Across
- 3. The amount of money an individual is prepared to pay for insurance which is their expected loss if uninsured
- 4. Is a problem of excess use of health care. It arises when it is possible to alter the probability of illness or the size of the payout required by the insurance provider, it may be reduced by co-insurance, deductibles and no-claims bonuses
- 5. Occurs when it is not possible to make someone better off without making someone else worse off
- 6. Can lead to physician-induced demand.
- 10. Summarises the relationship between the inputs to and outputs from a firm’s productive process
- 11. Measures the responsiveness of changes in one variable, for example the quantity demanded, to changes in another variable, for example price
- 12. Arise in health care because of uncertainty and imperfect knowledge
- 15. Can be addressed via the introduction of health insurance
- 16. Involves constructing an inventory of all costs and benefits of an alternative, whatever they are and whoever incurs them; this forms a balance sheet in which they are weighed against each other.
- 17. Is fairness in the distribution and finance of health and health care between people
- 18. Is a graphical representation of a production function, showing all the combinations of inputs that will produce a particular output
- 19. Intervene in the market for health care because markets fail to achieve Pareto efficiency and because markets can be inequitable
Down
- 1. Reflects their degree of risk aversion
- 2. Is a source of insurance market failure and arises because of the asymmetry of information between individuals who wish to buy insurance and the insurance provider
- 4. Measures how substitutable the factors of production are
- 5. Are non-rival, non-excludable goods that are jointly consumed by everyone
- 7. Is the change in output resulting from a change in the quantity of the input used, other things held constant
- 8. Is a form of economic evaluation in which health benefi ts are usually measured in terms of quality adjusted life years (QALYs)
- 9. Is simply defined as the allocation of scarce resources that maximises the achievement of aims
- 13. May be retrospective or prospective
- 14. Are spillover effects (positive or negative) incurred in the consumption or production of goods and services in the market