Microeconomics is even more similar to macroeconomics than the regular terminology of economics itself as though they all interlace with one another. Although microeconomics within itself will not be of assistance to doctors in reaching specific diagnosis’ s, the terminology does play a crucial role when trying to acquire a more fluid understanding of this principle as well as ones relative to it. This is due to the fact that a better understanding of various economic principles can help medical professionals search for more logical methods to improve quality health in a timely and cost-efficient manner to the public. It can also help to find ways of managing resources that are needed more comprehensively. 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 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 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.
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