1. What is the relevance of health to economics?

2. Fundamentals of health economics. Explain each

CONTRIBUTIONS:

1. ADAM SMITH

- father of economics

- measuring a nations wealth not by its gold or silver reserves but its level of production.

2. KARL MARX

- new framework that described economics as a struggle for power between different classes.

- outlined the weaknesses of capitalism

3. JOHN MAYNARD KEYNES

- inflation theory, stance against Say's Law, unemployment thoughts, borrowing during the recession
theory, belief in government and private sector boosts and view that the government should be
involved on a major level in regards to economics.

ALTRUISM

- willingness to do things that bring advantages to others, even if it results in disadvantage for yourself

COST-SHARING

- a situation in which two or more organizations pay the cost of something together:

DEPRECIATION

- to (cause something to) lose value, especially over time:

ECONOMIES OF SCALE
- the reduction of production costs that is a result of making and selling goods in large quantities, for
example, the ability to buy large amounts of materials at reduced prices:

EQUITY

- the money value of a property or business after debts have been subtracted:

GNP

- the total value of goods and services produced by a country in one year, including profits made in
foreign countries

GDP

- the total value of goods and services produced in a country in a year:

PRICE ELASTICITY

- is a measure of the responsiveness of demand or supply of a good or service to changes in price.

MONOPOLY

- complete control of the supply of particular goods or services, or a company or group that has such
control: