HCS 440 Week 1 Health Care Economics Worksheet

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HCS 440 Week 1 Health Care Economics Worksheet
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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 AColumn CColumn 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
DateEvent/TrendIdentify event or trend and its significance
1965Social Security Amendments of 1965 
1980sEvolution of managed care organizations 



1990s-presentIncrease in the aging population 



1990s-presentIncreased use of technology in health care  
2010Affordable Care Act 




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