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January 17, 2018 

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THIRD-PARTY PAYMENT: Payments made on behalf of one person (party) to a second person (party) by a third person (party) for benefits received by the first person (party). Eliminating the person (party) language, these sorts of payments are a standard method of buying health care. Insurance companies and the government pay doctors for the medical care received by patients. Problems arise because the party with the check book (insurance companies and government) aren't getting any of the benefits, while the party getting the benefits (patients) don't have to be concerned about payment. As such, third-party payments give patients an incentive to buy too much health care.

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Lesson 5: Demand | Unit 1: Buying Basics Page: 4 of 20

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  • Demand as the range of prices and quantities that buyers are willing and able to buy at different prices.
  • Why buyers must be both willing and able to buy a good to have a demand. Willingness is based on tastes and preferences. Ability is based on income.
  • Why demand includes a range of prices and quantities, not just a specific quantity.
  • Why demand is analyzed during a given time period.
  • Demand price as the maximum price that buyers would be willing and able to pay for a given quantity.
  • Quantity demanded as the maximum quantity buyers would be willing and able to buy at a specific price.


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SERVICES, CONSUMPTION

Personal consumption expenditures on activities that provide direct satisfaction of wants and needs without the production of tangible goods. Common examples are information, entertainment, and education. This is one of three categories of personal consumption expenditures in the National Income and Product Accounts maintained by the Bureau of Economic Analysis. The other two are durable goods and nondurable goods. Services are about 60 percent of personal consumption expenditures and 40 percent of gross domestic product.

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Today, you are likely to spend a great deal of time wandering around the shopping mall seeking to buy either a looseleaf notebook binder or hand lotion, a big bottle of hand lotion. Be on the lookout for deranged pelicans.
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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