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As you learned in Week 1, health care spending is growing faster than overall growth in the economy (as measured by GDP) and by 2026 is expected to consume 20 percent of GDP. Many economists believe that the trade-offs required to finance health care spending have become increasingly challenging for both private and public payers.

Given what you have learned from the course material in Week 1, discuss these trade-offs and how to evaluate them from an economic perspective. BE SURE TO USE SECTION HEADERS CORRESPONDING TO THE SECTIONS BELOW.

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Specifically, do the following:

From an economic perspective, explain why health care spending cannot grow greater than overall growth in the economy for an extended period of time without adverse consequences.
1. Identify what economic constraints overall and in the healthcare industry will occur if this happens.
Identify TWO Economic concepts that can be used to evaluate the trade-off between health care and other economic goods and services. In doing this:

Define the economic concept completely
Apply the economic concept to the current issue of rising health care spending and trade-offs

Evaluate the unique characteristics in health care that complicate this analysis.

This report should be at least four double-spaced pages, include a reference page, and cover page. In writing, your report you should rely largely on reference material in the course readings and summary slides in Week 1. Please be sure to properly cite all material used.

Be sure to include your name and section headers corresponding to the parts of the report above.

References sources:

There are two textbooks for this course:

1)The first text for this course is written by Mayer, “Everything Economics”.

Access the text via the following link (copy link and paste in your browser)

http://ezproxy.umuc.edu/login?url=http://search.ebscohost.com/login.aspx?direct=true&db=nlebk&AN=418083&site=eds-live&scope=site&profile=edsebook

The second textbook is: Economic Theory Through Application

And can be found at:

https://saylordotorg.github.io/text_economics-theory-through-applications /

This week Read: 1) Mayer Chapter 1: What is Economics?

2) Mayer Chapter 13: Keeping Score: The Gross Domestic Product

3) Economic Theory Through Applications Chapter 1: What is Economics? (p. 6-18)