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)
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