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HSM 544 WEEK 8 FINAL EXAM 1.
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HSM 544 WEEK 8 FINAL EXAM 1Major Tasks of Economics
Q. Identify the major tasks of economics and discuss why they are important. What are
their roles in organization management?
Ans. The three major tasks of economics are description, explanation and evaluation.
Description: is the fundamental task of economics and it includes the identification,
definition and measurement of any phenomena. Through this task we can have the idea about
the existing facts. This task is mostly related to facts finding. For instance, in America, in
1992 the average of 65 years older people visited physician’s office was 5.5 times each year
and the average of 15 to 22 years old people was of 2.5. This statement will fall under the
category of description. The process of description helps the organization in better
understanding of what is happening in the company at each level that later help in
improvement.
Explanation: the second task of economics is of explanation and prediction of certain
phenomena. In this task there is cause and effect analysis is done. An example of explanation
task is that why people of 65 years older and more use more medical care than younger
people. This task helps the organization on identifying causal factors so that it can analyze
how much these factors are contributing to outcomes.
Evaluation: the third task of economics is evaluation that focuses on analyzing and making
judgment about the alternate phenomena according to some standard. First standard is chosen
then it is used to rank the alternative means of distribution of resources that are scarce that
, leads to desired outcomes. This helps in creating a natural process and generating funds for
the benefits of health care services.
Source: Jacobs, P. & Rapoport, J. (2004). The Economics of Health and Medical Care. 5th ed.
Canada: Jones and Bartlett Publishers.
Q. Identify and discuss the factors that influence the demand, in turn healthcare
economics. What factor do you believe has the greatest impact on healthcare economics
and why?
Ans. There are many factors that contribute in increasing the demand for healthcare. These
are as follows:
Age: age is a primary factor that influences the demand for health. Since, due to advances in
medicine people are more likely to live longer than before.
Quality of Medical Care: quality of medical care also influences its demand because if the
quality of care is low then the demand will be low too.
Government Policies: the Affordable Care Act required all citizens of United States to get
health insurance. The implementation of this policy has increased the demand of health care
irrespective of willingness of people.
Income: with the rise of the household income it is expected that the demand for healthcare
will also increase too.
Education: when people will be more educated then they will be more aware of the hazards
of smoking and drinking etc. Hence, the demand of health care increases with the increase in
educated people.
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