Chapter 3

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Author:
Mingming
ID:
279483
Filename:
Chapter 3
Updated:
2014-07-23 14:20:47
Tags:
Health Economics
Folders:
Health Economics
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  1. Refers to the study of proper allocation and utilization of health resources for the improvement of health where resources are limited and wants are potentially infinite
    Health Economics
  2. Importance of Health economics
    • Scarcity of health resources
    • Analytical technique
    • Answers the 3 basic economic problems
  3. Concepts of Health Economics
    • Scarcity and choice
    • opportunity cost
    • efficiency
    • trade-off
  4. It refers to the condition in which resources are available only in a limited supply
    Scarcity
  5. 2 sides of scarcity
    • Infinite nature of human needs and wants
    • Limited nature of available resources
  6. It is a situation in which more of one good thing can be obtained only by giving off another thing
    Trade-off
  7. It represents the point at which an economy is most efficiently producing its goods and services and properly allocate its resources in the best way possible
    Production Possibility Frontier
  8. The trade off between two possibilities in one to one
    Marginal rate of transformation
  9. Shape of PPF graph
    Concave
  10. Concavity reflects the higher marginal cost that becomes inevitable due to diminishing marginal return in the production of each health service as the output of other health car services approaches zero
    ....

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