are similar and yet dissimilar in healthcare and economics.
Terms
Resource is defined economically as a product, asset, or other service with limited availability utilized to generate commodities and services that convene to human requirements and desires (Gretzen, 2007). Because these types of resources are relatively scarce and limited, economists, decision makers, and health care providers must all find a way to allocate resources efficiently and in a cost effective manner. Economic resources are also found to have a substantial and considerable effect on the utilization of medical care (Chung, 2006).
Healthcare services are provided to consumers by the utilization of resources such as personnel or work force (i.e., Nurses, Physicians), equipment, funds, and facilities. Therefore, both economics and health care use different types of resources to produce services to meet people’s healthcare needs. Resource utilization similarities in economics and healthcare are related to the fact that resources are limited and scarce (Gretzen, 2007). For example, in health care the shortage of nurses (human resource)…...

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