Unit 1 Flashcards
1
Q
What is economics?
A
The study of the allocation of scarce resources; The study of scarcity
2
Q
Opportunity Cost
A
the value for the next best alternative forgone; When you spend money on one thing, you are giving up expenditures on something else (what you give up is the ______)
3
Q
league table
A
a ranking of healthcare interventions by some measure of cost-effectiveness. ; guides opportunity cost
4
Q
4 market players and their defining objectives:
A
- for profit business
- not for profit business
- Individual
- Government
