Exam (elaborations)
Economics of Health and Medical Care
- Course
- Institution
- Book
Economics of Health and Medical Care
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
More summaries for
-
Economics of Health and Medical Care
-
Test Bank For Economics of Health and Medical Care 7th edition By Lanis Hicks 9781284183535 Chapter 1-17 Complete Guide .
-
Test Bank For Economics of Health and Medical Care 7th edition By Lanis Hicks 9781284183535 Chapter 1-17 Complete Guide .
Seller
Follow
kushboopatel6867
Content preview
Test Bank For Economics of Health and Medical Care 7thedition By Lanis Hicks 9781284183535 Chapter 1-17 Complete
Guide .
Health Economics - ANSWER: Study that involves the application of various
economics concepts.
Economics (Samuelson) - ANSWER: Study of how people and society end up choosing
among various persons and groups in society, analyzing the costs and benefits of
improving resource allocation patterns.
Scarcity - ANSWER: Condition where there are insufficient productive resources to
satisfy all the needs and wants of a population.
Productive resources/ factors of production - ANSWER: Inputs used to produce
goods and services, including land, labor, capital, and entrepreneurial skills.
Opportunity cost - ANSWER: The cost of forgoing the next best alternative when
making a decision.
Microeconomics - ANSWER: Examines the economic behavior of individual entities
like consumers, producers, and resource owners to understand decision-making in
the face of scarcity.
Macroeconomics - ANSWER: Concerned with the overall performance of the
economy, focusing on economic aggregates like national income, employment, and
inflation.
Land - ANSWER: Natural resources not man-made, with owners receiving rent
payments.
Labor - ANSWER: Physical and mental effort exerted in production, with wage as the
factor payment.
Capital - ANSWER: Human creations used to produce goods and services, including
machinery and equipment, with interest as the owner's income.
Entrepreneur - ANSWER: Individuals combining land, labor, and capital to produce
goods and services, earning profit as payment.
Efficient allocation - ANSWER: Social mechanism responding to the economic
problem of scarcity, achieved by regulating productive resources.
Economic system - ANSWER: Set of economic institutions dominating an economy to
solve basic economic problems and allocate resources.
, Traditional - ANSWER: Economic system based on past habits, customs, and rituals,
passing experiences from generation to generation.
Market/ Capitalism (Free Market System) - ANSWER: Allocation based on consumer
purchasing behavior, with prices dictating production and distribution of goods and
services.
Command System - ANSWER: System where the state owns and manages factors of
production, distribution, and allocation of resources.
Mixed System - ANSWER: Allocation through a combination of market system and
government laws and policies.
Efficiency - ANSWER: Optimal use of resources to produce the highest quantity of
goods and services consumers want.
Allocative efficiency - ANSWER: Optimal distribution of goods and services without
waste.
Equity - ANSWER: Condition characterized by justice, fairness, and impartiality,
ensuring fair treatment and distribution of resources.
Horizontal equity - ANSWER: Equal treatment for equal needs, ensuring identical
diagnosis and treatment for patients with the same complaint.
Vertical equity - ANSWER: Treatment based on individuals' needs, providing more
care for serious conditions that require utmost attention.
Health - ANSWER: Regarded as the heart of human capital, supremely held more
valuable than money, and the reason for limited physical and mental activities in its
absence.
Totality - ANSWER: Refers to the wholeness of a person, encompassing physical,
mental, social, emotional, spiritual, and sexual aspects.
Physical Health - ANSWER: Refers to the physical body of man, from head to foot,
and includes activities like regular exercise for maintenance.
Mental Health - ANSWER: Involves the mental capacity of man to have a positive
outlook on health and life.
Emotional Health - ANSWER: Denotes the capability of an individual to express
feelings and develop personal relationships with others.
Social Health - ANSWER: Refers to the ability to show concern and support for
others, often demonstrated through constant communication and interaction.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller kushboopatel6867. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $17.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
72964 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now