Week 3 Team Advertising Plan
Complete the Health Care Economics worksheet.
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Complete Parts A and B.
Pair the health care economic term from Column A with the appropriate definition from Column B. List the corresponding letter in Column C.
Column A Column C Column B
Positive economics A. The cost of producing an additional unit of output
Normative economics B. The value of a resource in its next best use
Price elasticity C. Costs that have been incurred and cannot be recouped
Marginal cost D. Using objective analysis and evidence to answer questions about individuals, organizations, and societies
Equilibrium price E. The percentage of quantity demanded that is associated with a 1% change in the price of a product
Sunk cost F. The price in which quantity demanded is equal to quantity supplied
Opportunity cost G. Using values to identify best options
Write a 50- to 150-word summary for each event or trend listed below identifying the event and its effect on health care economics.
The Evolution of Health Care Economics Timeline
Date Event/Trend Identify event or trend and its significance
1965 Social Security Amendments of 1965
1980s Evolution of managed care organizations
1990s-present Increase in the aging population
1990s-present Increased use of technology in health care
2010 Affordable Care Act
Cite your sources below. For additional information on how to properly cite your sources, log on to the Reference and Citation Generator resource in the Center for Writing Excellence.
Health Care Economics Worksheet
Understanding Economic Issues Worksheet This simulation looks at providing health care insurance coverage from the standpoint of a health maintenance organization (HMO). As HMO executives, your obligation is to provide health care for the members you insure. You must do this with a high degree of quality at a price that covers services rendered. To do this, you must offer only those services you may provide at the cost the customer can pay. In this simulation, you are presented with two potential customers: Constructit and E-editors. Each company is willing to pay a different premium for insurance coverage, and each company has a unique employee profile for health care risks. Your job is to determine what health care plan would best provide services and cover costs. Remember, at the end of the simulation, you may decide to deny coverage to either or both companies. Answer the following questions about the insurance coverage and the health care profile. Then, determine what coverage is best for each company. Health Plans Offered Castor Standard Castor Enhanced List the major difference of each plan. Does not cover preexisting medical conditions. Does cover preexisting medical conditions. A third plan called Castor Enhanced Minor is also available. What is the major feature that makes this plan different from the two listed above? Complete the following chart about the tw………..
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