economics for mental health and wellbeing Flashcards
Economics
science which studies human behaviour -relationship between ends and scarce means which have alternative uses
Means
inputs, recourses, costs
Ends
outputs
what is one resource that should be used wisely ?
time
what are 2 fundamental economic concepts?
1.marginal analysis
2.opportunity cost
marginal analysis
look at incremental change rather than average performance
opportunity cost
value of benefit given up when a resource is allocated to a specific use
opportunity cost ?
value of benefit given up when a resource is allocated to a specific use
what is an example of opportunity of ?
fundamental concept in economics , it is not really a cost, pervasive but difficult to identify
allocative efficiency
value is maximised when incremental benefit of marginal change would equal opportunity cost
why do economist not insist on allocative efficiency ?
distribution matters(ethical considerations
How do you estimate QALYS
EQ-5D questionare- ask questions about:
-mobility
-slef care
-usual activities
-pain
-anxiety
-depression
they would rank this and give it a scoring system
what is a disadvantage of QALY?
doesn’t capture full benefits of intervention
