Define economic evaluation, and explain why it is important in healthcare.

( Unit 3 Due Date 5-30-2022) Healthcare resources are scarce, and policy makers and health planners make choices between alternative uses of resources. Economic evaluation is important when allocating scarce resources. Cost–benefit analysis, cost effectiveness analysis, and cost utility analysis are decision-making tools that help policy makers and planners examine healthcare costs and the consequences of alternative health programs, services, and interventions.
Prepare at least a 5-page overview of cost effectiveness analysis and cost–benefit analysis as decision making tools in the allocation of health resources. Address the following:
Define economic evaluation, and explain why it is important in healthcare.
Discuss cost effectiveness analysis.
Discuss cost–benefit analysis.
Share your views on the application of the two approaches in resource allocation.
Submit your assignment in APA format, as follows:
Title page: The title should be in all capitals.
Length: There should be at least 5 pages.
Body: This begins on the page following the title page and abstract page and must be double-spaced (be careful not to triple- or quadruple-space between paragraphs). The typeface should be 12-point Times New Roman or 12-point Courier in regular black type. Do not use color, bold type, or italics, except as required for APA-level headings and references. The deliverable length of the body of your paper for this assignment is 5 pages. In-body academic citations to support your decisions and analysis are required. The use of a variety of academic sources is encouraged.
Reference page: References that align with your in-body academic sources must be listed on the final page of your paper. The references must be in APA format and use appropriate spacing, hanging indents, italics, and uppercase and lowercase usage as appropriate for the type of resource that is used. Remember that the Reference page is not a bibliography but a further listing of the abbreviated in-body citations that you used in your paper. Every referenced item must have a corresponding in-body citation.

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