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ƥ Economics is about allocating scarce resources


ƥ Three fundamental elements:
ƛ  : needs, wants and demands are greater
than resources available to meet them(unlimited
demand)
ƛ   ': analyses and assists decision making
ƛ  !: opportunity costs
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due to increasing real incomes - people demand to stay
more healthy- now a days many patients are not
prepared to put up with the pain , discomfort and lack
of mobility associated with afflictions like severe
osteoarthritis of the hip , they demand hip replacement
operation. People prefer to go for expensive dental
treatment incase of defects in the arrangement in teeth
to look more smart .
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ƥ '     *  ,( 


 
       -+
(
'    '+(a characteristic used to
classify people for statistical purposes, such as age,
race, or gender)-changes in age structure of the
population have increased the demand for health care;
elderly people require more healthcare than other age
groups Ʀ
.( '! ,
 !
 in medical
technology like dialysis machine, ventilator etc.)
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ƥ Resources (land, labour, capital,enterprise) are limited
ƥ Land refers to physical resources of the planet including mineral deposits
ƥ Labour refers to human resource in the sense of people as workers
ƥ Capital ƛresources created by human to aid production such as tools , machiney & factories
ƥ Enterprise- the Human resource of organising the other three to produce good & services

ƥ Therefore there is some maximum quantity of health


care that can be produced at any one time(not more
than that)
ƥ Potential uses of those resources are
unbounded(limitless)
ƥ No health care system has achieved levels of spending
sufficient to meet all wants for health care
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Choices must be made as to what health care should be
provided, how it should be provided, in what quantities and
how it might be distributed and at what price
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