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Important terms used in the health care industry explainedBY: David Prakash Kumar | Category: Health and Fitness | Post Date: 2009-06-24
Health care in general and nursing care in particular are commodities consumed by patients and the care is expensive for a person to get well. There is need and demand for as well as supply of medical and health care services. Here the need occurs due to the disease in the patient. The health care provided is the commodity supplied. Common terms used in the demand supply cycle in health care 1. Demand: means that person is willing and able to pay for the object he desires. Demand can be a need that he has ability and willingness to pay. 2. Need: is something determined by the requirement of a particular thing. The words willingness and ability are involved in this. One is willing to pay but unable to pay cannot be a demand. If one is able to pay but not willing to pay also cannot be a demand. 3. Law of demand: Demand for a commodity (thing) depends on its own price, the price of other goods and the income of consumers, people's tastes etc. We observe that when the price of good increases, the consumer consumes less of it and when price falls the consume more of it. This is called -Law of demand-. The demand schedule depends on the price of the goods. 4. Supply: Means the quantity of goods that a seller is willing and able to cell at different prices or putting demanded goods available in the market. Willingness and ability to deliver are two factors in supply also. 5. Production function: Production is process where inputs combined in a particular way are transferred into outputs. The inputs are called factors of production, which are land, natural resources, labor and capital. 6. Industry and markets: In general economics, the basic producing unit is called a firm. (e.g) A hospital producing health care services firms are called an industry. It can be health care industry, automobile industry etc. Nowadays, corporate hospitals are even listed on stock markets. This marks the beginning of a new era in health care. This even augurs well for the industry as the competition will help increase the quality of health care provided. Some people may argue that health care is a service oriented industry and it should not be commercialized. The fact remains that the care will improve if the accountability increases, especially to the shareholders. The institutional arrangement where the goods are exchanged it is called market. In any market we have sellers and buyers. In health care industry the services of physician, nurses etc are given to customers of patients. This service is sold to the patient(not in a literal sense). The purchase is done by the patients, who are the buyers. Article Source: http://www.saching.com About Author / Additional Info: I am a physiotherapist by profession. A writer by interest. I take up freelance assignments for various websites and blogs. Comments are welcome at prakashdavid@rediffmail.com Additional Articles: * SPORTSMANSHIP AND ETHICS IN CRICKET * Networking and Your Loved Ones Does this article violate or infringe on your copyright ? It is a violation of our terms for authors to submit content which they did not write and claim it as their own. If this article infringes on your copyrights, then use our Contact us form with the detailed proof of infringement along with the offending article's title, URL and writer name. If you do not hear back from us then contact us again in another 10 days. Thank you. Comments on this article: (0 comments so far) * Additional comments are now closed for this article *
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