Make Decisions

Question 1

Health Economics

Answer 1

Help healthcare professionals to make choices on how to maximize the health of the population given constrained health resources

Question 2

Economic Evaluation

Answer 2

Comparative analysis of alternative courses of action in terms of costs and consequences in order to assist policy decisions.
Measuring the value of alternative coures of action.

Question 3

QALYs

Answer 3

Quality Adjusted Life Years. Number of yers of healthy life that are considered equivalent to the number of years actually experienced.

Question 4

Discount Rate

Answer 4

Rate of time preference. All future costs/benefits should be stated in terms of their present value using discounte rate, thus future costs are given less weight

Question 5

Efficiency

Answer 5

Maximizing benefit for resources used

Question 6

Technical Efficiency

Answer 6

Reaching a given objective at least cost

Question 7

Allocative Efficiency

Answer 7

Producing the pattern of output (supply) that matches the pattern of consumer wants (demand)

Question 8

Economics

Answer 8

Social science concerned with the production, distribution and consuption of goods and services.
Studies how individuals make choices on allocating resources to satisfy their wants and needs, and tries to determine how these groups should organize and coordinate efforts to achieve maximum efficient output.