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.
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|
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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