Attached.Health EconomicsI.Healthcare professionals and health economicsA. Formulation of national policies that address health issues is based on healtheconomicsB. Decision-making at the lowest healthcare setting takes into considerationavailability of resourcesC. Health economics guides allocation of resourcesII.Complexity of healthcare system and health economicsA. Healthcare system is finite in natureB. Healthcare system do not meet all needs of a societyIII.Benefits to governmentsA. Formulation of policiesB. Regulation of all other healthcare entitiesC. Allocation of resourcesIV.Benefits to private institutionsA. Use of cost-based analysis in making decisionsRunning head: HEALTH ECONOMICS1Health EconomicsNameInstitutionHEALTH ECONOMICS2Health EconomicsHealth economics is a branch of economics applied to healthcare topics. Thedefinition extends to how the society allocates resources for its alternative use. Scarcity ofresources serves as the foundation of health economics and a starting point to address threekey issues (Salm & Wübker, 2020). First, how goods and services will be produced.Secondly, how good and services will be produced. Third, which specific unit will receive thegoods and services. Health economics addresses questions from the perspective ofmaximizing benefits on available resources. Health economics also ensures that the benefitsgained normally exceed the forgone benefits. Health economics also recognizes the need forfair distribution of resources.Healthcare Professionals and Decision-makers Knowledge of Health EconomicsDecades ago, healthcare professionals had limited options in making treatmentchoices and patients were forced to follow the decision provided based on the availableresources. Over time, changes in the healthcare system empowered both the consumer andoffered a wide array of intervention options forcing healthcare professionals to makedecisions more openly and fairly (Hanoch, 2019). Currently, healthcare professionals aredirectly involved in the formulation of national policies that address health issues within anygiven society. Many healthcare programs across the globe struggle with decommission anddecision makers are under pressure to consider some healthcare priorities through investmentand de-investment (Bloom, Sadun, Lemos, & Reenen, 2019). As a consequence, healthcareprofessionals have become part and parcel of the team that contribute to economicevaluations. Healthcare prof…
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