Economic perspectives on Animal Health Flashcards
1
Q
Why do we need to apply economics in animal health?
A
Society does not have infinite resources, as such, scarce resources oblige us to make choices/ decisions
2
Q
What are the key economic considerations of vets?
A
- The costs of vets to society
- The value of vets to society
- Thus the net value (benefits) of vets to society
3
Q
What do animals provide society with?
A
- Food products
- Companionship
- Assistance
- Traction/ Transport
- Wealth
4
Q
What may healthier animals provide society with?
A
- More food products
- longer lived and happier owners
- more secure store of wealth
5
Q
What is it called when in infectious diseases, individual actions affect other people
A
externalities
6
Q
What is a Farmer implementing biosecurity measures for bovine TB, and unintentionally protecting other farms from infection an example of?
A
External benefit
7
Q
What is a Farmer failing to implement biosecurity measures, own cattle become infected, vectors spread disease to other farms an example of?
A
External cost
