Exam Bank for Healthcare Policy and Economics- Questions and Answers Solved 100%
Scarcity - Answers shortage or short supply because of this people need to use there resources wisely
Microeconomics - Answers the study of economic behavior of individuals or businesses, basically how
people or businesses react to changes in supply price and demand
Macroeconomics - Answers economic behavior of countries
Marginal Utility - Answers value of purchasing an additional good or service
Production Possibility Frontier - Answers Graph of the theoretical choices a country has about producing
various quantities of various goods and services.
Opportunity Cost - Answers Forgone value of choice to not produce a good or service.
Demand/ Demand curve - Answers how much of a service is demanded by buyers
-demand relationship= relationship between price and quantity demanded
Supply/ Supply Curve - Answers The quantity of goods and service that a market can offer
- supply relationship= relationship between price and how much of a good or service a market
generates.
Substitutes and impact on demand - Answers
Complements and impact on demand - Answers A product or service that is actually tied to another
product or service.. such as xray for broken bone and surgery for broken bone
Equilibrium - Answers also known as max efficiency and it's the price at which the consumers want to
buy equals the amount the supplier want to produce.
Shortage - Answers When people want more of a product, because the price is low but no one wants to
open the business because they won't make any money.
Surplus - Answers When there is too much supply, because the price is too high
Elasticity and it's application to healthcare demand - Answers The degree to which a change in price
actually leads to a significant change in supply or demand.
Predicting how changes in healthcare market influence supply or demand (for example, surplus of
doctors, introduction of alternative inexpensive drug) - Answers ex. price of substitues or compliments
or technology innovation
Per capita spending 1965 - Answers
Scarcity - Answers shortage or short supply because of this people need to use there resources wisely
Microeconomics - Answers the study of economic behavior of individuals or businesses, basically how
people or businesses react to changes in supply price and demand
Macroeconomics - Answers economic behavior of countries
Marginal Utility - Answers value of purchasing an additional good or service
Production Possibility Frontier - Answers Graph of the theoretical choices a country has about producing
various quantities of various goods and services.
Opportunity Cost - Answers Forgone value of choice to not produce a good or service.
Demand/ Demand curve - Answers how much of a service is demanded by buyers
-demand relationship= relationship between price and quantity demanded
Supply/ Supply Curve - Answers The quantity of goods and service that a market can offer
- supply relationship= relationship between price and how much of a good or service a market
generates.
Substitutes and impact on demand - Answers
Complements and impact on demand - Answers A product or service that is actually tied to another
product or service.. such as xray for broken bone and surgery for broken bone
Equilibrium - Answers also known as max efficiency and it's the price at which the consumers want to
buy equals the amount the supplier want to produce.
Shortage - Answers When people want more of a product, because the price is low but no one wants to
open the business because they won't make any money.
Surplus - Answers When there is too much supply, because the price is too high
Elasticity and it's application to healthcare demand - Answers The degree to which a change in price
actually leads to a significant change in supply or demand.
Predicting how changes in healthcare market influence supply or demand (for example, surplus of
doctors, introduction of alternative inexpensive drug) - Answers ex. price of substitues or compliments
or technology innovation
Per capita spending 1965 - Answers
