Microeconomics is “the study of the operations of the components of a national economy, such as individual firms, households, and consumers.” (http://dictionary.reference.com/browse/microeconomics)
Macroeconomics is “the study of the overall aspects and workings of a national economy, such as income, output, and the interrelationship among diverse economic sectors.” (http://dictionary.reference.com/browse/microeconomics)
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What is the difference between micro and macroeconomics and how does this relate to healthcare? (Please provide as much information as possible – at least 250 words for better understanding. Thank you.).
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https://brainmass.com/health-sciences/health-care-management/microeconomics-vs-macroeconomics-143598
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Interesting question! Let’s take a closer look through discussion and example, which you can draw on for your final 250-word copy I also attached a supporting resources for further considerations.
RESPONSE:
- What is the difference between micro and macroeconomics and how does this relate to healthcare?
“Economics is the study of how resources are allocated with the marketplace” (http://www.icep.org/edsurvival/documents/HealthcareEconomics_000.doc). In other words, economics are the rules explain the behavior of people who pursue (and compete with others for) the limited resources (goods, currency, health, etc.) within a society, such as healthcare. Recently, the interest in healthcare economics has blossomed over the past several decades as spending on healthcare has continued to escalate, now representing well over $1 trillion (with approximately 40% going to hospitals and 20% going to doctors), and occupying over 16% of the nation’s Gross Domestic Product (cumulative value of domestic goods and services produced). (http://72.14.253.104/search?q=cache:AtD-RF_fdDEJ:www.icep.org/edsurvival/documents/HealthcareEconomics_000.doc+macroeconomics+in+healthcare&hl=en&ct=clnk&cd=1&gl=ca&client=firefox-a)
There are two types of economics, and both relate to healthcare differentially. For example, microeconomics is “the study of the …
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