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Select at least five (5) economic concepts covered in the first four weeks' readings, and discuss the primary manner in which these concepts impact the world of health care economics. Some examples of selected concepts are health demand and supply, elasticity, resources, health measures, and costs.
Write a four page paper in which you:
1. Assess the value of healthcare professionals and decision makers understanding the discipline of health economics.
2. Defend or critique the importance of considering the complex nature of health and healthcare when examining the economic principles related to healthcare delivery.
3. Analyze the primary potential benefits of learning about health economics related to government involvement in healthcare economics, financing, and delivery.
4. Analyze the main potential benefits of learning about health economics related to private sector government involvement in healthcare economics, financing, and delivery.
5. Use at least five (5) current references. Three of these references must be from current peer-reviewed sources to support and substantiate your comments and perspectives.

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Solution Summary

Health Care economics presents unique realities of supply and demand which are not only different from those seen with any other market goods and services but complex.
This is a guideline on the specific areas which sets this branch of economics apart and the potential benefitsre are benefits in learning about government and private sector involvement in health care economics.

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Marketing in Healthcare
1. Assess the value of healthcare professionals and decision makers understanding the discipline of health economics.
Health Care economics studies the demand for health services by patients to the supply of services by providers.
‘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 (Parkin 2011).’
This supply and demand for health services is complex in that the consumer does not know how much the service they demand cost, and they do not pay the full price of the service, it is usually either subsidized or part paid by insurance. Normally when one buys a commodity they know how much each unit of that commodity would cost and they make a decision to buy or not.
In addition the patient is often not empowered with adequate information to be able to make an informed choice on a service; they are at the mercy of the provider to inform, make a decision and provide the service.
On the supply side the providers may be government owned and not profit driven which is different from the usual understanding of the normal supplier of goods and services.
Costs also provide another dimension of challenges as in healthcare prices are not always driven by supply and demand as happens with other commodities, but can be set by government, bargaining between providers and drug companies.
It is not uncommon for patients to fail to access care because their plan does not cover the service they need and they cannot afford the out of pocket charge.
In healthcare, patients (clients) will demand for service irrespective of how much it will cost because they need the service for survival , therefore the demand is not elastic(does not change relative to price changes).
If the patient manages to access care, the paper work that has to be completed creates further workload for the provider.
The health care service provides a platform for demand and supply of many markets which ...

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