Economic Impact On Healthcare

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Economics is the study of trade when it comes to producing and distributing goods and services. In other words, economics focuses on trade, opportunity costs, scarcity, and law of demand, which can impact the health care industry in both positive and negative ways. For instance, the U.S. healthcare system goes hand and hand with economists and information on health care spending. A great example of a positive impact is improved capabilities of health care, which can lead to better health and higher labor market productivity. In turn this will increase labor productivity, which will lead to increased wages and overall employment (U.S. Department of Health, 2014). Trade is also important because the average individual is trading their money to the healthcare system in exchange for services to improve their overall quality of life and to increase their longevity. The alarming reality is that each individual has the choice to select his or her healthcare physician and facility, which may or may not be beneficial to the patient in the long run. In other words, quality is far more important than quantity due to the cost of healthcare. …show more content…
In other words, economics usually work in favor of the wealthy. According to Getzen (2007), “A particular rich person may be in worse health than a poor person, but in general money has a strong positive impact on physical condition.” It is also important to note that an individual’s income depends more on the economy rather than the individual’s skills and

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