M1-L1: Nature of Economics Flashcards
Study of the entire health care economy.
Macroeconomics
Study of the individual units of health care economy.
Microeconomics
Tangible products.
Goods
Intangible Products
Services
Provides direct satisfaction.
Consumer Goods
Use to produce other goods.
Capital Goods
Things that we can live without (nonessential).
Luxury Products
Things that we cannot live without (essential).
Basic Products
Has attached value (market price).
Economic Goods
Free, for everybody’s consumption.
Non-economic Goods
Provided for by the government.
Public Goods
Produced by businessmen/ entrepreneurs.
Private Goods
Individuals who purchase and use the finished products.
Consumers
Manufacturers and sellers of finished products.
Producers
Regulates the actions of consumers and producers.
Government