Economics definitions

Question 1

opportunity cost

Answer 1

the next best use to which a resource could be put if it had not been consumed in this activity

Question 2

economics

Answer 2

is the study of how men and society end up choosing to employ scarce resources that can have alternative uses to produce various commodities and distribute them for consumption, now or in the future, among various people and groups in society

Question 3

health economics

Answer 3

the application of economic theory models and empirical techniques to the analysis of decision making of individuals, healthcare providers and governments with respect to health and healthcare

Question 4

demand for health care is infinite

Answer 4

increasing expectations and technological changes

Question 5

resources are scare

Answer 5

nurses
doctors
ruugs

Question 6

choices are necessary

Answer 6

do we increase hip replacements or more renal transplants

Question 7

questions health economics answers

Answer 7

how much so we spend on health care?

how do we ensure it is spent efficiently?

How do we allocate resources?

what criteria do we use to guide us?