Mha 710 Exam I

because resources are scarce, what are the 3 important questions to ask {Ans: } 1- WHAT shall we produce (or not) 2- HOW shall we produce it 3- WHO gets what producedcost {Ans: } the value of a resource in its next best usemarginal or incremental cost {Ans: } the cost of producing an additional unit of outputrational decision making {Ans: } choosing the course of action that offers the best outcomes, given the constraints one facesinformation asymmetry {Ans: } when one party in a transaction has less information than the other partyadverse selection {Ans: } when buyers have better information than sellers. ex: high-risk consumers are willing to pay more for insurance than low-risk consumers are.social determinants of health {Ans: } factors that affect health independently of healthcare (education & housing)scarce resource {Ans: } anything useful in consumption or production that has alternative uses.positive economics {Ans: } using objective analysis and evidence to answer questions about individuals, organizations, and societies (factual statements)normative economics {Ans: } using values to identify the best options. subjective statements of what SHOULD beinput {Ans: } a good or service used in productionoutput {Ans: } a good or service produced by an organizationmarginal analysis {Ans: