Health Economics Reviewer (Dentistry) - Vocabulary Flashcards

Vocabulary flashcards covering key terms and definitions from the lecture notes on health economics in dentistry.

Economics in Dentistry

Managing limited resources (equipment, staff, time, funds) to provide quality dental care.

Scarcity

Not enough resources to meet all wants; dentists must prioritize care.

Factors of Production

Resources used to produce goods/services: land, labor, capital, entrepreneurship.

Land

Natural resources used in production.

Labor

Human effort used in production.

Capital

Tools, equipment, facilities, and financial resources used in production.

Entrepreneurship

Initiative and risk-taking to organize production and drive innovation.

Opportunity Cost

The value of the next best alternative foregone when a choice is made.

Microeconomics

Branch of economics focusing on clinic-level decisions and individual units.

Macroeconomics

Branch of economics focusing on the economy as a whole (policies, inflation).

What to Produce?

Question about the type/quantity of goods and services to produce.

How to Produce?

Question about the methods and resources used in production.

For Whom to Produce?

Question about distribution of goods/services among people.

Traditional economy

An economic system guided by customs and traditions.

Free Market economy

An economy driven by voluntary exchanges with minimal government.

Command economy

An economy where the government plans production and allocation.

Mixed economy

A blend of market forces and government intervention.

Productive efficiency

Producing at the least cost, using resources efficiently.

Allocative efficiency

Producing goods/services most valued by society.

Horizontal equity

Equal treatment for equals in healthcare access.

Vertical equity

Providing more care to those with greater need.

Health (WHO)

Health is physical, mental, and social well-being, not merely absence of disease.

Physical health

The body’s functioning and physical condition.

Mental health

Psychological well-being and functioning of the mind.

Emotional health

Ability to manage emotions and cope with stress.

Social health

Quality of relationships and social functioning.

Spiritual health

Sense of meaning, purpose, and connection beyond the physical.

Sexual health

Well-being related to sexuality and reproductive health.

Biological dimension

Health influenced by biology/genetics.

Environmental dimension

Health influenced by environmental conditions.

Societal dimension

Health shaped by social structures and norms.

Social determinants of health

Conditions like income, occupation, and environment affecting health.

Hazards

Risks to health from physical, chemical, or biological sources.

Physical hazard

Hazards from physical agents (noise, accidents).

Chemical hazard

Hazards from chemicals (toxins, solvents).

Biological hazard

Hazards from biological agents (bacteria, viruses).

Health economics

Study of how resources are allocated in health care; informs policy, costs, and access.

Applications of health economics

Using economic tools to analyze supply/demand, payment, insurance, efficiency, and equity in health care.

Supply and Demand (health care)

Market forces determining quantity and price of health services.

Payment (health care)

Methods and implications of paying for health services.

Insurance (health care)

Financial protection against high health care costs.

Efficiency (health care)

Achieving desired health outcomes with the least resource use.

Equity (health care)

Fair access to health care across people and groups.

Drivers of health care utilization

Factors increasing care-seeking: higher income, technology, aging, and rising expectations.

Graph (economics)

A figure showing the relationship between two variables (X = independent, Y = dependent).

Direct relationship

Both variables rise together.

Inverse relationship

One variable rises while the other falls.

Trend spotting (using graphs)

Using graphs to identify patterns and inform decisions in dentistry.

Demand

Desire plus ability to purchase goods/services.

Law of Demand

Price rise → quantity demanded falls; price fall → quantity demanded rises.

Change in Quantity Demanded

Movement along the demand curve due to a price change.

Change in Demand

Shift of the entire demand curve due to non-price factors (income, tastes, population).

Demand function

Qd = a − bP, a linear relation between quantity demanded and price.

Healthcare demand

Demand for health care is relatively inelastic; health cannot be traded; influenced by information gaps.