Board games entertain and bring people together through competitive and cooperative game play. Some of the most popular board games are: In fact, these games beneficially impact health in multiple aspects at any age.
Health Care Industry [An updated version of this article can be found at Health Care in the 2nd edition. Forhealth care spending was projected to be over 13 percent of GNP. The rest was for research, construction, administration, and public health activities. Hospital expenditures accounted for 39 percent of the total spent for personal health care, physician services for 19 percent, nursing home care for 8 percent, and other personal health care for 22 percent.
Is Health Care Different?
Health care differs from other goods and services in important ways. The output of a shoe factory is shoes. But the output of the health care industry is less well defined.
It is unpredictable and imperfectly understood by producers, and still less by consumers. Also, third-party payment and government intervention are pervasive.
None of these characteristics is unique to health care, but their extent and their interaction are. Nevertheless, health care markets obey the fundamental rules of economics, and economic analysis is essential in appraising public policy.
The ultimate output of medical care is its effect on health. This effect can only be assigned probabilities before the care is provided and is difficult to measure even after the fact. Medical care is not the only determinant of health; others include nutrition, exercise, and other life-style factors.
Efficient allocation of private and public budgets to health requires equating marginal benefit and marginal cost for each of these inputs see Marginalism. The risk of illness naturally leads people to demand health insurance.
But in the United States the demand for health insurance is distorted by the fact that employer contributions are tax-exempt compensation to employees see Health Insurance. This implies an open-ended subsidy at the employee's marginal tax rate, including income and payroll taxes at the federal and state levels.
Assuming an average marginal tax rate of 33 percent, this subsidy more than offsets the administrative expense built into insurance premiums. Consequently, the average employee is better off insuring even routine medical services. Sincethird-party payment for health care has increased dramatically.
The share paid directly out of pocket by consumers fell from 49 percent in to 21 percent in At the same time, public financing increased from Pervasive third-party payment profoundly affects the structure of the medical care industry and the quantity, cost, and quality of services offered.
Because insurance companies pay a large percent of the cost of medical care, the insured consumer's point-of-purchase price is necessarily lower. If the doctor charges forty dollars and the insurance company pays 80 percent, for example, the consumer's price is only eight dollars.
As in any market the quantity demanded increases when price falls. A five-year randomized trial of alternative insurance plans for the nonelderly population conducted by the Rand Corporation found strong evidence of the responsiveness of demand to insurance coverage.
Some patients in the experiment were given totally free care. Others were required to pay 95 percent of the cost of medical services, up to a stop-loss. A stop-loss is a limit on out-of-pocket expenses.
In the experiment, it was set at 5 to 15 percent of income, up to a maximum of a thousand dollars in dollars. Beyond the stop-loss they too received free care.
Total expenditures for the group given free care were 45 percent higher than for the group that paid 95 percent up to the stop-loss.
Free care increased total expenditures by 23 percent relative to a plan in which patients made a 25 percent copayment up to a stop-loss. For the great majority of participants, the difference in expenditures had no measurable effect on health, whether judged by objective measures or by the patients themselves.
Far harder to measure is the effect of insurance on technological change and on the "quality" of services available.
Insured consumers or physicians on their behalf have incentives to use any new medical service if the expected benefit exceeds their private out-of-pocket cost, which is less than the full social cost.Stakeholder holds powers and can significantly influence organisation decision.
Stakeholders include shareholders, employee, customer, community, lenders, suppliers and Government. Shareholders and lenders can effect decision of organisation as they have significant interest and power.
Gina-Marie Cheeseman is a central California-based journalist who writes about sustainability, environmental issues, and healthy living. With a degree in journalism and a passion for social responsibility, she writes for a number of online publications.
How do you maximize the potential that stakeholder engagement holds, while minimizing the risks? Well-managed stakeholder engagement can actually minimize risk to an organization. Such benefits include: Stakeholder support/buy-in through the creation of a shared image of the future.
Access to stakeholder creativity and innovation. These are four disadvantages of a free market economy. 1. Poor Quality. Since profit maximization is the biggest motivation for firms, they may try to reduce their costs unethically by polluting the environment or by exploiting workers.
Advantages of monopoly Monopolies are generally considered to have disadvantages (higher price, fewer incentives to be efficient). However, monopolies can benefit from economies of scale (lower average costs) and have a . Readers Question: I have question to ask. Its about the monopoly power.
The dominance of a monopoly power in the market worries the government and groups that promote consumers interests. However, these companies with monopoly power have argued that they bring benefits to the market.
So,what is the.