Hello, everyone! My name is John Doe and I currently work as a Health Economist, which is my area of interest.
Health economics primarily involves evaluating the efficiency, effectiveness, value, and behavior associated with healthcare product production and consumption. My work in this area entails analyzing health sector system operations and behaviors that impact healthcare delivery, including routine practices. I have dedicated substantial time to studying economics and its influence on the healthcare system, which has deepened my comprehension of how different factors, specifically resources, affect economics.
In the healthcare sector, economics explains the allocation of limited resources to fulfill desires (Wessels, 2000). Due to resource scarcity, choices must be made and the alternative that is overlooked in favor of another option is called opportunity cost. To fully understand economics, it is important to grasp the factors that
...influence both supply and demand, with demand often driving supply (Fisher, 2007).
Excess demand results in limited supply, causing prices of the product to potentially increase. This price change may impact consumers who then have the choice to reduce spending on other desires in favor of the product or seek more affordable alternatives. Economic factors, as in any industry, play a role in determining prioritization within the healthcare sector. Healthcare providers capable of offering the desired services will attract a larger client base due to the demand for those specific health services.
Many resources will be dedicated to healthcare services which will benefit me greatly in this course because of the knowledge I gained on managing excess demand/supply in the healthcare field.
References
- Wessels, W. J. (2000). Economics. Hauppauge, NY: Barron's.
- Fisher, B. (2007). The supply and demand paradox:
treatise on economics. North Charleston, S.C: Book Surge.
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