Economic Terms - Economic Terms 1 Running Header Economic...

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Economic Terms 1 Running Header: Economic Terms Economic Terms Karen White Economics: The Financing of Health Care University of Phoenix Augusta Campus Emmanuel Welbeck July 14, 2009
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Economic Terms 2 Economic Terms The purpose of this paper is to define and identify economic terms. The terms that will be defined are: economics, supply and demand, macroeconomics, microeconomics, elasticity, and GDP (Gross Domestic Product). The paper will conclude with choosing one of the terms and researching its application to the healthcare industry. Economics Economics in general is the way people decide to use there resources. Resources can include their talent or time that someone has available, equipment, buildings, land, and the knowledge of how to use those resources for useful services or products (Britannica, 2009). Economics can also involve the study of labor, money, investments, production, and of government and taxes expenditures. Often times many people use their resources to improve their lifestyle or well- being. Well-being can include the time spent in the community and with family, services and security provided by the government, and the satisfaction people get from different services and products that are available (Britannica, 2009). However, some resources are use in other ways that will not improve the well-being and can be illegal. Economic also address behavior industries and businesses, countries and government, and particularly the world as a whole (Britannica, 2009). Supply and Demand Supply and demand is mainly categorized as a basic economic concept, as well as being a very important part of the free market economy . Supply is defined as the amount of something, such as a service or product, that the economy or a market has available (Britannica, 2009). Demand is basically defined as the amount of the service or product
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Economic Terms 3 that an individual, business, or industry would like purchase. The relationship that has developed with supply and demand has a really big influence on the price of services and goods (Britannica, 2009). Macroeconomics Macroeconomics is a very general field that concerns itself primarily with large scale indicators, such as unemployment rates , and with the creation of models meant to explain relationships between those indicators (Britannica, 2009). Macroeconomics is also considered the complement to microeconomics
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