DHA 721 Health Economic Terms Assignment

DHA 721 Health Economic Terms Assignment

DHA 721 WEEK 2 Health Economic Terms
Economics defines terms and concepts in a very specific way. In some cases that may be different from the way the terms are used in everyday writing and speaking.

Select four terms from the list below.

Supply
Demand
Opportunity Cost
Economy of Scale
Division of Labor
Productivity
Production Function
Horizontal and Vertical Equity
Write a 350- to 700-word paper in which you discuss each term’s traditional economic definition. Also, compare and contrast the use of each term from the traditional economic sense to a health care setting.

Format your assignment according to APA guidelines.

Submit to the Assignment Files tab.

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DHA 721 WEEK 2 Health Economic Terms

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This glossary aims to familiarise you with some of the terminology used in Health Technology Assessments (HTAs). HTAs evaluate new drugs and devices in relation to cost, efficacy, utilisation, etc., and their future impact on social, ethical, and legal systems. This is a growing field and is central to government policymaking for new technologies.

The glossary is adapted from glossaries provided online by the All Wales Medicines Strategy Group and the US National Library of Medicine.

A
DHA 721 Health Economic Terms AssignmentAcquisition cost
The purchase cost of a drug to an agency, person, or institution.

Allocative efficiency
Occurs when, given the existing income distribution, resources cannot be reallocated so that they make one person better off (in terms of gaining greater satisfaction from the goods and services they consume) without making at least one other person worse off. This is also known as Pareto efficient.

Average cost
Total cost divided by the number of units of output.

B
Benefit
Anything that results that is of value.

C
DHA 721 Health Economic Terms AssignmentCapital cost
The cost to purchase the major capital assets required by the programme (for example, equipment, buildings, and land).

Capitation
A fixed amount of payment per patient, per year, regardless of the volume or cost of services each patient requires.