Economic Tools And Concepts Essay

1385 WordsFeb 10, 20126 Pages
Economic Tools and Concepts Angela Stafford University of Phoenix Economic Tools and Concepts Healthcare uses Economic concepts and tools to regulate the ease of access and availability of health care to society. Economic tools are essential to govern health care quality and healthcare services that are available to a diverse population. Numerous stakeholders including the government hold important responsibilities in deciding the type of healthcare services offered at private and public organizations. Healthcare is limited in the United States and one of the chief reasons is the lack of available healthcare providers particularly registered nurses. Economic concepts and tools including Supply and demand curves, marginal analysis and elasticity will be explored to evaluate the current nursing shortage. Demand and supply curves are important when finding a balance between the quantities of registered nurses available to provide services to all individuals in need of healthcare services. The amount of registered nurses has decreased significantly over the past few years and the supply of registered nurses is expected to continue to decline. This limited supply of nurses has caused an increased demand for nurses leading to an increase in cost (Getzen, 2007). A National Sample Survey of Registered Nurses in 2004, revealed the number of nurses was estimated in 2,909,357, this signifies the major population in healthcare (Health Resources and Services Administration, 2006). “The scarcity of registered nurses is an important challenge in the United States, as it is estimated that 500,000 registered nurse positions are unfilled, while the individuals who require nursing services keeps on increasing leading to the conclusion that the demand for nurses is greater than the supply (Dunham-Taylor & Pinczuk, 2006). Studies have shown that the population of the

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