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Year 3 - Public Health > Market Theories in Health and Healthcare > Flashcards

Market Theories in Health and Healthcare Flashcards

1
Q

What are markets

A
  • are a flora for hte interaction of soverign individuals and producers; where sellers and consumers exchange goods and services without the need of government intervention
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2
Q

What does a market consist of

A
  • demand side

- supply side

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3
Q

How do markets adjust

A
  • they adjust using quantity and price signals
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4
Q

What is a market equilibrium

A
  • this is a situation where the price (equalibrium price) in a given market is such that the quantitiy demanded is equal to the quantity supplied
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5
Q

What is a perfectly competitive market

A
  • this is the market in which there is no intervention or regulation by the state
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6
Q

What do free markets automatically lead to

A
  • free markets will automatically lead to equilibrium, a situation where the quantity supply matches the quantity demadned
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7
Q

what is the invesible hand theory

A
  • according to the invisibile hand theory each of us acting on our own self-interests generates a demand for goods and services that compels others to deliver those goods and services in the most efficient manner
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8
Q

What 4 assumptions does a market being completely free and liberal work under

A
  • Effectiveness
  • efficiency
  • allocative efficiency
  • operational efficiency
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9
Q

what is effectiveness

A
  • Does not necessarily imply efficiency, it simply means that production or consumption of goods or services will yield satisfaction or utility
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10
Q

What is efficiency

A
  • this is concerned with maximinsing social benefits with the resources available and minimisng costs for a given level of benefit
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11
Q

Name two types of efficiency

A
  • allocative efficiency

- operational efficiency

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12
Q

What are allocative efficiency

A
  • judges whether an activity is worthwhile doing

- describes a situation where resources are allocated and commodities distributed in a way that maximises social welfare

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13
Q

What is operational efficiency

A
  • judges for worth doing activities, what is the best way of providing them
  • describes a situation where producers produce a given level of output at minimum average cost
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14
Q

What is a perfect compeition market

A
  • It is both allocatively and productively efficient
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15
Q

What are the assumptions of the perfect compeition market

A
  • price taking behaviour
  • profit maximising behaviour
  • market constestability
  • product homogeneity
  • consumer sovereignity
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16
Q

What is price taking behaviour

A
  • No one supplier has enough control over the market to influence prices; sellers accept the price given by the market
17
Q

What is profit maximizing behaviour

A
  • all producers seek to maximize their profits, producers can undercut competitors only by reducing their own costs of production
18
Q

What is market contestability

A
  • even if there are few sellers in the market they have to make pricing and output decisions based on the threat of competition
19
Q

What is product homogeneity

A
  • in a market goods and services must be standardized and indistinguishable from one seller to the next
20
Q

What is consumer sovereignty

A
  • consumers are rational and knowledgeable; they will only purchase those goods and services where benefits exceed costs
21
Q

what are the imperfections with the health care market

A
  • For some areas of healthcare there may be many suppliers (like in primary care) but not for others ( like specialist services)
  • there are barriers to entry into the healthcare system
  • many health care products (syringes or over the counter medicine) are homogenous, most health care services are by nature heterogenous
  • patient sovereignty is limited
22
Q

What are the barriers to entry into the healthcare system

A
  • restrictions in the number and size of medical schools
  • requirement for licenses to permit doctors and other healthcare professionals to practice
  • high fixed costs to make the initial investment and enter the market (hospital care and diagnostic services)
  • high sunk costs; investments in specific assests such as hospitals cannot be moved from one market to another
  • many healthcare products are homogenous but most healthcare serivces are heterogenous
23
Q

How is patient sovereignty limited

A
  • consumption of some items of health care cannot be planned such as emergency visits
  • in some chronic conditions patients are not aware of their health status
  • some patients are incapable of making decisions
  • other patients become too anxious when having to make a decision
  • information of new developments in treatment may get through to health care providers long before it does to consumers
  • patients often rely on health care professionals to help them make decisions
  • patients find it very difficult to judge the beneftis of health care
  • patients also face difficulties in evaluating and comparing the quality of health care received
24
Q

Who decides how much the NHS receives

A

the government

25
Q

Who is in charge of the department of health

A

The secretary of health

26
Q

Where does the department of health send most of its money

A

NHS england

27
Q

What is NHS england responsible for

A
  • overseeing the commisioning - planning and buying of NHS services
  • Sets a lot of NHS strategy
28
Q

Who does NHS enlgand pass most of the money

A
  • to clinical commissioning groups (CCGs) across england
29
Q

What do CCGs do

A
  • identify local health needs and buy and plan for that area
30
Q

where do CCGs buy stuff from

A
  • GPs, hospitals, community services, charities, other private organisations
31
Q

What does NHS improvement do

A

oversees NHS trusts and managing money

32
Q

What does the care quality comission do

A
  • insepcts quality of care provided
33
Q

What are STPs

A

Sustainability and transformation partnerships

- create a way of working together in partnership

34
Q

What are ACSs

A

accountable care systems

- organisations work together under a set budget to improve health and healthcare in an area

35
Q

Why should health systems exist

A
  • to avoid medical bankruptcy

- to avoid catastrophic medical expenditure which can lead to bankruptcy

36
Q

What is market failure

A
  • a situation where perfect competition does not arise and as a result market is unable to allocate resources in an efficient way
37
Q

What is liberalisation

A
  • dont have any barriers to anything

- make things more free

38
Q

What is social conditionality

A
  • usually are the what you have in society that will determine or signpost the allocation of resources

Year 3 - Public Health (12 decks)

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