Chapter 7: Production Concept in Health Care Flashcards

1
Q

Goods and services cannot be produced without utilizing the factors of production such as

A

Land, labor, capital, and entrepreneurship

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Critical decisions/questions made when it comes to health care sector

A

What services/goods should be given priority - vaccination program or improved housing conidtions?
How much of which services/goods should be produced first?

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Transformation of inputs into outputs

A

Production

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

The result that has been created by the inputs

A

Output

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

The factors of production are called the

A

inputs of production

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What are the two types of outputs

A

Goods and Services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Is the process by which inputs are turned into outputs

A

The technology of a firm

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Factors of production are classified into

A

Fixed Factor and Variable Factor

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Remains constant regardless of the volume of production

A

Fixed Factor

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Changes in accordance with the volume of production

A

Variable Factor

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Two aspects of the production decision

A

The ability to produce

The willingness to produce

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Prescribed by resources availability (related to resource costs) and state of technology

A

The ability to produce

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Prescribed by the profit incentives (production benefits relative to production cost)

A

The willingness to produce

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Technical name given to a relationship between quantities of various inputs used and the maximum output that can be produced with those inputs used per unit of time.

A

The production Function

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Shows what is technically feasible when the firm operates efficiently

A

the production function

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

The quantities of one or more production factors cannot be changed or that the use of at least one factor of production cannot be changed.

A

Short-Run

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Also known as fixed inputs

A

Short-Run

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

All factors can be chagned

A

Long-Run

19
Q

The three production conepts

A

Total Product TP
Marginal Product MP
Average Product AP

20
Q

Refers to the total amount of medical services or goods produced

A

Total Product

21
Q

The output per unit of a particular product is obtained by dividing total product by its corresponding units of labor.

A

Average Product

22
Q

Measures the productivity of labor in terms of how much, on average, each laborer can perform.

A

Average Product

23
Q

The extra product or output added by 1 extra unit of that input while other inputs are held constant

A

Marginal Product

24
Q

It is considered as the slope of the Total Product Curve

A

Marginal Product

25
Q

When the total product curve reaches its saturation, marginal product is

A

zero

26
Q

At the declining portion of total product, the marginal product is

A

negative

27
Q

Falling portion of the marginal product is the so-called

A

law of diminishing marginal returns

28
Q

When marginal product is grater than average product
MP > AP
The average product _____ as labor ______

A

Increases; Increases

29
Q

When marginal product is equal to average product
MP=AP
The average product is _____

A

Constant

30
Q

When marginal product is less than the average product
MP < AP
The average product will _____ as labor input ____

A

Fall; Increases

31
Q

Describes a pattern in most production portion in the short-run.

A

Law of Diminishing Marginal Returns

32
Q

Meaning “Equal” in greek

A

Iso

33
Q

Short of Quantity

A

Quant

34
Q

Curve which shows all possible combinations of inputs that yield the same level of output

A

Isoquant

35
Q

Characteristics of Isoquant curve

A

Isoquants further from the origin represent greater output levels
Isoquants do not intersect
Isoquants are usually convex to the origin
Isoquants are negatively sloped

36
Q

Why are Isoquants usually convex to the origin

A

Because of the Diminishing Marginal Rate of Technical Substitution

37
Q

When a producer is willing to give up less and less of capital to gain additional amount of labor and still lie on the same isoquant.

A

Marginal Rate of Tehnical Substitution

38
Q

Straight line showing the different combinations of capital and labor that a firm can purchase or hire given his total outlay and the factor prices

A

Isocost

39
Q

A series of isocost lines

A

Isocost map

40
Q

Relates the change in output to a proportionate change in the amount of input used

A

Return to Scale

41
Q

when a percentage increase in all factor inputs leads to a greater percentage in output

A

Increasing return to scale

42
Q

When a percentage increase in all factor inputs leads to a proportionately equal increase in output.

A

Constant Returns to scale

43
Q

When a percentage increase in all factors inputs leads to a less than proportional increase in output.

A

Decreasing return to scale

44
Q

Tagalog expression meaning “new heroes”

A

Bagong Bayani