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Health Economics > Chapter 4: Demand and Supply for Health and Health Care Services > Flashcards

Chapter 4: Demand and Supply for Health and Health Care Services Flashcards

1
Q

Health is considered as a personalized capital good, which may grow through investment in the person’s own health,

A

Grossman Model of Intertemporal Consumption Choice

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2
Q

Quantity or amount of goods or services consumers are willing and able to buy/purchase at a given price, place and at a given period of time.

A

Demand

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3
Q

Determine the quantity of demand or the factor that influence how much of a certain good and service people are willing and able to buy.

A

Determinants of Demand

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4
Q

Two categories of the Determinants of Demand

A

Price Factor and Non-Price Factor

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5
Q

This reflects that as the price of a certain good or service increases, the demand for this good or service decreases or vice versa.

A

Price Factor:

Price of the Good or Service

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6
Q

What are the non-price factors

A 
Consumers income
changes in Consumers' taste and preferecnes
the size of population
prices of related goods and services
consumers' expectation of future prices
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7
Q

Goods or services for which quantity demand at every price increases when income rises

A

Normal Goods/Services

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8
Q

Goods or services for which quantity demand falls when income rises

A

Inferior Goods/Services

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9
Q

Goods that go or are consumed generally together

A

Complementary Goods

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10
Q

Goods or services that can be used in place of other goods or services

A

Substitute Goods

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11
Q

The relationship between the quantity of a good or service DEMANDED and the price of that good or service

A

Demand Schedule

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12
Q

Shows graphically the relationship between the quantity of a good or service demanded and its corresponding price with other variables held constant

A

Demand Curve

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13
Q

What are the four types of goods and services

A

Normal
Inferior
Substitution
Complementary

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14
Q

Property of the Demand curve due to inverse relation between the price and the quantity demanded

A

The law of downward sloping demand

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15
Q

Presenting the relationship between the price of quantity demanded through a mathematical expression

A

Demand Function

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16
Q

Qd

A

quantity demanded

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17
Q

P

A

Price of goods and services

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18
Q

Y

A

Income of Consumers

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19
Q

Pr

A

Price of related commodities

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20
Q

Ps

A

Population size

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21
Q

Demand Function

A

Qd = f (P, Y, Pr, Ps)

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22
Q

States that as a price of a particular product increases, quantity demanded of that product decreases, and as price of a particular product decreases, quantity demanded of that product increases, if other factors remain constant

A

Law of Demand

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23
Q

A latin word which means other determinants remain constant

A

Ceteris Paribus

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24
Q

This implies that at a lower price, the consumers have a greater purchasing power

A

Income Effect

25
Q

In case that the price of goods or services that the consumers buy increases, they look for substitutes with a lower price.

A

Substitution Effect

26
Q

Movement of points along a demand curve

A

Change in quantity demanded

27
Q

Expansion in demand occurs when

A

Quantity demanded rises

28
Q

Contraction in demand occurs when

A

Quantity demanded falls

29
Q

Shifting from one demand curve to another demand curve

A

Change in Demand

30
Q

Change in demand is brought by changes of all determinants of demand except _____

A

Price

31
Q

Shift to the right in demand

A

Increase in demand

32
Q

Shift to the left in demand

A

Decrease in demand

33
Q

The Demand curve shifts outwards as a result of

A

INCREASE in income
an INCREASE in taste and preferences
a RISE in price of substitute
a FALL in price of complement

34
Q

The Demand curve shifts inwards as a result of

A

DECREASE in income
a FALL in taste and preference
a FALL in price of substitute
a RISE in price of complement

35
Q

The amount or quantity of goods and services producers are willing and able to supply at a given price, at a given period of time

A

Supply

36
Q

Non price factors of supply

A 
Cost of Input Used
Change in Technology
Government Regulations and Taxes 
Government Subsidies
Number of Firms in the Market
Expectation of Future Price
Change in the Price of Related Goods
37
Q

Relationship between the quantity of a good or service supplied and its price

A

Supply Schedule

38
Q

Shows graphically the quantity of a good supplied at each price, with other factors that affect quantity held constant.

A

Supply Curve

39
Q

Mathematical express of the law of Supply or the relationship between Price and quantity Supplied

A

Supply Function

40
Q

Supply Function Formula

A

Qd = f (P, Ci, Pi, Gt, Gs, N)

41
Q

Qs

A

quantity supplied

42
Q

P

A

Price of goods and services

43
Q

Ci

A

Change in Technology

44
Q

Pi

A

cost of inputs used

45
Q

Gt

A

Government Taxes

46
Q

Gs

A

Government Subsidies

47
Q

N

A

Number of Firms in the Market

48
Q

Pi

A

Putang ina

49
Q

m

A

intercept

50
Q

n

A

slope

51
Q

States that as price increases, quantity supplied also increases; and as price decreases, quantity supplied also decreases

A

Law of Supply

52
Q

Movement along the supply curve

A

Change in quantity supplied

53
Q

Shifting from one supply curve to another

A

Change in Supply

54
Q

When demand is greater than supply, price increase; when supply is greater than demand, price decreases; and when demand is equal to supply, price remains constant

A

Law of demand and supply

55
Q

A state which implies a balance between the opposing forces, a situation in which quantity demanded and quantity supplied are equal.

A

Market Equilibrium

56
Q

a condition where quantity supplied is greater than quantity demanded

A

Surplus

57
Q

Occurs when the price is set below the equilibrium

A

Shortage

58
Q

Anything which moves a market out of equilibrium is called

A

Market Shock

Health Economics (12 decks)

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