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Naked Economics Chapter 1 Study Guide

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Definition of economics The study of how man and society choose, with or without the use of money, to employ scarce production resources to produce various commodities over time and distribute them for consumption, now and in the future, among people. Economics is interested in: How are choices made? How choices ought to be made? What are the consequences of a particular choice? How may changes in decision-making environment affect choices? Contribution of economics: 1. Quantifying over time the resources used in health care services delivery. 2. Asses efficiency with which resources are allocated and used for health care purposes. 3. Determination …show more content…

Capital stock: Capital available for production in terms of monetary value at one point of time. It produces a flow of services for more than one year. 3. Investment: The addition to the capital stock in any one period of time. Examples are the production of an x-ray machine, medical, technical or general education. 4. Production: The process of creating output through combining inputs. Size of production is measured either in monetary terms or as units of goods or qualified personnel. 5. Productivity: The quantity of output per unit of input. 6. Inputs (factors of production): These include money, labour, capital, supplies, raw materials…etc 7. Output: it is either of investment goods (x-ray machine) or consumption goods and services (food, drugs, cured patients, immunized children). Definition of terms related to health economics Health economics: The application of theories, concepts and techniques of economics to the health sector. It is thus concerned with such matters as the allocation of resources between various health priority activities, the quantity of resources used in health care services delivery, the organization and funding of health care services institutions, the efficiency with which resources are allocated and used for health purposes and the effects preventive, curative and rehabilitative health care services on individual and society …show more content…

Adequacy: The relation of available services to the needs of the population. d. Scientific-technical quality: The level of application to health care of the currently available medical knowledge and technology. Quality related terms a. Quality assessment: The measurement of the actual quality of health care rendered. The term assessment is generally synonymous with the term evaluation. b. Quality assurance: The measurement of the actual level of quality of services rendered plus the efforts to modify the provision of these services in the light of the results of measurement. c. Quality control: is synonymous with quality assurance. Economic evaluation or appraisal of health care programme focuses on the design, selection and financing of health care services, programmes or projects so that the desirable integration of the health sector within the overall socioeconomic development is assured and that the quality of care in terms of efficiency and effectiveness is also assured. Two main methods of economic appraisal are

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