Health Econ Flashcards
The most solid aspects of wellness
that can be investigated and can
assist in measuring well-being
include:
Nutrition
Disease Prevention
Environmental and Public Health
Aspects of Health
Physical Health
Mental Health
Social Health
Means the overall condition of an individual inside and outside the physical body.
Physical Health
Pertains to an individual’s emotional and psychological wellbeing.
Mental Health
Is defined in terms of a person’s ability to socially adjust to his environment and
perform normal roles in the society.
Social Health
Determinants of Health
»Biology and Genetic Endowment
Culture
» Education
» Employment and Working
Conditions
» Gender
» Health Services
» Income and Social Status
» Personal Health Practices
» Physical Environment
» Social Environment and
Support
It is about the optimization of health relative to other activities and making choices to employ resources in a way that improves health status and service delivery within the limited resources available.
Health Economics
The economic society must determine consumers’ demands. This can be done through market study and consumer research. Some factors to be considered are physical environment, habits, culture and customs of the consumers.
What to produce?
It arises because there are technically many ways by which goods can be produced. The considerations include, but not limited to, the availability and cost of resources to use, the allocation of resources, the ratio of the value of output and the value of inputs used in production, and the available technology to use in production.
How to produce?
It depends substantially on how much people demands. Knowledge of peoples’ tastes and desires is important as it is also very changeable.
How much to produce?
Though society has made its choices with regard to the previous economic questions, it has to consider for whom the society shall produce as a more important economic question.
For whom to produce?
Principal features of this economic
system are private property ownership,
existence of pricing process, presence of
competition, and profit motive.
Market Economy
The government owns most of property resources and major factors of production. The government, not private business, directly conducts, regulates and controls the economic activity through its central economic planning authority.
Command Economy
The government advocates the abandonment of profit motive as an incentive to production and substitutes it with production for use. The central planning authority determines production goals for each enterprise and specifies amount of resources to be allocated to reach its production goals. The division of outputs between capital and consumer goods is centrally decided and capital goods are allocated among industries on the basis of the central planning authority’s long term priorities.
Socialist Economy
Building Blocks of Economics
Scarcity
Choice & Opportunity Cost
Margin
Efficiency
Equity
