Economic Terms and Healthcare

Topics: Economics, Health care, Health economics Pages: 2 (572 words) Published: June 1, 2013
Economic Terms and Health Care History
Economics is the science that deals with the production, distribution, and consumption of of goods and services of the material welfare of human kind. This summary will show the history and evolution of health care economics. The readers will also get a timeline of health care funding. Once you have read everything the summary shows you then you will have an insight to economical terms can help to understand the history and the timeline the terms are going to be: Economics, supply and demand, microeconomics, macroeconomics, elasticity, inelasticity, and gross domestic product. With these words this will show you about economics in the health care history. Once the American Medical Association (AMA) was founded healthcare was just getting off the ground with hospitals and doctors (American Medical Association, 2011). During this time doctors would see patients on a bartering system. The doctors at this time would make house calls and for the services they gave to the patients the patient at this time would give the doctor goods. The supply and demand at that time would be food, and anything that the people would not have. During this time they would pay with cooked meals, animals, things that they made, and their time such as working for the doctor however he wanted them to. During the time frame of 1901 to 1940’s healthcare and medicine took made great improvement. Medicine and hospitals became very important at this time. President Truman proposed a national health care plan, but it was shot out of the water by both the AMA and Congress (American Medical Association, 2011). American Association for Labor Legislation (AALL) organizes first national conference on "social insurance" (Health Care Crisis, 2000). In 1930 the social security act was passed so at that time they omitted the health insurance.

In the past individuals paid for their own medical bills and insurance or government companies were scarce. In...
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