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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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VALUE IN EXCHANGE The ability to trade an item or asset, especially money, for other goods and services that can then be used to satisfy wants and needs. Value in exchange means that value (that is, satisfaction) is obtained indirectly through the acquisition of something else. For an item to have value in exchange it need NOT have value in use, value obtained directly from the consumption of a good or service.
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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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"If football taught me anything about business, it is that you win the game one play at a time." -- Fran Tarkenton, Football Player
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AACP
American Assocation of Commercial Publications
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