HLTH245 Lecture Notes - Lecture 6: Economic Planning, Mecha, Opportunity Cost
18 Aug 2017
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If all else equal, use resource efficiently or judged to be more equitable: what allocation policies, processes and mech, will enable society to achieve desired allocation, central planning, market systems, combination of both. Features of economic analysis: scarcity of resources, opportunity cost (resource for once purpose is the benefits forgone from next highest) Decision: a doctor considers whether to increase the # of patients. Marginal benefit: extra revenue and patient health improvements. Marginal cost: addition labour and materials: use models to explain behaviour/outcomes, described in words, graphs, math. Intended to explain reality in simplified way (predict) What is health economics: nature of health and health care as economic commodities. Who pays for health care: total health expenditure from public sector (inc price, people use less health care, federal charge on aboriginal and military, hospital, physician, drugs (recently large category, depends where you consume.
