Health Economics Flashcards

1
Q

Externality

A

Spillover costs/benefits

E.g. one person immunised, others benefit

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2
Q

Technical efficiency

A

No greater output could be achieved for any given level of resources (input) - no wastage

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3
Q

Allocative efficiency

A

What to produce and when to satisfy greatest need

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4
Q

Diminishing marginal benefit

A

For each unit consumed, decreased desire for continuing units

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5
Q

Effective

A

Ability of program to meet objectives under real world conditions

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6
Q

Efficacy

A

Whether it was best under lab conditions

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7
Q

Efficient

A

Changes could not improve society

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8
Q

Cost effectiveness

A

$/consequences in natural physical units (lives saved, years of lives gained)

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9
Q

Cost utility analysis

A

$/quality of life (not natural units

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10
Q

Cost benefit analysis

A

%/maximise all available resources (consequences in monetary terms)

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11
Q

Opportunity costs

A

Value of benefits foregone by deciding to use the service

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12
Q

Monopsony

A

Single buyer in marker

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13
Q

Monopoly

A

Single seller in market

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14
Q

Utility

A

Determines the value that consumers place on their goods

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15
Q

Cost function

A

Relationship between costs of inputs and number of outputs

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16
Q

Consumer soverignity

A

Consumers are the best judge of their own needs and welfare