Evaluate the economic impact of the major components

Reference no: EM133388703

Explain how economic decisions are made and what economic concepts are used to evaluate economic trade-offs.
Evaluate the economic impact of the major components of the healthcare system and assess their relative effect on health services management.

As you learned in Week 1, healthcare spending is growing faster than the overall growth in the economy (as measured by GDP) and by 2026, it is expected to consume 20 percent of GDP.

For this assignment use the course readings in Week 1 to answer the following questions in a briefing report in your own words:

1) (a) Why do we care that healthcare spending is growing faster than growth in the overall economy as measured by GDP? (b) Support your answers with evidence.

2) (a) What are the unique characteristics of the healthcare sector that creates inefficiencies in the market? (b) What kind of inefficiencies are created? (c) What are the reasons for these inefficiencies?

3) (a) In general, what two metrics would you use to evaluate the trade-offs of spending on health care vs. spending on non-healthcare products and services? (b) Why would you use those metrics?

4) (a) From a government (policymakers) perspective, apply the above two metrics (in 3 above) to evaluate the current excessive health care spending. (b) What are the reasons why you used these metrics in this case?

Reference no: EM133388703

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