Economics Is the Study of People Making Choices Faced with the Problem

question 232

True/False

Economics is the study of people making choices faced with the problem of unlimited wants and limited resources.

---

Definitions:

Predetermination

The act of deciding or establishing something in advance, often before relevant data or events are known.

Preauthorization

Prior approval of insurance coverage and necessity of procedure; refers to obtaining plan approval for services prior to the patient receiving them; relates not only to whether the services are covered but also whether the proposed treatment is medically necessary.

Medically Necessary

A term used to describe treatments, services, or supplies needed to diagnose or treat a medical condition, determined by healthcare providers.

Indemnity-Type Insurance

A form of insurance where the insurer compensates the insured for losses in exchange for premiums paid, without providing the service directly.