Health Economics & Outcome Research: Open Access Journal accepts peer-reviewed submissions and continually aims to increase knowledge about renewable energy sources that are significant in daily life or in the future in order to ensure that everyone's basic needs may be met in the future. Health economics is the application of economic theory, models, and empirical techniques to the analysis of health and health care decision-making by individuals, health care providers, and governments-It provides a unique and systematic framework for analysing these important issues- Large impact on the development, implementation, and evaluation of health systems policy Health disparities are differences in health for different groups of society, often caused by factors outside the health care system, with a lack of evidence in addressing these disparities. Methods for financing health care are affected by demographics. Increasing life expectations: if more people live longer with multiple chronic conditions, the governments are interested in understanding how they should organise and distribute resources to these people. Massive technological advancements: businesses frequently pressure governments to adopt new technologies; however, governments must assess and determine whether they should be implementing such technologies. Additional issues for low-income countries, particularly infectious diseases and extremely high out-of-pocket expenses for individuals. Health care is a rare, limitless good with opportunity costs. Health economics is largely concerned with the study of choices of how to finance, produce, and distribute limited health care resources in order to meet all wants. ideal competition, impersonal business dealings, personal items, self-serving motivation, a large number of consumers and sellers, free entry and exit, and homogeneous goods The ultimate object of our desires, rather than an economic good, is health, which is a basic good. Effective demand: desire that is supported by a readiness and capacity to pay. Need: The ability to get anything positive from it, such as a significant improvement in health. Want: A desire to eat something If we decide to allocate resources in the health care sector based on demand rather than individual requirements, there will be serious consequences that will call into doubt basic economic theories like the invisible hand and the capacity of customers to evaluate their own wellbeing. Choosing who receives what: Generally, we observe a combination of public and private supply; nevertheless, we do observe significant government interference in the market for health care. Healthcare is an example of an economic good. An economic good is any good or service that is expensive in comparison to our needs. Society can only allocate more of these resources to the production and consumption of health care by diverting them from other uses, as the resources used to produce health care services. The notion of opportunity cost captures the nature of choice and the inevitable trade-offs encountered in making these choices. Each decision made by patients, healthcare professionals, or governments on the use of health care means giving up the advantages that might have been gained by other, alternative uses of the resources utilised to provide that care. Allocating resources for health care based on needs rather than demands: It is widely believed that needs should come before wishes or demands in the field of health care. The implications of this are profound because they call into question some of the most deeply held assumptions and convictions held in economics, such as the primacy of the consumer's viewpoint in assessing their own welfare and the dependability of market forces to produce efficient outcomes. Health economists typically interpret the need for health care as the capacity to benefit from it that is to obtain a valued improvement in health from it. A reliance on unrestricted market forces is uncommon in most nations and for the majority of health care services and goods. Governments set restrictions on who can offer services, how much they can charge, and how much money they can make. Through a variety of levies, they partially or totally subsidise health care. In other instances, such as public hospitals, they directly offer medical care. According to Arrow, uncertainty is the main aspect of medical care. Trust is a crucial component of the doctor-patient relationship, despite a lack of medical knowledge and incomplete information. If doctors were seen to be acting in an aggressively commercial manner or having financial gain affect their decisions, this trust would swiftly crumble. While the uncertainty component of poor health can be somewhat handled by insurance markets, Arrow pointed out that this is also problematic. Although many illnesses have a guaranteed demand since they are chronic pre-existing disorders, insurance markets only function well where there is a certain possibility that an insured event will occur. There will be coverage gaps as a result. Submission Link: www.scholarscentral.org/submissions/health-economics-outcome-research-open-access.html Whatsapp No: +44-7915-6416-05 Twitter: @OpenAccess_IOMC