Health & Medical : Healthcare

1Running Head; Implications of Health Economic Concepts for HealthcareImplications of Health Economic Concepts for HealthcareNameCourseTutorDate2Running Head; Implications of Health Economic Concepts for HealthcareIntroductionHealth economics is a branch of economics that connects this field to the field of medicine. Itintegrates economics to the health sector. Health economics deals with matters that relate toeffectiveness, behavior, efficiency and value in the production and consumable service in healthand health sector. Improved and quality medical care is crucial to the development and serviceprovision in any health system. This allows it to meet all its health sector developmental goals(Graves, Jarvis, & Halton, 2009).Evaluation of economics in health is essential, because of the finite nature of available resourcesin the sector. Hence decisions need to be made regarding the type of resource to be used in aparticular activity and remaining resource for other activities. These benefits that would comefrom these choices should always exceed their opportunity cost to ensure maximum profit isgarnered. In this paper, it will touch on how different concepts of economics affect health careeconomics. Then will dive into the benefits of health economics knowledge for healthcarepractitioners, government involvement and the private sector and how they all relate to healtheconomics.Economic Concepts and Health EconomicsElasticityElasticity is referred ...


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