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HCS 440 Week 1 Health Care Economics Worksheet
Complete the Health Care Economics worksheet.
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Health Care Economics Worksheet
Complete Parts A and B.
Part A
Pair the health care economic term from Column A with the appropriate definition from Column B. List the corresponding letter in Column C.
Column A | Column C | Column B |
Positive economics | A. The cost of producing an additional unit of output | |
Normative economics | B. The value of a resource in its next best use | |
Price elasticity | C. Costs that have been incurred and cannot be recouped | |
Marginal cost | D. Using objective analysis and evidence to answer questions about individuals, organizations, and societies | |
Equilibrium price | E. The percentage of quantity demanded that is associated with a 1% change in the price of a product | |
Sunk cost | F. The price in which quantity demanded is equal to quantity supplied | |
Opportunity cost | G. Using values to identify best options |
Part B
Write a 50- to 150-word summary for each event or trend listed below identifying the event and its effect on health care economics.
The Evolution of Health Care Economics Timeline | ||
Date | Event/Trend | Identify event or trend and its significance |
1965 | Social Security Amendments of 1965 | |
1980s | Evolution of managed care organizations |
|
1990s-present | Increase in the aging population |
|
1990s-present | Increased use of technology in health care | |
2010 | Affordable Care Act |
|
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References