Economic Terms in the Healthcare Setting

Write a paragraph for each of the following terms:
Supply
Demand
Benchmarking
Cost-effectiveness
In each paragraph, discuss the respective term’s traditional economic definition and compare the use of the term in the traditional economic sense and in a health care setting.

SAMPLE SOLUTION

Economic Terms in the Healthcare Setting

Supply                 In traditional economic terms, supply is the amount of a resource that producers, laborers, financial asset providers, firms, or other economic agents are willing, and able to provide to an individual, or the marketplace (Berdud et al., 2020). The term may be in produced goods, raw materials, labor time, or any other valuable or scarce resource or object. Supply remains a fundamental economic concept relating closely to the demand for goods/services | PLACE YOUR ORDER NOW AT writtask.com |else being equal, the supply producers offer will rise if there is an increase in prices because all entities seek to maximize | PLACE YOUR ORDER NOW AT writtask.com | concept in economics tends to be complex with numerous formulas, contributing factors, and practical applications (Li et al., 2014). While demand may refer to anything that is in demand and is sold in competitive marketplaces, supply is the most used concept referring to labor…