ECON 315 Economics of Healthcare • 5 Cr.
Covers the principles of micro and macroeconomics as applied to the healthcare industry. Examines how healthcare demand differs from that of other goods. Major topic areas include identifying and measuring the cost and benefit of marketing and government solutions to various healthcare issues, the role risk plays in the demand for and supply of health insurance, the incorporation of general healthcare, medical care, government policies and health insurance in determining impacts on private profit and social economic well-being. Prerequisite: Acceptance to program or permission of the instructor.
After completing this class, students should be able to:
- Recognize the relevance of economics to medical care
- Be able to evaluate economic examples as they related to personal incentives, voluntary exchanges, and to recognize the key concept of opportunity cost within the context of health care issues.
- Be able to identify the drawbacks & limitations of standard economic models within these applications
- Apply economic reasoning to specific health care issues and identify appropriate benchmark of performance or success
- Be able to describe the key considerations driving demand for health care today
- Understand how the supply of health care has evolved in the US and the changing roles for health practitioners, hospitals, insurance companies and the government.