1. Explain the definition of each of the concepts for Healthcare Economics: cost benefit analysis; cost effectiveness; quality-adjusted life year; value of life (payments).
2. Explain why these economic concepts are important to healthcare administrators as it relates to healthcare spending and current healthcare economic policies to control spending.
3. Describe the role of supply and demand in healthcare as demonstrated through use of an example of good, services, and labor markets. Why would a supply and demand analysis be a useful tool as a healthcare administrator?
4. Medicaid provides price subsidies that increase service utilization among low-income populations. Describe the relationship between income and healthcare utilization.
5. Describe how the PPACA (Patient Protection and Affordable Care Act) has impacted the economics, supply and demand, and the cost to individuals for healthcare coverage.