Terms Comparison

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Submitted By michellefontern
Words 1012
Pages 5
Terms Comparison
Michelle Ozete
HCS 552

Professor Harry Morris

Terms Comparison
Health economics assists as one of the processes that may be used to understand different matters related to health and health care. From an economics perspective, health economics is one of many subjects to which economic principles and methods can be associated to. Therefore, by describing the principles of health economics, we are actually describing the principles of economics and how they may be understood in the setting of health and health care. As Morris, Devlin and Parkin (2011) put it: “Health economics is the application of economic theory, models and empirical techniques to the analysis of decision-making by individuals, health care providers and governments with respect to health and health care”.
There are numerous descriptions of economics, but a description given in by Begg, Fischer and Dornbusch (2005) is most informative: “The study of how society decides what, how and for whom to produce”. In reviewing these topics, health economics tries to associate the same analytical methods that would be associated to any object or service that the economy creates. Noting, it also frequently asks if the issues are different in health care.
Resources, production, opportunity cost and scarcity
The meaning of economics as stated above includes the term “to produce”, highlighting that economics deals with both health and health care as a good or service that is manufactured, or produced. All production necessitates the use of resources such as bare materials and labor, and we can understand production as a course by which these resources are converted into goods:
The ideas to enable this productive development are resources such as employees, tools and capital, land and bare materials. The process of utilizing health care inputs for example health care professionals,…...

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