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Essay / Research Paper Abstract
This 4-page paper discusses health care in terms of economics, and determines whether or not health care can fit into standard economic theories. The discussion centers around physician resources and managed care. Bibliography lists 3 sources.
Page Count:
4 pages (~225 words per page)
File: D0_MThcecon.rtf
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Unformatted sample text from the term paper:
something, the more scarce that resource becomes, and therefore, the more value attached to it, and the higher the price rises. The converse is true as well -- if there
is too much of a particular resource, demand is not as strong, and the price goes down. This is good, in theory, and
makes a great deal of sense. But when it comes to specific industries, the standard arguments of supply, demand, scarcity and other basic economic principles may not come into play.
This is because health care doesnt necessarily bend to the standard theory of economics. Before discussing why this is, it would first be
helpful to determine how, exactly, economics might be defined. While economics, in its earliest days, was defined in terms of exchange and production, these days, definitions of economics tend to
revolve around the concept of supply and demand, choice and scarcity (Schenk, 2004). Economist Lionell Robbins, in 1935, postulated that economics is, at its heart, a social science that determines
how people choose to use scarce resources in an effort to satisfy unlimited wants (Schenk, 2004). Scarcity is when people demand more than what is available -- and many things
can add to scarcity, such as time and income (Schenk, 2004). Furthermore, resources are limited, such as manpower, machinery and natural resources, which also provides a fixed maximum on the
exact amount of goods and services that are available (Schenk, 2004). Therefore, scarcity, along both of the above lines, require that people need to choose which of the desires theyll
satisfy and which will be left unsatisfied (Schenk, 2004). How does this pertain to health care? For one thing, it could be assumed
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