Economics Terms and Health Care History Essay

IntroductionThe wellnesscargon economics have changed so much oer the years. The changed was because of the evolutionary changes that happened in the United States which cause the dramatic change in the economics medical technology. angiotensin-converting enzyme of the main reasons that moves all things are by health sustentation economics is the money and the money stand by keeps an organization to established and be stable and it is the key to success. One way that the organization is using to alleviate run the business is the cash flow trunk. It run the business and more or lesshow help in fashioning a decision in the future and also learning the healthcare economics. economic science is the science that deals with the carrefourion, distri yetion, and drug addiction of goods and serve or the material welfare of human kind. (Getzen & Moore, 2007).There are some factors that contributed to the evolution of healthcare and these are technology and medical advancement. I f somebody understand the flow of funds and the health care economics started, it will be easier task of planning for the future. Like what I mentioned earlier its the money is the hotheaded force at health care economics. In the past most people paid privately for health care. The funding began all over the years that come more from the health care indemnification. That way the individuals are only paying a portion of the cost of the health care insurance the private insurance will pay the rest. (Getzen & Moore, 2007)The United States technology change because of the supply and demand and new technology system are continuously upgrading and updating to help theincreasing population in United States. Before our epoch people who needs to be treated by a doctor will trade things that they deliver in exchange for the payment of the health service, they did not have any money or they couldnt afford the cost of the health care services. There are times the doctors would trade treat ment for some things such as cotton, livestock, grain and jewelry as the persevering form of Economic Terms and wellness finagle History3payment. These doctors were tradesmen, the patient was paying one hundred percent cost for health care services rendered. As the United Stated progress with the technology and other historical factors, such as The big(p) Depression, a new health care system was made to aid the American population in purchasing medical services.Microeconomics and MacroeconomicsMicroeconomics is how the individuals and organizations make a decision on how to allocate the resources that are available so by allocating the resources they can meet their own or the consumer demands. Macroeconomics is the general population or the health care system as a whole, rather than the individual consumers or organizations. Both Microeconomics and Macroeconomics explained that the supply and demand of the population. Microeconomics distil on the product costs in any given marke t. Macroeconomics explain the price of the product that are sold. Macroeconomics are influenced by inflation, consumer consumption and employment rates.In Microeconomics, the individual that need medical are but do not have health care insurance may continue the treatment until it finish. The health care system that can assist this individual are through Medicaid or Medicare. However Microeconomics affects Macroeconomics. For the patient or the organization with the demands that are not met, the whole system becomes stained.Economic Terms and Health Care History4Gross Domestic ProductGross Domestic Product are consists of total market cheer of all servicesand goods that produced during the specific period of time. (Apollo Group, 2010). This comprises the services and goods that are produce with the market values over a year. The three ways gross market value doctord are expenditures, product flak and income approach. Despite with all approaches the outcomes are identical.Elastici ty and InelasticityThe consumers determined the elasticity same as the cost of the products by supply and demand. If the consumer agreed that the product is important or essential, then the cost of the product may be higher, most of the time consumer will continue to purchase the product out of necessity and still volition to play a higher price. So if the product or service is in such a great demand and consumer still willing to purchase regardless of its costs, then it is considered inelastic. go forth and DemandThe Supply and Demand played an important role in the society. It has influenced the prices and the quantities of the product available. This is where microeconomics and macroeconomics get affected. If thither are no demand of the products then the supply of the product gets affected. The supply of the product will be limited if there are no demands. If the demands is a lot, then the supply would be limited as well, it is because of how much the product is sold and the qu antity of the supplier can sell the product. The consumer always consider the cost of the products, by this it determine the supply and demand of the product.Economic Terms and Health Care History5ConclusionEconomics is part of our health care industry, it can be used to predict the costs in the health care humankind by supply and demand, microeconomics and macroeconomics, service elasticity and inelasticity.Economics Terms and Health Care History6ReferencesGetzen and Allen 2007, Healthcare Economicshttp//www.investopedia.com/ask/answers/110.asp