Hcs 522 - Term Comparison Paper

Terms Comparison Paper

Natalie Morman

HCS/522

September 19, 2016

Professor Amy Shoales

Terms Comparison Paper

Economics deal with resources used toward the time used by the work of employed, the outcome of investment in industries or financial products. Economics also deal with the effect of taxes and the reason for success and failures in organizations and businesses. Economics is used in health care every day through professional activities. The health care system is driven by money just like all the other activities in a modern industrial society (Getzen, 2013). This paper is going to discuss the identity of three terms used in health care economics. The three - term will compare and show a difference in the world of health care and economics. The three terms that are going to be used are trade, technology, and finance.

Trade in Health Care and Economics

Trade is well known throughout the economy. In dealing with trade, it involves trading goods, money, services, favors, and time. Trade is also involved in communication. One must communicate in order to receive information about the exchange knowing what to do and what not to do. Trading must be beneficial. According to Getzen (2013), “Trade is what the buyer is to give to the seller and what the seller is to give to the buyer in return” (p 2.). In the health care trade the exchange are more toward the offer of services and medical care. In economics trade is toward the exchange of good between the seller and buyer. Most likely the trade will involve money from the buyer. The seller gains a good profit from each trade helping out the economy. Dealing with the trade in health care, trade creates incentives for efficiencies and manage the constraints in government budgets (Arunanondchai & Fink, 2006). Trade helps with cost savings and better quality care.

Technology in Health Care and Economics

Technology has become a part of our everyday life. Technology is a big driver in the world of economics. In dealing with economics technology changes the way people work and do business, and most of all the way people think. In economics, technology focus on cost and efficiency. In the world of economics people worry about losing their jobs, because the machines that built technology might take the place of people in production. The use of technology offers great improvement in health care. Technology in health care is a growth that has become worldwide having a great impact. In health care, technology has a great impact on electronic medical records, and advanced bio-medical engineering. Technology has improved the quality of life. Technology also help with health care cost improving patient health and safety. Patients have a better chance being properly diagnosed with better with better imaging using x-rays and other instruments. Surgeons can perform better with the advancement in technology. The downside of using technology in health care is the use of the internet. The internet can give misleading information about certain illness. People diagnose themselves using the internet thinking something is wrong with them when there is nothing wrong with them (Benova, 2013).