Health is the level of functional or metabolic efficiency of a living organism.

In humans, it is the general condition of a person's mind and body, usually meaning to be free from illness, injury or pain (as in "good health" or "healthy"). The World Health Organization (WHO) defined health in its broader sense in 1946 as "a state of complete physical, mental, and social well-being and not merely the absence of disease or infirmity. Health economics is a branch of economics concerned with issues related to efficiency, effectiveness, value and behavior in the production and consumption of health and health care. In broad terms, health economists study the functioning of health care systems and health-affecting behaviors such as smoking. Asymmetric information uncertainty is intrinsic to health, both in patient outcomes and financial concerns. The knowledge gap that exists between a physician and a patient creates a situation of distinct advantage for the physician. Different economic resources Land – natural resources such as iron ore, gold, diamonds, oil, etc. Labor – human resources such as wage-earning workers Capital – plants and equipment used in the production of final goods, such as assembly lines, trucks, heavy duty machinery, factories, etc. Entrepreneurship – the marshaller of resources, the person or group that marshals resources in the production of final goods (Bill Gates, Steve Jobbs, Henry Ford, etc.) 3 basic economics problem What to produce? Each and every economy must determine what products and services, and what volume of each, to produce. In some way, these kinds of decisions should be coordinated in every society. In a few, the govt decides. In others, consumers and producers decisions act together to find out what the society’s scarce resources will be utilized for. In a market economy, this ‘what to produce?’ choice is made mainly by buyers, acting in their own interests to fulfill their needs. Their demands are fulfilled by organizations looking for profits. For instance, if cell phones are in demand it will pay businesses to produce and sell these. - See more at:

How to produce? This basic economic problem is with regards to the mix of resources to use to create each good and service. These types of decisions are generally made by companies which attempt to create their products at lowest cost. By way of example, banking institutions have substituted the majority of their counter service individuals with automatic teller machines, phone banking and Net banking. These electronic ways of moving money, utilizing capital as opposed to lab our resources, have decreased the banks’ production costs. For whom to produce? This basic economic question is focused on who receives what share of the products and services which the economy produces. The portion of production which each person and family can consume is determined by their income. Income is distributed in line with the value of resources we have to sell. As an example, a top cricket player will earn far more income than a professor. Different economic system Economic system Is a system that involves the production, distribution and consumption of goods and services between the entities in a particular society. Capitalism is the economic system in which the means of production are owned by private persons, and operated for profit and where investments, distribution, income, production and pricing of goods and services are predominantly determined through the operation of a free market, rather than by central economic planning.

Theoretically.Socialism Since the 18th century. socialism has a very broad definition. likewise. . Mixed economy is an economic system that incorporates aspects of more than one economic system. socialist ideas have developed and separated into many different types of socialism. the arguments for or the reasons for advocating state or collective ownership of capital and establishing a mixed or planned economy have differed greatly between different ideologies or political movements. This usually means an economy that contains both privately-owned and state-owned enterprises or that combines elements of capitalism and socialism. or a mix of market economy and planned economy characteristics .