NHS 6008 Discussion Economics in Your Practice

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NHS 6008 Discussion Economics in Your Practice

NHS 6008 Discussion Economics in Your Practice

For this discussion:

Discuss the highest-impact facet of health care economics
that relates to your current or desired leadership role.

What action steps and resources might you use to assure
objective and ethical economic decision making in that role?

Post according to the Faculty Expectations Response
Guidelines. Remember to cite the readings, resources, and research that you
have used in the development of your post.

Response Guidelines

Respond to the posts of other learners according to the
Faculty Expectations Response Guidelines.

What similarities and differences do you see between their
post and your own?

DQ2 Economics to Further Your Practice

For this discussion reflect upon the following:

How will the knowledge and skills related to economics that
you have acquired in this course help you to improve your personal efficacy in
practice, or make you better prepared to move into a desired practice position?

How has your view of your practice shifted as you have
learned more about the economics in the health care industry?

Post according to the Faculty Expectations Response
Guidelines. Remember to cite the readings, resources, and research that you
have used in the development of your post.

Response Guidelines

Respond to the posts of other learners according to the
Faculty Expectations Response Guidelines.

Compare and contrast your reflection to your peer’s.

WHAT IS ECONOMICS?

At its core, economics is the study of how individuals, groups, and nations manage and use resources.

Economics can be broken down into microeconomics, which looks at individual decisions, and macroeconomics, which is concerned with the economy as a whole. Both types of economics utilize historical trends and current conditions to inform business decision-making and make predictions about how markets might behave in the future.

WHY STUDY ECONOMICS?

Students who choose to study economics not only gain the skills needed to understand complex markets but come away with strong analytical and problem-solving skills, as well as the business acumen necessary to succeed in the professional world. In fact, economics can be useful for professionals in all industries, not just in business.

ADVANTAGES OF STUDYING ECONOMICS

Here’s a look at seven of the top advantages of studying economics and how it can benefit both your organization and career:

1. You’ll Expand Your Vocabulary

 

Whether it’s scarcity (limited resources), opportunity cost (what must be given up to obtain something else), or equilibrium (the price at which demand equals supply), an economics course will give you fluency in fundamental terms needed to understand how markets work. Even if you don’t use these words often in your current role, studying these economic terms will give you a better understanding of market dynamics as a whole and how they apply to your organization.

2. You’ll Put New Terms into Practice

 

Economics isn’t just learning a fancy set of words, it’s actually using them to develop a viable business strategy. When you understand these terms, you can use theories and frameworks like Porter’s Five Forces and SWOT analyses to assess situations and make a variety of economic decisions for your organization, like whether to pursue a bundled or unbundled pricing model or the best ways to maximize revenues.

3. You’ll Understand Your Own Spending Habits

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Economics will teach you about how your organization and its market behaves, but you’ll also gain insight into your own spending habits and values. For example, Willingness to Pay (WTP) is the maximum amount someone is willing to pay for a good or service. There’s frequently a gap between hypothetical and actual WTP, and learning about it will help you decode your own behavior and enable you to make economically sound decisions.

 

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For Shamari Benton, the concepts he learned in Economics for Managers opened his eyes to how everyday decisions are infused with economic calculations and principles.

“A simple grocery store visit becomes filled with economic references and analytical ponders,” Benton says.

4. You’ll Understand the Nuances of the Field

 

Many people think of economics as just curves, models, and relationships, but in reality, economics is much more nuanced. Much of economic theory is based on assumptions of how people behave rationally, but it’s important to know what to do when those assumptions fail. Learning about cognitive biases that affect our economic decision-making processes arms you with the tools to predict human behavior in the real world, whether people act rationally or irrationally.

5. You’ll Learn How to Leverage Economic Tools

 

Learning economic theory is one thing, but developing the tools to make business decisions is another. Economics will teach you the basics and also give you concrete tools for analysis. For example, conjoint analysis is a statistical approach to measuring consumer demand for specific product features. This tool will allow you to get at the surprisingly complicated feature versus price tradeoffs that consumers make every day.

For example, imagine you work for Apple Inc. and you want to know what part of the iPhone you should improve: Battery life, screen size, or camera. A conjoint analysis will let you know which improvements customers care about and which are worth the company’s time and money.

6. You’ll Be Better-Prepared for Graduate School

 

In addition to helping you make better decisions in both your personal and professional life, learning economics is also beneficial if you’re considering a graduate business degree. Studying economics can equip you with the problem-solving skills and technical knowledge needed to prepare for an MBA.

An MBA typically includes courses in finance, accounting, management, marketing, and economics, so if you do decide that an MBA is right for you, you’ll be one step ahead. Furthermore, with a foundational knowledge of economics, you’ll be able to use economic theories and frameworks to decide if graduate school is worth the investment.

7. You’ll Improve Your Career Prospects

 

An education in economics can improve your employability in a variety of industries. According to the World Economic Forum’s Future of Jobs Report, analytical thinking and complex problem-solving skills top the list of skills that employers will find increasingly important by 2025, both of which can be gained by studying economics.

In addition, many careers require knowledge of economic concepts, models, and relationships. Some possible career paths for economics students include finance, banking, insurance, politics, and healthcare administration. You’ll also be able to further your career in your current industry, as an understanding of the economics that power your industry can help you to be more effective in your role.

 

 

 

 

 

 

 

 

 

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