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Economics of Health and Medical Care
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Economics of Health and Medical Care
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Economics of Health and Medical Care
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Test Bank For Economics of Health and Medical Care 7th edition By Lanis Hicks 9781284183535 Chapter 1-17 Complete Guide .
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Test Bank For Economics of Health and Medical Care 7th edition By Lanis Hicks 9781284183535 Chapter 1-17 Complete Guide .
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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.
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