So it is easily seen how various economic terms are seriously put to use in the healthcare arena (Folland et al, 1997). The terminology of supply and demand is pretty easy to comprehend in the area of healthcare because these are common words that are utilized every day within the practice of nursing, emergency care, and healthcare management. When the idea of elasticity emerges in healthcare it actually is referring to what the extent of the demand for a certain product or procedure is that exists (Phelps 1992). Elasticity also weighs the dependent and independent variables of a product or a procedure in that it looks to see how these areas would be affected if the costs were raised or increased in various ways. For example, if the cost of an item goes up past the point of its need then it would lose its pertinence in healthcare but if it is at a cost that is considered to be efficient then it has a higher productivity in the healthcare area. Furthermore, this is a common term too but for those initially entering the profession of healthcare, it might be a new type of word usage that they are not wholly familiar with so it is good to study the various references of supply and demand that there can be. . Specific Terminology Found in the Health Care Environment.
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