explicit cost - ANSWERSout of pocket costs; actual payments
implicit cost - ANSWERSsubtle, represent cost using resources firm already owns; depreciation of
good/materials/equipment
economist - ANSWERSsocial scientist who studies specific kinds of relationships
income, tastes, preferences, quantity - ANSWERSchanges in factors (__________) can be catalyst for
increase in demand
econometrics - ANSWERSdiscipline of using math & statistical techniques to test theories, evaluate
appropriateness of specific assumptions, & understand relationship between subject (price & demand)
microeconomics theory - ANSWERShealth economics rooted in _________________________
utility - ANSWERStheoretical concept that represents satisfaction/happiness (high ___________ = high
happiness); function of individual health & other goods & services one has; individual wants to maximize
this; individual maximizing this is subject to their budget constraints
profit - ANSWERSproducers want to minimize costs of production & maximize __________________
equilibrium price - ANSWERSmarket price agreed on by buyers & sellers
, equilibrium quantity - ANSWERStotal amount of good/service sold in market at equilibrium price
market - ANSWERSin perfectly competitive market, individual sellers take price from ________________
& the _____________ determines the price
healthcare market - ANSWERSmarket where price determined by payers (insurance)
wealth - ANSWERSincome + value of assets
health/income level wealth - ANSWERSbidirectional, circular relationship; linear (not reality)
linear relationship - ANSWERS1 unit of change in x-axis variable results in constant change in y-axis
variable across particular distribution
nonlinear curved line - ANSWERSif income has diminishing effect on health, then graph showing income
(x-axis) & health status (y-axis) isn't straight line = it's a __________________ line
income gradient - ANSWERSgradual impact of income on health
gradient - ANSWERSslope of line representing relationship between 2 variables
1) absolute income hypothesis
2) relative income hypothesis
3) income inequality hypothesis
4) deprivation hypothesis
5) relative position (rank) hypothesis - ANSWERSincome health theories (5)
absolute income hypothesis - ANSWERStheory growth in income leads to increase in purchases or
consumption of goods & services; high income = low mortality & low morbidity; income is only factor,
but reality is multiple factors drive decisions (standard of living, access to services, insurance status)
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 Bensuda. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
