This document summarizes key concepts related to health economics, including:
1) It discusses explicit costs, which are direct payments for production inputs like labor, resources, and transportation. And implicit or implied costs, which represent the value of resources a firm already owns that could be used for other purposes.
2) It covers different types of costs like fixed costs that remain constant with output, and variable costs that vary with output. As well as short run and long run costs as production levels and inputs change.
3) It provides an overview of topics like health care labor markets, consumer behavior theory, and costs of health care and cost control. As well as production of health and characteristics that make health care unique.
This document summarizes key concepts related to health economics, including:
1) It discusses explicit costs, which are direct payments for production inputs like labor, resources, and transportation. And implicit or implied costs, which represent the value of resources a firm already owns that could be used for other purposes.
2) It covers different types of costs like fixed costs that remain constant with output, and variable costs that vary with output. As well as short run and long run costs as production levels and inputs change.
3) It provides an overview of topics like health care labor markets, consumer behavior theory, and costs of health care and cost control. As well as production of health and characteristics that make health care unique.
This document summarizes key concepts related to health economics, including:
1) It discusses explicit costs, which are direct payments for production inputs like labor, resources, and transportation. And implicit or implied costs, which represent the value of resources a firm already owns that could be used for other purposes.
2) It covers different types of costs like fixed costs that remain constant with output, and variable costs that vary with output. As well as short run and long run costs as production levels and inputs change.
3) It provides an overview of topics like health care labor markets, consumer behavior theory, and costs of health care and cost control. As well as production of health and characteristics that make health care unique.
Health Economics with Taxation and Land Reform Synthesis Paper
Submitted by: LUNA, John Thomas E. BSN-IIC (New Grading System)
Submitted to: Mr. Espiridion D. Atilano, Jr.
March 20, 2014
Health Care labour Market
Consumer Behaviour Theory
Health Care Cost and Control Cost
Implicit Cost and Explicit Cost in Health Care
In healthcare industry, the use of opportunity cost is requirement for healthcare for it is through assessment they will base their decision-making in production. Commercial groups must withstand to their rational decisions by considering the expense involved. Under the economic concept of opportunity cost are the two: Explicit cost and implicit cost. Explicit costs are opportunity cost involves the payments and expense of the firms for a certain production. This includes labour force, resources, transportation and so on. The cost of electricity, repair for damage or improvement of infrastructures, materials and diagnostic equipments are still comprised in explicit cost. Meanwhile, implicit costs also known as implied or notional cost. It defines that this are costs for the goods that it firms own and produces. It basically allocates the firms scarcity of resources that might affect their production. An example of this are Fixed costs are costs that independent of output which remain constant throughout the relevant range. Variable cost is costs that vary with output. Generally variable costs increase at a constant rate relative to labour and capital. Short run cost is the conceptual time period in which at least factor is fixed in amount and others in variable in amount Long run cost firms change production levels in response to economic profits or loses and the land, labour, capital, and the goods varied to associated long run and average cost.